Research Journal of Economics & Business Studies - RJEBS - The ...

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standards prevailing in the country, still the accounting rates can be better as they are free from the investors bias and speculations to a large extent. Secondly the capital market in India is not as developed as of Western and European countries; therefore we preferred the accounting based method to measure the firm performance. Various financial ratios such as Return on Capital employed (ROCE), Return on the equity (ROE), Profit after tax (PAT), Return on assets (ROA) are utilized for the study. Control variables Control variables are described in the Table no 2. Table 2 Control Variable Description Sr.no Control Variables Description Symbolic 1 Size of the firm Total assets TA 2. Leverage Debt/Equity LEV 3. Liquidity Current assets /Current Liabilities COR 4. Inventory Ratio IR Figure no 1: Test Model Corporate Governance and Firm Performance Measurement of Corporate Governance Scores (CGS) and development of questionnaire The study is based on the structured questionnaire. The questionnaire consists of 51 questions related to the corporate governance factors. The Corporate Governance Scores (CGS) reflects the scores obtained by an individual company on a particular corporate governance factor or component. The corporate scores (CGS) are based on the information provided by the firms in their annual reports. The annual corporate governance report was carefully and extensively reviewed for the study. The corporate governance score (CGS) was developed on the bases of Standards & Poor’s (S&P) – Governance, Management, Accountability Metrics and Analysis (GAMMA).GAMMA scores attempts to assess the effectiveness of individual company governance practices as a system of interaction among a company’s management, board, shareholders and other stakeholders aimed at building company value and ensuring fair distribution of its earnings. www.theinternationaljournal.org > RJEBS: Volume: 02, Number: 06, April-2013 Page 90
Board size and firm performance Board size (BZ) here refers to the size of the board. It refers to the total number of board of directors sitting on the board. In order to find out the impact of board size on the firm’s financial performance the board size of the companies were divided into two categories a) companies with the smaller board size i.e. having less than 10 directors sitting on the board and b) companies with the smaller board size i.e. having more than 10 directors sitting on the board for the given particular financial year. Board composition and firm performance Further to find out the impact of board composition on the firm’s financial performance the board composition was categorized into four categories. It facilitated the evaluation of the nature of the relation, degree of dependence and the impact of the Independent variable i. e. board composition on the dependent variable i. e. firm’s performance. Small board size with non compliance (SBSNC).The first category has firms which have small board size but are not compliant with the provisions in the Clause 49 and Voluntary Regulation, Act 2009. (SBSNC). This category includes the firms who score up to 30 points in the board composition category. Small board size with compliance (SBSCL). Second categories has the firms with the small board size but are in full compliance with the regulatory provisions in the legislative framework of corporate governance in India (SBSCL). This category covers the firms who score between 31 points to 79 points in the board composition category of the questionnaire. Large board size with non compliance (LBSNC). Third category firms have larger board size but are showing the non compliance with the regulatory and legislative provisions (LBSNC). This category consists of the firms scoring between 80 points to 89 points in the board composition category of the questionnaire. Large board size with compliance (LBSCL). Fourth category covers the firms with large board size and they are compliant to the corporate governance norms, regulations and provisions in India (LBSCL). The firms who score above the 89 i.e. between 90 points to 100 points do come under this category. Ownership structure and firm performance Ownership structure gives a fair idea about the percentages of share held by the promoters, public, directors, private companies, institutional investors, government bodies and the foreign institutional investors in a firm. It also reveals the ownership pattern of the firm. In order to know the ownership pattern of the firms the ownership structure (OS) was categorized into three different patterns which includes, which are explained as follows. Concentrated ownership. The firm which has more than 50% and above shares held by an individual share holder or a particular family or group was termed as firm with concentrated ownership. The firms scoring 38 points in the ownership structure category of the questionnaire come under this category. Diversified ownership. The firm in which none of the stakeholders owns more than 25% share was termed as