Pacific B usiness R eview I nternational

A Refereed Monthly International Journal of Management Indexed With THOMSON REUTERS(ESCI)
ISSN: 0974-438X
Impact factor (SJIF): 6.56
Editorial Board

Prof. B. P. Sharma
(Editor in Chief)

Prof. Mahima Birla
(Additional Editor in Chief)

Dr. Khushbu Agarwal
(Editor)

Ms. Asha Galundia
(Circulation Manager)

Editorial Team

Dr. Devendra Shrimali

Dr. Dharmesh Motwani

Mr. Ramesh Modi

A Refereed Monthly International Journal of Management
August 2018

Name : Index
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Name : Empirical Study on Tourist’s Satisfaction towards Silk Route Tourism Sites at Jammu & Kashmir with special reference to Dal Lake
Author : Arun Kaushal, Dr. Suvijna Awastthi
Abstract :
Advancement of latest technology and awareness level of people creates an environment in Indian Tourism industry results into up gradation of tourism scenario in India. “Incredible India” as name suggest that starting from the Indus valley civilization unique image of India Portrays an image in the mind of visitors all over the world to have at least one look in their whole life which indirectly facilitates the Indian Tourist industry to explore its wings in the new era of enriched India in terms of health, wealth and prosperity.
Tourism is the activity of travelling to a place for pleasure. Tourism Industry facilitates to the state Government as well as Country’s government by creating employment opportunities and sustainable development in the form of GDP Growth and Foreign exchange respectively. The Mughal emperor Jhangir said that if there is paradise on earth, it is here. J&K is also known as “Paradise on Earth”. J&K is well known for its scenic beauty, natural waterfall, apple valleys, deep gorges, poplar trees, deodar trees, chinars, wonderful panorama, pollution free air, snow clad mountains, fascinating gardens, enchanting lakes etc. J&K sate has enormous prospects for tourism. Large numbers of visitors are approaching J&K State every year. Present Study attempts to identify the contributing factors adopted for their perception towards Silk Route tourist sites with special reference to Dal Lake which is the heart of J&k State by Domestic Tourists .Further assessment of these factors will be studied on the overall satisfaction level of visitors with the help of Multiple Regression through SPSS 20.
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Name : Impact of Competitiveness Drivers on Global Competitiveness Index
Author : Dr. Subrata Roy
Abstract :
The study is design to examine the impact of basic requirements, efficiency enhancers and innovation and sophistication factors on global competitiveness index (GCI) on East Asia and Pacific region countries. Thus, matrix approach is used and regression model is also applied to compare the result. Philippines and Cambodia are not efficient to manage innovation and sophistication factor to make the nations more competitiveness in terms of productivity and prosperity because their coefficients are negative. Only five countries are significantly efficient to deal with three drivers to make the nations more competitiveness. The coefficients of three sub-indices of the remaining countries are positive except for innovation and sophistication of Philippines and Cambodia and the evidence is same which is obtained from regression analysis. Limited numbers of papers have focused on various definitions of GCI and identified factors for formulating GCI. Few studies have examined the impact of some specific factors on GCI. But this study is new one in the sense that it exclusively examines the impact of all the pillars categorised in three sub-indices (Basic requirements, Efficiency enhancers and Innovation & Sophistication) on Global Competitiveness Index which is expected to add value in the literature of global competitiveness.
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Name : Private Label Brand: Low Cost Alternative or High Quality Alternative
Author : Parampal Singh, Dr. B.B. Singla
Abstract :
During the last decade world has undergone many dramatic changes, one such change that change the lifestyle of the human kind is the change in the shopping patterns of the consumers regarding various products and services. There is a paradigm shift towards the purchase of private label brands than the national level brands. Successful differentiation of the private label brands has been achieved worldwide and further their impact in the seen the developed markets (Justin Beneke, 2010). Continuing with the same context this paper throws light on the potential emersion of private label brands in the growing world retail sector. As per RASCI, 2011 Indian retail industry is around 16 trillion rupees. Due to the change in disposable income and purchasing power it is expected to grow 20 percent per annum. This paper also attempts to study the future prospects of private label brand and discussed about the positive perception towards private label brand shared across the globe.
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Name : Are Companies Rewarded for More Voluntary Disclosure? Evidences from Literature
