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The purpose of this paper is to analyse the impact of spin-off announcements on the parent firm’s share prices. Also, it is studied that during which period the announcement impacts the share prices significantly thereby affecting the shareholder wealth.

A sample of 76 Indian firms has been taken which announced the spin-off of their one or more divisions during 2010–2011 to 2015–2016. The authors have used the event study methodology with an event window period of −35 to +35. Estimation window of 256 (−290, −35) days is considered in the study. S&P BSE 500 is used as a market index.

The authors found that spin-offs have a significantly positive influence on the share prices of the parent firm. The authors also found that average abnormal return (AAR) of all the 76 companies taken together have been highest on day 0 and the cumulative AAR is highest for day +1. These results are in consonance with what had been concluded by Hite and Owers (1983), Cusatis et al. (1993), Miles and Rosenfeld (1983) and Rosenfeld (1984). All these studies are based on the data derived from the USA. Outcome of this study substantiates the same results when Indian spin-offs are analysed.

This paper provides the first comprehensive analysis of the impact of Indian spin-offs on the shareholder’s wealth.

This paper attempts to examine the impact of merger on the stock returns and economic value added (EVA) of acquiring firms to know if the mergers are successful corporate restructuring strategies for the firms.

In total, 108 Indian firms are studied using paired sample t-test and Wilcoxon signed rank test for comparing the EVA of acquiring firms in short, medium and long term after merger. The effect of merger announcements on stock returns is analyzed by way of event study. An event window of −20 to +20 is taken and an estimation window of 256 (-276 -20) days is used in the study.

The authors find that mergers lead to significant improvement in the EVA of acquiring firms. However, the increase in financial performance and EVA is witnessed only in long term. The authors did not find any significant impact of merger announcement on the stock returns of acquiring firms.

The study is a first of study's kind, which evaluates both short-term (using event study methodology) and long-term (using EVA) impact of value addition to an acquirer after Merger & Acquisition (M&A). The study contributes to existing literature on the signaling theory of announcement of M&As and synergy gain theory of completed M&As by providing evidence from the context of an emerging market like India.

The significant role of universities in generating and diffusing new knowledge in the interest of society has positioned faculty as knowledge creators. The present study contributes to the domain of positive psychology by heeding the happiness call in academia. The research intends to develop and validate a scale for measuring happiness at work (HAW) for knowledge creators.

The study is systematically designed across a series of four independent studies: (1) Dimensionality and item analysis, (2) scale purification, (3) scale refinement and nomological validation and (4) generalizability. Additionally, common method bias (CMB) was checked utilizing the marker variable technique.

HAW has been established as a second-order reflective-reflective construct with six factors, namely work satisfaction, self-directedness, self-love, positive thinking, positive social relationships and work-family balance. The nomological validity and generalizability of the scale have also been established.

The study is an attempt to address an important topic of HAW among knowledge creators. By conceptualizing HAW as a combination of intraindividual and organizational factors, this study offers a comprehensive measure of HAW that was previously absent in the literature. The results of the study will assist management in making strategic decisions to ensure the HAW of knowledge creators.

Knowledge creators’ happiness is a major concern in academia and has received little attention till date. The primary contribution of this study is the conceptualization and development of a validated scale for measuring knowledge creators’ HAW. A valid and reliable scale for measuring HAW would enable researchers to gain fresh perspectives on the essence, attributes and quantification of this particularly noteworthy construct.

The purpose of this paper is to conceptualize a suitable measure for the employee wellbeing construct and validate this tool in Indian workplace settings, especially with reference to IT/ITes and BFSI sectors.

This study is descriptive and cross-sectional in nature. The literature was first reviewed to identify the underlying probable dimensions of employee wellbeing and its corresponding items. These items were then subjected to elaborate discussions with experts from industry as well as academia. The index, thus, developed was administered to collect primary data from employees working in IT/ITeS and BFSI sectors based in Delhi-NCR. PLS SEM 3 was applied as employee wellbeing was construed as a first-order reflective second-order formative construct. Thereafter, it was subjected to suitable assessments of reliability and convergent validity.