diversified ownership structure. In the questionnaire the firms scoring 33 points are termed as diversified ownership structure. Block holdings ownership. The firms with more than one individual holding above 25% or where more than one stakeholder holds between 25% to50% shares in the firm, such firm was termed as block holding ownership pattern. The firms scoring 43, 48 and 53 points in the questionnaire were put into the block holding category. Results and Interpretation The group statistics of Table no.3 displays the sample size, mean, standard deviation, and standard error for both group of companies (one with board size less than 10 and another with board size larger than 10). On average the Return on Capital Employed Percentage (ROCP) of companies having larger board size is 3.53% more than the companies having smaller board size. The other financial parameters like Profit after tax (PAT), Return on Asset (ROA) and Return on Equity (ROE) showed differences in averages of 2.31%, 0.4% and 6.07%, however the difference between the means is considerable among PAT, ROA and ROE. www.theinternationaljournal.org > RJEBS: Volume: 02, Number: 06, April-2013 Page 91
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Table of Contents Articles PERFORMA
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servicing, and the policies not mee
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The Self-Help Group members get inc
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Are female workers more productive
Page 10 and 11:
For the purpose of including explan
Page 12 and 13:
several different, competing logist
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Fisher, R.T. (2001), “Role stress
Page 16 and 17:
A Comparative Study of NPA of State
Page 18 and 19:
processes. Instead of fixing target
Page 20 and 21:
Agriculture Crisis and Sustainable
Page 22 and 23:
Table 1. World Cereal production ,
Page 24 and 25:
Expanding biofuel production The ex
Page 26 and 27:
percent of the world’s population
Page 28 and 29:
OECD (Organisation for Economic Co-
Page 30 and 31:
It can provide the earnings needed
Page 32 and 33: The incubator will also work toward
Page 34 and 35: factor. This is not an easy proposi
Page 36 and 37: ROLE OF LOCAL SELF GOVERNMENT IN LE
Page 38 and 39: During the last season red onion fa
Page 40 and 41: Table Mch2 Coef. Std. Err Z P>/Z/ A
Page 42 and 43: lack of capital. The local farmer o
Page 44 and 45: It may be seen that alleviation of
Page 46 and 47: Table - 2 Progress under Bharat Nir
Page 48 and 49: References Chandrasekhar, B P., et
Page 50 and 51: existing cooperative legislation, r
Page 52 and 53: 1.3 THE RESEARCH QUESTIONS 1. What
Page 54 and 55: Table 2: Earnings and Cost Allocati
Page 56 and 57: have an adequate amount of capital
Page 58 and 59: programs and the union was doing on
Page 60 and 61: total assets to other key areas, it
Page 62 and 63: esponded by (7.6%) of the members.
Page 64 and 65: management; Gohe cooperatives savin
Page 66 and 67: Significance of asset quality of St
Page 68 and 69: iii) iv) Doubtful Assets:- a) Doubt
Page 70 and 71: atios and solvency ratios are taken
Page 72 and 73: Ratio of around 3% during 2007-08,
Page 74 and 75: sufficient to draw an inference in
Page 76 and 77: The observed R 2 and F statistics m
Page 78 and 79: Board Composition, Ownership Struct
Page 80 and 81: size as well. During our study it w
Page 84 and 85: The procedure produces two tests of
Page 86 and 87: hoc test for pair wise comparisons
Page 88 and 89: e said that the board size affects
Page 90 and 91: high-tech small and medium-sized en
Page 92 and 93: Table no.8 - Multiple Comparisons T
Page 94 and 95: Abstract Corporate Social Responsib
Page 96 and 97: the participation of various level
Page 98 and 99: Supplier Relations As stakeholders
Page 100 and 101: CSR initiatives of companies should
Page 102 and 103: Corporate Social Responsibility Pra
Page 104 and 105: 2011, this district received surplu
Page 106 and 107: In the case of marginal farmers and
Page 108 and 109: Findings From the above analysis it
Page 110 and 111: 2. Innovation: Meaning and Dimensio
Page 112 and 113: data appropriately. Inferences were
Page 114 and 115: The regression analyses as shown in
Page 116 and 117: Role of Self-help Group in Socio-ec
Page 118 and 119: 10% for women and men respectively
Page 120 and 121: MoRD has been constantly reviewing
Page 122 and 123: 76.6% units were found to be existi
Page 124 and 125: 10.Timely release of adequate loans
Page 126 and 127: Standard of living of Rural Fisher
Page 128 and 129: Table 1 denotes the infrastructure
Page 130 and 131: FISHING METHODS USED BY DIFFERENT A
Page 132 and 133:
CONCLUSION Most of the fisher folk
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Objectives: The following objective
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Policies of the Government will hav
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Wastage Schedule (Onion) Sl.No. Pri
Page 140 and 141:
At the end of 2008 the entire world
Page 142:
Conclusion: 9. The inflation can be
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