Author : Rupjyoti Saha , Dr. K.C Kabra
Abstract :
Voluntary disclosure are potentially important way for management to communicate firms’ performance and governance to the outside investors. In this paper, we provide a theoretical framework for voluntary disclosure and the different cost-benefit associated with it whereby empirical studies reveals that there is a trade-off between the multiple cost and related benefit while deciding the extent of such disclosure. This paper have also shown some board classification of voluntary disclosure in the academic research whereby studies reveal that, different types of voluntary disclosure by management is based on the relevance of such information in terms of market value of firms. Further, we review research on the relation between voluntary disclosure of information and its impact on market valuation of the firm under different market setting and summarizes the major research findings. Our paper concludes that, there exist a positive and significant relationship between voluntary disclosure and firm value in the developed market whereas empirical findings from the developing market does not provide any conclusive evidence in this regard due to the presence of some unique characteristics such as closely held corporation, weak investor protection environment, state ownership, weak board independence, illiquid stock markets, heavily bank-orientated economy, frequent government intervention economic uncertainties and low level of disclosure which necessitates to revisit this relation in context of emerging economies.
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Name : Executive Employees’ Commitment in Selected New Generation Private Banks in Punjab: A Comparative Study
Author : Sanjeev, Dr. N S Bhalla, Dr. T. S. Sidhu, Shruti
Abstract :
This study aims to look for the level of organisational commitment among executive level employees in selected new generation private sector banks in Punjab. Through this paper researcher has tried to compare the level of organisational commitment of the executive employees towards their employer organization under study. The Organisational Commitment was compared in all three forms (Affective Commitment, Normative Commitment and Continuance Commitment). It has been observed that the level of organisational commitment of executive employees in the selected new generation private sector banks under study is significantly different. The techniques like means, standard deviations and ANOVA were used to reach the pertinent results. In addition, the relationship between levels of income of executive employees and their levels of Organisational commitment has also been tried to identify. A slightly positive relation could be seen between the two.
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Name : Post Acquisition Performance of Indian Telecom Companies: An Empirical Study
Author : Atashi Bedi
Abstract :
Mergers and Acquisitions (M&A) are the most popular means of corporate restructuring or business combinations and are a big part of today’s corporate finance world. They are considered as one of the strategies for improved financial performance and growth. The companies are expected to perform much better post M&A so that the overall wealth of the shareholders can increase. From the review of literature it is found that there is no convincing evidence of the impact of M&A on corporate performance. This study is an effort to find out the difference between pre and post- acquisition performance of five acquirer telecom firms involved in M&A (2000-2010) in terms of profitability, liquidity and solvency. Accounting ratios and paired sample t-Test are used to analyze the performance of the companies.
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Name : Challenges for Women Entrepreneurship: A Study of Women Entrepreneurs of Small and Medium Enterprises in Rohtak District Of Haryana
Author : Suman Goel, Prof. Rajkumar
Abstract :
Women entrepreneurs are important performers in any emergent economy mainly in terms of their involvement to financial growth. Setting up a business is not a simple task for women entrepreneurs and at the same time organizing the business is a superior assignment. A challenge is forever there for women entrepreneurs to run their business fruitfully making turnover and ensure the development of the businesses. The study is carried out, based on the compilation of primary data with help of a structured questionnaire from women entrepreneurs of Small and Medium Enterprises in Rohtak district of Haryana in India. The results have been analyzed with the help of various statistical tools. In accordance with the study results, it is found that the support for starting a business came from informal sources, with a very small percentage of women needed assistance from Government schemes and programs. The study concluded that Government should generate the attentiveness among women entrepreneurs concerning different Govt. inducements and developmental plans so as to endorse a more enabling atmosphere for women’s entrepreneurship in India.
