Santu Das, Jamini Kanta Pattanayak and Pramod Pathak
The main purpose of this research study is to investigate the impact of quarterly earnings announcements on stock price movement of the firms constituting the SENSEX under two…
Abstract
Purpose
The main purpose of this research study is to investigate the impact of quarterly earnings announcements on stock price movement of the firms constituting the SENSEX under two different market conditions – booming followed by recessionary. Analysis of price effect of quarterly earnings announcements during the five-year period prior to trading suspension, which is also characterized by a booming market condition have been made. Similar analysis during the five-year period following the trading suspension and marked by recessionary market condition has also been carried out side by side.
Design/methodology/approach
Event study methodology using daily returns and market model has been used for the purpose of analyzing the quarterly earnings announcement effects on the security prices of the firms. A sign test has also been used along with the event study.
Findings
The study reveals that quarterly earnings announcement does not have statistically significant effect on stock returns during the booming as well as the recessionary market conditions. The impact of quarterly earnings announcements on stock price movement of firms constituting the SENSEX has been similar for both periods undertaken in the study.
Research limitations/implications
The study has been undertaken using the firms listed in BSE SENSEX. The effect of the quarterly earnings announcement with reference to firms listed in other indices, if covered, may provide different sets of results.
Originality/value
The paper identifies the informational value of quarterly earnings announcement of BSE-SENSEX.
Details
Keywords
Barnali Biswas, Piyal Basu Roy, Ankita Saha and Abhijit Sarkar
The locational disadvantage of a health-care centre often restricts adequate delivery of health-care services in an area. The purpose of this study is to examine the status of…
Abstract
Purpose
The locational disadvantage of a health-care centre often restricts adequate delivery of health-care services in an area. The purpose of this study is to examine the status of primary health-care services in such a geographically disadvantageous area which is confined by forests, tea gardens and undulating topography.
Design/methodology/approach
Necessary secondary data of 13 primary health centres and 236 sub-centres has been collected from the Office of the Chief Medical Officer of Health. Based on obtained data, Health-care Infrastructure Index has been prepared which has been validated by an expert panel, and subsequently, the Thiessen Polygon method has been applied through Arc GIS software to show spatial variation of health-care services delivered by different health-care centres.
Findings
In the study area, there is wide variation found in the case of physical facilities, caregivers and connectivity of road networks, which altogether affect the overall status of health-care services. Among all the indicators, some health-care centres experience staff shortages for prolonged non-recruitment, inaccessibility and inconsistent patient load in different health centres.
Originality/value
In spite of the unfavourable geographical landscape, health-care centres have to be set up wherever possible. There is a need to make new roads and simultaneously the existing road connectivity should be improved so that patients and caregivers can move quickly whenever required. Existing physical facilities need to be renewed or redeveloped along with increasing the number of doctors and other health-care providers as per the need of people with an adequate and optimum level of services.
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Manoj K. Sharma, Punam Agarwal and Tarja Ketola
The purpose of this paper is to highlight how fast the divide between the good corporate governance (CG) and corporate social responsibility (CSR) is declining. The concepts…
Abstract
Purpose
The purpose of this paper is to highlight how fast the divide between the good corporate governance (CG) and corporate social responsibility (CSR) is declining. The concepts covered under CG and the areas covered under CSR are no longer distinctive. Both the philosophies advocate doing good and disclosing the good done.
Design/methodology/approach
The study does a brief survey of Indian mythology to make its point clear that Indian philosophy is positive and it inculcates positive values in Indians, which influence their socially responsible behaviour. The study further analyses the annual reports of 50 Indian private corporate houses to show the extent of CG and CSR undertaken by them. The information is shown in the tabular form or in statement form, both are included for the purpose of the study.
Findings
In India, the CG practices are mandatory as per the clause 49 of the listing agreement of Securities and Exchange Board of India (SEBI) for all the companies listed on recognized stock exchanges of India. However; there are two parts of disclosure – mandatory and non‐mandatory. In so far as mandatory requirements are concerned, 100 per cent compliance exists. But with regard to non‐mandatory requirements the results are quite disheartening. Similarly, when the study analyzed the annual reports to examine the extent of corporate responsibility disclosure the results are equally discouraging for reasons discuss below in the introduction part of the paper.
Originality/value
The study has revealed certain awakening facts, which will serve as a useful guide for policy formulation in relation to Indian corporate sector.