The case provides an opportunity to the students to learn some of the analytical processes in making a credit decision, including interpretation of financial ratios for credit…
Abstract
Learning outcomes
The case provides an opportunity to the students to learn some of the analytical processes in making a credit decision, including interpretation of financial ratios for credit analysis, forecasting a stress scenario, analysing cash flow adequacy, assessment of financial flexibility and, finally, recommend a credit decision.
Case overview/synopsis
The case discusses the analytical challenges facing a bank credit officer while assessing the credit quality of Kwality Ltd., an India-based dairy product manufacturer. Kwality Ltd. had undertaken a significant capacity expansion and business transformation to strengthen its market position in value-added dairy products business and improve its profit margins. The capacity expansion had recently been completed and the management, credit rating agency, equity analysts and investors appear to be optimistic regarding the company’s prospects. However, the capital investment had been almost entirely debt-funded and large long-term debt repayments would have become due shortly. The company had also built up large trade receivables. The banker had to assess if Kwality would be in a position to repay its debt and should his bank increase working capital disbursement to the company.
Complexity academic level
Complexity: Academic level. Applicability: MBA, Executive MBA.
Supplementary materials
Teaching Notes are available for educators only.
Subject code
CSS1: Accounting and Finance.
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Mayank Joshipura, Sachin Mathur and Hema Gwalani
Since 2018, there has been a resurgence in initial public offering (IPO) pricing studies. The authors aim to consolidate the knowledge and explore current dynamics, understand…
Abstract
Purpose
Since 2018, there has been a resurgence in initial public offering (IPO) pricing studies. The authors aim to consolidate the knowledge and explore current dynamics, understand knowledge progression, elicit trends, and provide future research directions for IPO pricing research.
Design/methodology/approach
The authors conducted a two-stage hybrid review based on 512 high-quality Scopus articles on IPO pricing published over the last decade. The authors deploy bibliometric analysis, and then, based on 61 curated articles, the authors conduct content analysis and offer future research directions.
Findings
Four key research streams emerged: information asymmetry, agency problems, legal, regulatory, and social environment, and behavioral finance. Future research may focus on behavioral explanations for IPO underpricing, the role of investor sentiment in IPO pricing, text analytics, machine learning, and big data in alleviating information asymmetry and agency problems. The authors summarize and present content analysis using the classic Theory, Context, Characteristics, Methods (TCCM) framework.
Research limitations/implications
Using different databases, bibliometric analysis tools, sample period or article screening criteria for the study might give different results. However, the study's major findings are robust to alternative choices.
Practical implications
This study serves as a ready reckoner for the research scholars, practitioners, regulators, policymakers, and investors interested in understanding the nuances of IPO pricing.
Originality/value
The study sheds light on the most influential documents, authors, and journals, offers an understanding of knowledge structure, identifies and discusses primary research streams and related implications, and provides future research directions.
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Sachin Saini and Doordarshi Singh
The purpose of this study is to recognize critical barriers for Lean manufacturing practices implementation in small and medium enterprises (SMEs) focusing in the context of a…
Abstract
Purpose
The purpose of this study is to recognize critical barriers for Lean manufacturing practices implementation in small and medium enterprises (SMEs) focusing in the context of a developing economy. The advancement of SMEs is of utmost important for a surge in exports while competing with other countries and these barriers have to be given due importance as they play a major role in stalling the overall development of SMEs.
Design/methodology/approach
In this present investigation, 26 barriers to Lean implementation in SMEs have been identified after an extensive study of the literature available on the subject. After that, the influential barriers were investigated through the Analytical hierarchy process-Technique of order preference by similarity to ideal solution (AHP-TOPSIS) method using priority weightage given to them by different experts in their industries. The ranking given to the barriers is based on the AHP-TOPSIS method and has been validated by the sensitivity analysis.
Findings
The investigation reveals that for the successful implementation of Lean manufacturing practices, the will of the management, individual will power and contribution of the people matter a lot apart from other barriers such as flexibility, expertise of the people, resources and resistance offered by the people to new programs. The solutions for overcoming these barriers are also provided in this study and a model has been suggested for the same.
Research limitations/implications
This work was devoted to the evaluation of obstacles in the introduction of Lean practices and prioritizing them. But it was limited to the medium- and small-scale organizations located in Northern India. Further studies can expand the scope to the large-scale units in the field. Moreover, the scope of this study was confined to the manufacturing sector. Future studies can extend it to the non-manufacturing environments such as the service sector, health care, etc. This investigation was based on the judgments of industry experts and academicians. Another approach such as Viekriterijumsko kompromisno rangiranje can be used for future investigations.