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Name : Financial Development & Economic Growth Nexus: Empirical Investigation of three South Asian Economies
Author : Dr. Rakesh Shahani, Sakshi Sharma, Akriti Ghildiyal
Abstract :
The paper investigates the co-integrating nexus between Financial Development & Economic Growth of three Prominent South Asian Economies namely India, Pakistan & Sri Lanka. Whereas Economic Growth has been represented by Per Capita GDP, the proxy for Financial Development Variable is Pvt. Sector Credit to GDP. The paper also includes two additional variables (as regressors) and these are Consumer Price Index ( a proxy for inflation) & ratio of Trade to GDP (a proxy for Trade Openness). The co-integrating relation has been tested using Autoregressive Distributed Lag (ARDL) Bounds Testing Co-integration Approach .The pre-requisites for the ARDL model have also been tested in our study and these include the Variable Stationarity (using Augmented Dickey Fuller) , Stability of Parameters (using CUSUM plots ) & Serial Correlation (using BG-LM test) To test the hypothesis of co-integration between variables, we have analysed log transformed yearly data for fifty years for the India and Sri Lanka & forty eight years for Pakistan. The period of study for all the three countries differs due to difference in availability of data. The ARDL test has been applied on Optimal Model and optimality has been checked using AIC & SC Criteria. The results of the study revealed positive co-integrating relation between Financial Development & its Economic Growth for two countries namely India and Sri Lanka as given by the partial F Statistics for which we have used Narayan (2004) tables. For Pakistan, the results showed presence of no co-integrating relation between these variables. The test also passed the model pre-requisite of Stationarity of Variables where we find that except Pvt. Credit to GDP of Pakistan, all other variables are stationary at I (1). Pvt Credit to GDP of Pakistan was found to be stationary at I (0) which in a way justifies the use of ARDL Methodology. The BG LM test for serial Correlation showed no serial correlation for all the three countries, further all the three countries had their parameters as stable using CUSUM Stability plots. The lagged Error term (ECM) coefficient was found to be negative for both India and Sri Lanka; it was significant at 5% and 10 % respectively for the two countries .The corrective mechanism linking short and long run equilibrium worked @ 47 % for India while it was at a much slower rate of 8.6 % for Sri Lanka.
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Name : A Khadi and Village Industries Commission: Role, Challenges and Opportunity Ahead
Author : Gaurav Katoch
Abstract :
The paper discusses the role of KVIC in the strengthening of rural economy by promoting and developing Khadi and Village Industries. The Khadi and Village Industries programme plays a predominant role in providing employment opportunities to rural artisans more specifically to the weaker strata of the society. The present paper discusses the role of institutional agencies like Khadi and Village Industries in the promotion of microenterprises. The secondary data was collected to accomplish the objective of the study. The secondary data required was collected from the previous published reports of KVIC. The data was analyzed using appropriate statistical tools. The descriptive statistics like averages, percentages were computed to analyze various issues and compound annual growth rate have been used to calculate various changes.
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Name : An Event Study Analysis of Stock Splits in Indian Stock Market: Sectoral Response
Author : Mr. Bilal Ahmad Pandow, Prof. Khurshid Ahmad Butt
Abstract :
The event studies examine share price movements around a corporate event. A stock split is one of the corporate events that refers to the division of stock of a specific firm. The division can either be forward or reverse split and in this study only forward splits are deliberated. Most of the times the splits are considered as the mechanism in the hands of the corporates to make new prices more attractive to the prospective small retail shareholders. The review of the literature reveals that in a not-so-efficient capital market like India having asymmetries in information flow, the stock split announcement affects shareholder wealth. However, very scarce efforts have been made so far to know the stock split behavior of firms in India of various sectors. The present study is a small step in this direction. This paper attempts to analyze the effect of the share split on different sectors of industries and to study the variation in return of the stocks of the selected firms during the pre and post-split. The average abnormal return is used by applying the event study methodology. The sectoral indices will comprise of nine indexes: Auto, Bank, Financial Services, FMCG, IT, Media, Metal, Pharma, and Realty. The data for the paper is secondary from the sector-based index by National Stock Exchange which is designed to offer a single value for the collective performance of various companies demonstrating a collection of connected businesses or within a sector of Indian economy and the analysis of the data is performed by using appropriate statistical techniques.
