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e said that the board size affects the firm’s performance. In India larger boards are less effective than smaller boards, except in the case of PSUs (Dey & Chouhan, 2007). Thirdly one size does not fit to all, standard board size vary from country to country and also depends on the nature of industry. In India smaller board are more successful particularly in private sector because of ease in decision making and less conflicts. These findings that there is a relationship between board size and firm performance are in congruence with the past studies carried out by (Dalton et al., 1998; Hermalin and Weisbach, 2003; U. M. Uadiale, 2007; Balasubramanian, 2008 and Larmou & Vafeas, 2009) which have identified the effects of board size on the firm’s performance, and found them to be correlated. Fourthly the study results found that relationship of significant nature exist between board composition and firm performance. Hence, in simple words we can say that these factors are correlated and do have an impact on each other as well but the strength of relationship is not very strong. It can be further said that the board composition affects the firm’s performance. Fifthly in India larger boards are less effective than smaller boards, except in the case of PSUs. Smaller board with non compliance and larger boards with compliance to standard corporate governance practices show higher levels of ROCE, ROA, and ROE the only change is in the case of PAT where the larger boards with the compliance and non compliance both are showing the higher degree of PAT. It can be possible because the firms with firms with the larger capital will show higher profits. The results can be backed by the previous research outcomes, many researchers have found the positive and significant relationship between board composition and firms performance such as (Kim and Lee, 2003; Tvevor W. Chamberlain, 2007; Ameer et.al., 2009) and many other researchers propounds the same. The number of independent directors on the board plays a very important role. The ratio of executive to non executive directors ensures the fair decision making. Sixthly both the number and proportion of outside directors are positively and significantly correlated to the firm performance. In the India majority of private sector firms are owned by the individuals, or families. The promoters are the dominant shareholders and ownership is spread amongst the family members and group of friends. Therefore it becomes very significant to have more number of independent directors on the board so that the interest of minority shareholders can be protected. Seventhly in the case of ownership structure and firm performance, it was found that relationship of insignificant nature exist between the dependent and independent variables. Hence, it can be said that these two variables are not correlated. It can be further said that the ownership structure does not affects the firm’s performance. In the nutshell we can say that there is a difference between the corporate governance system in UK, USA and INDIA. The corporate governance of the countries like UK and USA is based on the Anglo American model in which the ownership and management are separate, whereas in the India majority of the cases management and ownership is same. In India in case of majority of firms specially belonging to private sector ownership belongs to an individual or family or group of closely related corporate. In the case of state owned enterprises the ownership is with the government in both the cases the ownership pattern is either concentrated or is in bloc holding by government, corporate, and group of institutions. Capital market in India is not developed enough to encourage the diversified ownership structure. Therefore the study results suggest no relationship between the ownership structure and firm performance in India. The results can be backed by the previous research outcomes ,for instance in a study based on 137 listed firms of Tehran Stock Exchange for the period of 2001- 2006 , (Alireza Fazlzadeh; Ali Tahbaz Hendi and Kazem Mahboubi, 2011) found that the ownership concentration did not have any significant effect on the firm’s performance. There are many other studies in the western countries who find the positive relationship between the ownership structure and firm performance. The reason for that outcome could be the difference in the political governance, legal and regulatory framework and the governance system. As mentioned before in the countries like UK and USA the ownership and management are separate from each other, where as in India in majority of the cases the ownership and the management is the same and the firms where both are separate suffers from the holding and agency problem. www.theinternationaljournal.org > RJEBS: Volume: 02, Number: 06, April-2013 Page 96