Originality/value
This study is significant when keeping in mind the contribution of SMEs to a country’s economy, especially in the Indian context.
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U.S. Mahabaleshwar, S.M. Sachin, A.B. Vishalakshi, Gabriella Bognar and Bengt Ake Sunden
The purpose of this paper is to study the two-dimensional micropolar fluid flow with conjugate heat transfer and mass transpiration. The considered nanofluid has graphene…
Abstract
Purpose
The purpose of this paper is to study the two-dimensional micropolar fluid flow with conjugate heat transfer and mass transpiration. The considered nanofluid has graphene nanoparticles.
Design/methodology/approach
Governing nonlinear partial differential equations are converted to nonlinear ordinary differential equations by similarity transformation. Then, to analyze the flow, the authors derive the dual solutions to the flow problem. Biot number and radiation effect are included in the energy equation. The momentum equation was solved by using boundary conditions, and the temperature equation solved by using hypergeometric series solutions. Nusselt numbers and skin friction coefficients are calculated as functions of the Reynolds number. Further, the problem is governed by other parameters, namely, the magnetic parameter, radiation parameter, Prandtl number and mass transpiration. Graphene nanofluids have shown promising thermal conductivity enhancements due to the high thermal conductivity of graphene and have a wide range of applications affecting the thermal boundary layer and serve as coolants and thermal management systems in electronics or as heat transfer fluids in various industrial processes.
Findings
Results show that increasing the magnetic field decreases the momentum and increases thermal radiation. The heat source/sink parameter increases the thermal boundary layer. Increasing the volume fraction decreases the velocity profile and increases the temperature. Increasing the Eringen parameter increases the momentum of the fluid flow. Applications are found in the extrusion of polymer sheets, films and sheets, the manufacturing of plastic wires, the fabrication of fibers and the growth of crystals, among others. Heat sources/sinks are commonly used in electronic devices to transfer the heat generated by high-power semiconductor devices such as power transistors and optoelectronics such as lasers and light-emitting diodes to a fluid medium, thermal radiation on the fluid flow used in spectroscopy to study the properties of materials and also used in thermal imaging to capture and display the infrared radiation emitted by objects.
Originality/value
Micropolar fluid flow across stretching/shrinking surfaces is examined. Biot number and radiation effects are included in the energy equation. An increase in the volume fraction decreases the momentum boundary layer thickness. Nusselt numbers and skin friction coefficients are presented versus Reynolds numbers. A dual solution is obtained for a shrinking surface.
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Sneha Kumari, V.G. Venkatesh, Eric Deakins, Venkatesh Mani and Sachin Kamble
Agriculture value chains (AVCs) have experienced unprecedented disruption during the COVID-19 pandemic, with lockdowns and stringent social distancing restrictions making buying…
Abstract
Purpose
Agriculture value chains (AVCs) have experienced unprecedented disruption during the COVID-19 pandemic, with lockdowns and stringent social distancing restrictions making buying and selling behaviours complex and uncertain. This study aims provide a theoretical framework describing the stakeholder behaviours that arise in severely disrupted value chains, which give rise to inter-organisational initiatives that impact industry sustainability.
Design/methodology/approach
A mixed-methods approach is adopted, in which uncertainty theory and relational governance theory and structured interviews with 15 AVC stakeholders underpin the initial conceptual model. The framework is empirically validated via partial least squares structural equation modelling using data from an online survey of 185 AVC stakeholders based in India.
Findings
The findings reveal that buyer and supplier uncertainty created by the COVID-19 lockdowns gives rise to behaviours that encourage stakeholders to engage in relational governance initiatives. Progressive farmers and other AVC stakeholders welcome this improved information sharing, which encourages self-reliance that positively impacts agricultural productivity and sustainability.
Practical implications
The new framework offers farmers and other stakeholders in developing nations possibilities to sustain their AVCs even in dire circumstances. In India, this also requires an enabling ecosystem to enhance smallholders' marketing power and help them take advantage of recent agricultural reforms.
Originality/value
Research is scarce into the impact of buyer and seller behaviour during extreme supply chain disruptions. This study applies relational governance and uncertainty theories, leading to a proposed risk aversion theory.
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Sachin Saini and Doordarshi Singh
The purpose of this paper is to investigate the impingement of lean manufacturing practices (LMPs) in small and medium enterprises (SMEs) of Northern India and their relationship…
Abstract
Purpose
The purpose of this paper is to investigate the impingement of lean manufacturing practices (LMPs) in small and medium enterprises (SMEs) of Northern India and their relationship with firm performance. This paper makes an attempt to identify the lean practices, which are more beneficial and their impact on firm performance.