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Name : Measuring Post-Merger and Acquisition Performance in Chemical and Fertilizer Sector of India
Author : Dr. Bisma Afzal Shah
Abstract :
The present study was carried out with the aim of assessing the impact of mergers and acquisitions on the value of listed firms in chemical and fertilizer sector of India. Companies expand their business by implementing internal or external expansion strategies. In the case of internal expansion strategy, a firm grows gradually overtime in the generic course of the business, but in case of external expansion strategy, a firm grows overnight through corporate conjunction. Such annexation are in the form of mergers and acquisitions which has become a salient feature of corporate reconstructing. The primary objectiveof the present study is to examine the impact merger and acquisition deals have on the operating performance, financial performance and shareholders’ wealth of the samplefirms by comparing their performance before and after the deals, thus deriving their values pre and post-merger or acquisition. In order to achieve the research objectives, an empirical study has been carried out to test the hypotheses that were articulated. The present study makes use of secondary sources of data. Industry adjusted pre and post-merger/ acquisition ratios have been estimated and the averages have been computed for all the firms. Paired sample t-test has been done to check for any statisticallysignificant change pre and post the deals. The overall findings of the study revealed that the operating performance, financial performance and returns to shareholders’improved post-merger/acquisition but the improvements were not found to be statistically significant. The study has established that mergers and acquisitions on its own cannot achieve strong, efficient and competitive systems because performance is dependent on several other factors as well which require due consideration. There is also a need to study the benefits of such deals over a longer period of time to actually quantify the benefits of such transactions.
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Name : Impact of Basel II Accord on the Stability of Indian Banks: A Comparative Study of Public and Private Sector Banks
Author : Rishi Vaidya, Dr. Kamaljeet Bhatia, Dr. N. K. Totala
Abstract :
Reserve Bank of India plays a major role in guiding and directing banks to establish and maintain a risk management system of international standards. Banks in India have well designed systems and procedures to handle credit risk, market risk and operational risk system. The present study was conducted to find the impact of Basel II Accord on the stability of Indian public and private banks. The sample size included 26 public sector banks and 20 private sector banks. The study finds that most of the banks follow the standardised approach as per the guidelines of the Reserve Bank of India to cover the operational risk, credit risk and market risk. It has also been found that the public sector banks have gone in for further issue of equity shares to enhance their capital adequacy ratio. Several banks running on the brink of very low or sometimes even negative profitability have been permitted by the government to write-off their losses against their paid-up capital.
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Name : From Deficiency to Strength: Change in Mindset about Higher Education
Author : Manjeet Kaur, Dr. G. S. Bhalla
Abstract :
The roots of education in India can be traced back to times immemorial. “Education is no exotic in India. There is no country where the love of learning had so early an origin or has exercised so lasting and powerful an influence. From the simple poets of the Vedic age to the Bengali philosopher of the present day there has been an uninterrupted succession of teachers and scholars”. Education plays very important role for the development of the society. The paper in hand deals with few vital issues concerning higher education that are responsible for the deviating standard from actual performance and lesser diffusion of higher education beside its insufficient reach to those who need it the best. Both the central government and the state government have drastically reduced the funding to most of the institutes of higher education. Beside some of the funds which are provided by the government to the educational institutions are not properly utilized.
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Name : Economic Update
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Name : Editorial
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Name : Stats Window
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