The findings reveal that employee wellbeing can be conceptualized as a construct having four dimensions namely, purpose in life (PIL), work–life balance (WLB), job wellness (JW) and physical wellness (PW). It was also revealed that all the dimensions identified in the study capture different facets of the employee wellbeing and collectively define the construct; omission of any items may lead to change in the nature of the construct. This investigation is unique as it frames the index of employee wellbeing with specifications of a formative measurement model. To the best of the authors’ knowledge, no published study so far has measured EWB as a formative construct.

Many earlier studies have incorporated a unidimensional approach to individual wellbeing and lacked a crucial outlook of having multi-dimensional understanding of the employee wellbeing construct in the social and work context. Furthermore, this paper contributes not only to the existing body of knowledge in employee wellbeing, but also brings forth an important aspect of measurement model specification, i.e. formative measurement model by bringing the specific reasons for taking employee wellbeing as a formative concept.

Rural entrepreneurship is an important vehicle to drive sustainable rural development in India. The process of planning, starting, and operating a new business is termed as entrepreneurship. It has been described as having the ability and willingness to create, plan, and manage a business enterprise while accepting any risks involved to generate a profit. In India’s rural areas, enterprise and entrepreneurship are what fuel economic progress. A rural entrepreneur is someone who uses rural resources to develop products and establish enterprises that support the development of the rural economy and its growth potential. Although, these rural business owners encounter issues similar to those faced by urban business owners due to the rural setting in which they operate amplifies their difficulties. To reduce rural people’s migration and to support rural upliftment, it is necessary to encourage entrepreneurship and new employment opportunities. Consequently, rural entrepreneurship has the potential to greatly increase employment in rural areas. It is a more effective method of eradicating poverty and hunger, sustainable health and well-being, enhancing gender equality, quality education, decent work conditions, promoting innovation in industries, and ultimately reducing the inequalities which are mapped with the important agenda of the United Nation’s sustainable development goals (SDGs 2030). To bring about change, institutions must concentrate on the interactions between education, skill, entrepreneurship, and employment. This chapter explores the challenges and skills required for rural entrepreneurship in India, proposing a framework to enhance rural development through entrepreneurship.

Since the spread of mass education around the world in the mid- to late-twentieth century, teacher quality has been heralded as the key factor to improve education quality nationwide. National education systems worldwide are also engaged in ongoing and often high stakes cross-national comparisons. As a result, policy-makers and educators in most national education systems are looking at and implementing new ways to improve education overall by raising teacher quality levels, and India is no exception. In India, teacher quality is publicly blamed for both perceived low education quality and demonstrated low average student performance, especially following Indian students’ performance on the 2009 Programme for International Student Assessment. Indian education policy-makers are, therefore, looking at teacher quality as a key factor to improve student performance. Little is known about the impact or implementation of Indian policy frameworks on teacher quality and associated student outcomes in India. This introductory chapter identifies and analyzes various measures of teacher quality and how teacher quality varies in India both in response to and in spite of national policies related to teacher quality. It begins by providing evidence regarding the global importance of teacher quality on student outcomes and then addresses the ambiguity of the term “teacher quality.” This chapter then briefly discussed national education policy in India and the role teacher quality has played in these national policies, especially in the early twenty-first century, including NCF 2005, NCFTE 2009, Draft NPE 2016, Draft NPE 2019, and NPE 2020.

Rivers are very close to Indian culture and civilisation. Indians treat rivers as holy and connect them to their faith. Human-induced activities unintentionally pollute the water bodies. The present case revolves around an innovative social enterprise – PHOOL, which deals with the recycling of flowers offered by devotees at temples. Thus, preventing thousands of kilograms of floral waste from being dumped into rivers daily and polluting them. The idea was conceived to save the most revered river – the Ganges. These flowers are mostly loaded with pesticides and insecticides, which further merge with river water making it even more toxic, endangering marine lives. PHOOL collects flowers from various places of worship and recycles them into handcrafted incense sticks and biodegradable Styrofoam. This unique venture has also been patented for its process and technology of floral waste recycling. Their mission is to save and preserve the river Ganges and empower marginalised women by providing employment opportunities while at the same time giving a livelihood and a future to Indian child and the generations to come. The child could now afford schooling, in hopes of a better economic future in a healthier environment while maintaining all societal traditions. It is essentially a case of social entrepreneurship that aims to help readers understand the intricacies of starting and surviving a social enterprise and ensuring continual sustainability. To create the case, an interview was carried out with Ms Ekta Jain (Associate, Marketing and Communications, PHOOL), as well as a literature review and data were collected on the social enterprise and significant events that take place in the Indian social entrepreneurship ecosystem. PHOOL is a case on ensuring a balanced approach between the economy, environment and society. It aims at protecting and creating a balance between the environment, the economy and the society, generating a new inflow to the economy, providing a purpose in life for those most in need of it and a livelihood free from pollution and deprivation, and making the world a better place to live in. It is creating a balance between societal needs, the environment that requires protection, the economy and ensuring continuity.