Design/methodology/approach
In this study, a qualitative survey of 183 Northern India SMEs is collected and analysed using correlation, regression, canonical analysis and ANOVA test are conducted for developing relationships between them.
Findings
The outcome of this study indicates that the embracement of lean is necessary for their survival in this competitive spirit. Lean practices helped the SMEs to cope up with the persistent stress given by the spirited market. From the data investigation, it is revealed that total productive maintenance, supplier management, just-in-time and five S practices enhance the firm performance. Other practices such as plant management practices, operational and people practices found in a lesser extent than previous ones. From the correlation, it is revealed that lean practices have a strong relationship with firm performance. In one-way ANOVA test results indicating that the number of firms, which are less in the initial stage of lean implementation and much more impressive in a transition stage.
Research limitations/implications
The chosen approach for this research study was the cross-sectional one limited to the northern region of India and the investigated variables.
Practical implications
This study will help the stakeholders and manufacturers to enhance the performance of firms using LMPs, especially in a developing country. From these findings, practitioners and academicians would focus on vital issues related to firm enhancement apart from operational measures.
Originality/value
This study is one of the first attempts in which relation is developed between LMPs and firm performance and further data are investigated using canonical cross loadings and ANOVA analysis.
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Swati Singh, Sudhir Naib and Kartikeya Singh
The case presents an ideal platform for discussing the branding strategy, brand elements and the factors that contributed to success of an entrepreneurial venture in the…
Abstract
Learning outcomes
The case presents an ideal platform for discussing the branding strategy, brand elements and the factors that contributed to success of an entrepreneurial venture in the quick-service restaurant (QSR) segment. Further, it enables students to discuss changes that are necessitated as the firm looks for new growth avenues. After working through the case and assignment questions, students will be able to analyze the entrepreneurial journey of a startup in red ocean markets by assessing the factors that contributed to its success; comprehend the importance of branding strategy for small business – choosing/designing of brand elements and selecting the positioning strategy; and assess changes needed in the branding strategy over time and devise strategies for the continued success of the firm.
Case overview/synopsis
Kolkata-based QSR chain Wow! Momo was bootstrapped with a meager INR 30,000 in 2008 by two school friends Sagar Daryani and Binod Kumar. It went on to become India’s Wow! Momo very first QSR specializing in momos. By the year 2019, Wow! Momo was dishing out India’s favourite street food, “momos” from 300 outlets across 15 cities. It also claimed to have captured 90% market share in the organized momo business. The startup grew at a CAGR of over 50% between 2015 and 2019 and reported INR 1.19bn revenue in financial year 2019 with an EBITDA of 9.3%. Wow Momo Foods Pvt. Ltd (WMF), the parent company of Wow! Momo, had tasted stupendous success within a short period and set an ambitious goal of achieving revenue of INR 10bn by 2023–2024. Wow! Momo had achieved top of mind recall among the target customers and was also vying for the same share of wallet as formidable international giants such as McDonald’s, Domino’s, Burger King and KFC. However, compared to these large players, Wow! Momo offered a limited menu and a smaller average ticket size. At the same time, Wow! Momo’s market share was also threatened by a host of branded momo players that offered a similar menu and pricing. Both these factors did not argue well for WMF’s mammoth growth objective. Achieving revenue of INR 1.19bn in a matter of just 10 years was no small feat, but reaching targeted INR 10bn in half that time needed a different game plan altogether. The founders clearly needed to rethink their strategies for the next phase of growth. What would be the next growth driver for the company? Should it look for greener pastures outside India? Was it time to diversify the menu and think beyond momos? If so, then should new items be added to existing menu or a new brand be launched altogether? The case maps the journey of two entrepreneurs as they went on to set up a successful QSR chain. It examines their trials and tribulations as well as successful implementation of marketing strategy. It also looks at the dilemmas faced by a startup as it searches for new avenues for growth.
Complexity academic level
Graduate and postgraduate courses in Management.
Supplementary materials
Teaching Notes are available for educators only.
Subject code
CSS 8: Marketing.
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Shiwangi Singh, Akshay Chauhan and Sanjay Dhir
The purpose of this paper is to use Twitter analytics for analyzing the startup ecosystem of India.
Abstract
Purpose
The purpose of this paper is to use Twitter analytics for analyzing the startup ecosystem of India.