References Ameer ,R., Ramli,F., Zakaria,F. (2010) .A new perspective on board composition and firm performance in an emerging market. Corporate Governance, 10(5),647 – 661. Berle A, Means Q. (1932). The modem corporation and private property . NewYork,USA: Mac Millan. Bhagat, S. & Black, B. (1998).Uncertain relationship between board composition and firm performance. The Business Law,54, 921.Management, 5, 91-104. Bhagat, S.,Bernard, S.& Black,B.(2002). Board independence and long-term performance.Journal of Corporation Law, 27. Bauer, R., Guenster, N. & Otten, R. (2004). Empirical evidence on corporate governance inEurope: The effect on stock returns, firm value and performance. Journal of Asset Management, 5, 91-104. Balasubramanian, B., Black, B. & Khanna, V. (2008). Firm-level corporate governance inemerging markets: A case study of India. ECGI-Law Working Paper, 119, 08-011. Carlin, W. & Mayer, C. (2000). How do financial systems affect economic performance.Corporate Governance: Theoretical and Empirical Perspectives, 137-59. Chamberlain, T. (2007). Board composition and firm performance: some Canadian evidence. International Advances in Economic Research, 16, 421-422. Daily, C. M. & Dalton, D. R. (1992). The relationship between governance structure and corporate performance in entrepreneurial firms. Journal of Business Venturing, 7,375-386. Dalton, D. R., Daily, C. M., Ellstrand, A. E. & Johnson, J. L. (1998). Meta analytic reviews of board composition, leadership structure, and financial performance. Strategic Management Journal, 19, 269-290. Demsetz, Harold & Villalonga, B .(2001). Ownership structure & corporate performance. Journal of corporate finance, 7 (3), 209-233. Dwivedi, N. & Jain, A. K. (2005). Corporate governance and performance of Indian firms: The effect of board size and ownership. Employee Responsibilities and Rights Journal, 17, 161- 172. Dey, D.K. & Chouhan, Y. K. (2007). Board composition and performance in Indian firms: A comparison. The IUP Journal of Corporate Governance, April 2007. Fazlzadeh, A., Hendi, A.T. & Mahboubi, K. (2011). The examination of the effect of ownership structure on firm performance in listed firms of Tehran stock exchange based on the type of the industry. International Journal of Business and Management, 6, 3. Gupta, C. D. (2006).Globalization, corporate legal liability and big business houses in India. Cambridge Journal of Economics, 34, 895-913. Governance, Accountability, Management Metrics & Analysis (GAMMA) Scores [online] http://www.standardandpoors.com/about-sp/gamma/en/eu, (Accessed 2 April 2008). Hermalin, B.E. and Weisbach, M.S.(2003). Boards of directors as an endogenously determined institution: A survey of the economic evidence. Economic Policy Review, 9, 7-26. Jensen, M. C. & Warner, J. B. (1988). The distribution of power among corporate managers, shareholders, and directors. Journal of Financial Economics, 20, 3-24. Kim, B. & Lee, I.(2003). Agency problems and performance of Korean companies during the Asian financial crisis: chaebol vs. non-chaebol firms. Pacific-Basin Finance Journal, 11, 327-348. Larmou, S., and Vafeas,N.(2009).The relation between board size and firm performance in firms with a history of poor operating performance. Journal of Management Governance, 14(1),61-85. Patterson, D. J. (2000). The link between corporate governance and performance, conference board, New York. Shleifer, A. & Vishny, R. W. (1997). A survey of corporate governance. The journal of finance, 52. Uadiale,O.M.(2007). The impact of board structure on corporate financial performance in Nigeria. International Journal of Business and Management, 5, 155. Zhenyi, W., Li, S. & Ying, T.(2010). Corporate governance and corporate performance of www.theinternationaljournal.org > RJEBS: Volume: 02, Number: 06, April-2013 Page 97
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Table of Contents Articles PERFORMA
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servicing, and the policies not mee
Page 6 and 7:
The Self-Help Group members get inc
Page 8 and 9:
Are female workers more productive
Page 10 and 11:
For the purpose of including explan
Page 12 and 13:
several different, competing logist
Page 14 and 15:
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 82 and 83: standards prevailing in the country
Page 84 and 85: The procedure produces two tests of
Page 86 and 87: hoc test for pair wise comparisons
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
Page 134 and 135: Objectives: The following objective
Page 136 and 137: Policies of the Government will hav
Page 138 and 139:
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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