Marketing strategy, strategic innovation.

Strategic brand management or marketing strategy courses at MBA level.

It seemed likely that a company with the highest number of product variants would consider product innovation to be its key source of sustenance in a crowded marketplace. Especially so, when the local and global competition was hotting up to a new launch every week. In the case of Micromax, a mobile handset maker from India tried to drive home the point that sustainability in emerging markets did not lie in inventing a new technology like Apple or Nokia or Sony did, albeit accompanied with a premium price tag. For the emerging markets, it was important to optimize the offering for the consumers. Strategic optimization could result from bridging the gaps in performance, infrastructure and organization design, which came naturally to this marketing-savvy mobile maker. Any company could make a cost-effective phone, but few could position, brand and sell it the way Micromax did. Shubhodip Pal, Head of Marketing at Micromax Informatics Pvt Ltd, India, pondered the marketing strategy which could pave the way into maintaining the company's national leadership position while creating a roadmap for its global foray. For Micromax, marketing strategy innovation, and not product innovation, would fulfil the goal of long-term growth in India and overseas markets.

The students studying this case are expected to learn: marketing strategy in emerging markets such as India, marketing strategy as the critical success factor for upcoming Indian companies rather than product innovation and doing business in emerging markets.

Teaching Notes are available for educators only. Please contact your library to gain login details or email support@emeraldinsight.com to request teaching notes.

This paper aims to explore the ways in which religious tourism in India fosters religious tolerance.

The paper uses a conceptual apparatus derived from the basic structure of religious tourism comprising motivation, journey and destination, to understand various aspects of tolerance. Tolerance, with the implicit meaning of diversity and pluralism, is examined at two levels – intra-religion and inter-religion – using field investigations from three Hindu pilgrimage sites, namely, Vrindavan, Tuljapur, Shegaon and review of one Muslim site called Ajmer Sharif. These sites exhibit a range of combinations, sectarian traditions within Hindu and their interactions with others, including Muslims and foreigners.

Each of the sites provides different sets of opportunities for the “others” to get exposed to religious and cultural aspects. It is found that tolerance within the Hindu sects and with non-Hindus from other religious faiths is a function of their engagement with cultural performances and participation in the religious tourism economy in a pilgrimage site.

On a broader level, this paper argues that conceptualising tolerance within a social and cultural sphere helps in a better understanding of tolerance and identifying areas within religious tourism where it can be promoted. A conscious effort to promote tolerance through religious tourism will add value to religious tourism and help it thrive.

The purpose of this paper is to ascertain the monthly seasonality in the Indian stock market after taking into consideration the market features of leptokurtosis, volatility clustering and the leverage effect.

Augmented Dickey-Fuller, Phillips-Perron and Kwaitkowski-Phillips-Schmidt-Shin tests are deployed to check stationarity of the series. Autocorrelation function, partial autocorrelation function and Ljung-Box statistics are employed to check the applicability of volatility models. An exponential generalized auto regressive conditionally heteroskedastic model is deployed to test the seasonality, where the conditional mean equation is a switching model with dummy variables for each month of the year.

Though the financial year in India stretches from April to March, the stock market exhibits a November effect (returns in November are the highest). Cultural factors, misattribution bias and liquidity hypothesis seem to explain the phenomenon.

The paper endeavors to provide a review of possible explanations behind month-of-the-year effect documented in literature in the past four decades. Further, the unique evidence from the Indian stock market supports the argument in the literature that monthly seasonality, by nature, may not be a consistent/robust phenomenon. Therefore, it needs to be examined from time to time.

As the seasonality in the stock market and resultant anomalies are dynamic phenomena, the paper reports the current seasonality/anomalies prevalent in the Indian market. This would aid investors in designing short-term investment portfolios (based on anomalies present) in order to earn abnormal returns.