Design/methodology/approach
The paper uses descriptive analysis and content analytics techniques of social media analytics to examine 53,115 tweets from 15 Indian startups across different industries. The study also employs techniques such as Naïve Bayes Algorithm for sentiment analysis and Latent Dirichlet allocation algorithm for topic modeling of Twitter feeds to generate insights for the startup ecosystem in India.
Findings
The Indian startup ecosystem is inclined toward digital technologies, concerned with people, planet and profit, with resource availability and information as the key to success. The study categorizes the emotions of tweets as positive, neutral and negative. It was found that the Indian startup ecosystem has more positive sentiments than negative sentiments. Topic modeling enables the categorization of the identified keywords into clusters. Also, the study concludes on the note that the future of the Indian startup ecosystem is Digital India.
Research limitations/implications
The analysis provides a methodology that future researchers can use to extract relevant information from Twitter to investigate any issue.
Originality/value
Any attempt to analyze the startup ecosystem of India through social media analysis is limited. This research aims to bridge such a gap and tries to analyze the startup ecosystem of India from the lens of social media platforms like Twitter.
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Srichandan Sahu and K.V.S.S. Narayana Rao
To assess the state of supply chain management (SCM) research in India and to understand the research trends and methodologies used. The present study also aims to create a…
Abstract
Purpose
To assess the state of supply chain management (SCM) research in India and to understand the research trends and methodologies used. The present study also aims to create a taxonomy of the subject areas researched in India.
Design/methodology/approach
The present study employed the systematic literature review methodology. Literature from 395 peer journal papers in 67 leading journals over a 20-year period (2000–2020 Quarter-1) was comprehensively reviewed and assessed.
Findings
SCM research in India started around the year 2000. The quantum of research was low (single digit) until 2010. There has been steady growth over the last decade, and over 50% of the total papers up until now has been published in the last four years. The present study created a three-tiered taxonomy of the subject areas and classified the papers as per it. The first tier (level-1) has seven categories (SCM strategy, network design, SCM processes and integration, IT systems, skills, performance measurement and others). A perusal of the newly created taxonomy revealed that, except for a few areas under level-1 categories (such as SCM processes and SCM strategy), the other level-1 categories have not seen much research. Similarly, there is little or no research in a large number of level-2 categories (such as outsourcing strategy, channel strategy, demand management, demand fulfillment, customer relationship management, integrated supply chain planning, new product development, returns, supply chain orientation, performance monitoring, performance improvement, SCM adoption process, SCM implementation issues and quantified benefits of SCM). Methodologically, the rigor of SCM research in India needs improvement.
Originality/value
A comprehensive taxonomy of SCM subject areas researched in India at three cascading levels was created for the first time in the present study. The taxonomy will help provide researchers with a clear understanding of the structure of the subject areas and help in identifying areas where research has been carried out and the subject areas where gaps exist for future research to proceed. The present study also provides an overview of the methodological rigor of SCM research in India and points out some of the limitations that researchers should avoid in future studies.
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Jitesh J. Thakkar, Shashank Thanki and Sunita Guru
The present situation of COVID-19 pandemic has put the health-care systems under tremendous stress and stringent tests for their ability to offer expected quality of health-care…
Abstract
Purpose
The present situation of COVID-19 pandemic has put the health-care systems under tremendous stress and stringent tests for their ability to offer expected quality of health-care services, as it decides the sustainability and growth of health-care service providers. This study aims to deliver a quantitative framework for service quality assessment in the health-care industry by classifying the health-care service quality parameters into four balanced scorecard (BSC) perspectives.
Design/methodology/approach
To determine the service quality for the Indian health-care system, decision-making trial and evaluation laboratory and analytical network process are integrated in a fuzzy environment to contemplate the interaction among BSC perspectives and respective performance measures.
Findings
The results indicate “internal processes” perspective assumes the key role within BSC perspectives, while performance measures “nursing staff turnover” and “staff training” play the key roles. The results also signify that “patient satisfaction” is the most vital issue and can be strongly influenced by measures belonging to the “learning and growth” perspective. In “learning and growth” perspective, “staff training” is the most decisive criteria, very highly influencing “patient satisfaction”, highly influencing “profitability,” “change of cost per patient (both in and out patients)” and “outpatient waiting time” while moderately influencing “staff satisfaction,” “bed occupancy” and “nursing staff turnover”. Moreover, “staff training” criteria have a positive influence on “nursing staff turnover.”
Originality/value
The contributions of this study are in two folds in the domain of quantification of service quality for the health-care system. First, it delivers an assessment framework for Indian health-care service quality. Second, it demonstrates an application of the framework for a case situation and validates the proposed framework.