Role of management education in adapting the Indian public sector to market-based economic reforms

Purpose In 1991, India embarked on market-based economic reforms initiatives pillared on liberalization, privatization and globalization (LPG). The reforms exposed the public sector enterprises to competitive market forces, raising the need to identify and develop the competencies necessary for survival. Executive training programs were initiated to prepare public enterprises for the market-based reforms. Three decades later, the reforms especially privatization is witnessing renewed interest under the current administration. In this context, the article takes a closer look at the structure of management education provided to public sector officers in India. The article also identifies barriers for implementing the learnings from the management courses in the workplaces and suggests approaches for closing the gap. Design/methodology/approach The study follows a thematic approach based on unstructured interviews of senior executives of Indian public sector enterprises covering oil and gas, aeronautical, power and transportation sectors. New public management (NPM) is used as a yardstick of “business-like” characteristics of public sector enterprises. Findings Despite heavy investment, trainings have had only partial success in implementing the core objective of NPM, i.e. to provide quality services in a professional manner to meet citizen requirements. The study found that though concepts of NPM are introduced at multiple management training programs, the public enterprises lag in the implementation of NPM. The ingrained hierarchical and procedural culture of the enterprises was often highlighted as the challenge to its implementation. Practical implications The study will be of significance to Indian policymakers in designing management education programs to public sector employees. It brings out – (1) various models of management education provided to public servants across industries, (2) provide evidence on the extent of NPM implementation, (3) identify barriers for transitioning the learnings from the management courses to workplace and (4) suggest changes for improving effectiveness. Originality/value The existing research on LPG in India covers the economic transformation post-implementation and the factors contributing to the success of its implementation. This study adds to the limited literature available on the management education of public servants in the country

Investigating the Determinants of Financial Well-Being: A SEM Approach

Studies reveal that the financial well-being of employees has a direct bearing on their productivity and overall well-being. The wellness initiatives organized by the information technology (IT) companies operating in India have also started focusing on the contributing aspects of financial well-being. In this context, the article explores the determinants of financial well-being of IT professionals in India. The article utilizes confirmatory factor analysis (CFA) for the analysis. The study employs a survey questionnaire covering financial literacy, financial behavior, and financial fragility. It also attempts to recognize the influence of gender and job roles (technical or managerial) in ascertaining financial well-being. The sample data used in the study include 237 professionals employed in the IT sector. The study uses partial least squared structured equation modelling (PLS-SEM) to understand the connection between the determining factors. The results indicate that financial well-being is positively influenced by financial literacy and financial behavior while financial fragility has a substantial negative impact. The financial literacy and financial fragility are significantly different between technical and managerial roles. Gender appears to have a sizeable impact on the financial behavior and financial fragility levels—women employees performed better in both the factors. Interestingly, financial literacy levels of the two genders are not significantly different. The results show that there is a need to focus on literacy, behavior, and fragility in financial wellness programs organized by the IT industry. Further, the study recommends offering tailored financial wellness training modules created based on the job levels and gender instead of following “one program, fits all” standardized approach

Absence of Nose Ornaments in the Paintings of Lepakshi Temple

In Andhra Pradesh, in the village of Lepakshi, there is a temple dedicated to Veerabhadra. This temple, from the Vijayanagara Empire, is located in the Hindupur taluk of the Anantapur district. The murals from the Vijayanagara Empire are a specialty of this place. If one wants to witness the amalgamation of Vijayanagara\u27s art, architecture, and temple craftsmanship in one place, then this temple is the most suitable. Here, there are many paintings and sculptures depicting various subjects. In the glorious Vijayanagara Empire, the allure of adornments is evident on all men and women, but the nose rings are nowhere to be seen. This is the subject of research undertaken in this essay

Identification of Sannyasis in Paintings of Lepakshi Temple

Lepakshi is a small town1 situated in Hindupur taluka of Anantpur district, Andhra Pradesh. It is famous for Veerbhadra temple built during Vijaynagar empire era having monumental temple architecture. The walls and ceilings of the temple were extensively decorated with Vijaynagar style. Now some of the paintings are detoriated. One of the mural paintings in Mahamandapa depicts Dakshinamoorti Shiv, one of the forms of Shiv. There are two sadhus in the same mural whose sects are unidentified yet. In this paper I have tried to prove that these sadhus are Dandi sannyasis of Dashnami shaiva sampradaya

Manmath Pooja

Lepakshi is a small town1 situated in Hindupur taluka of Anantpur district, Andhra Pradesh. Veerbhadra temple located in Lepakshi is famous for monumental temple architecture of Vijaynagar Empire period. The extensive mural paintings executed on the walls and temple ceilings are world famous. One of the painting ‘Girija Kalyanam’ depicts story of marriage of Shiv and Parvati. It is a narrative panel. It starts with the painting famously known as ‘Parvati’s toilet’. In this paper, I have tried to prove that it is not ‘Parvati’s toilet’ but ‘Manmath Pooja’

Demographic characteristics influencing financial wellbeing: a multigroup analysis

Purpose The study attempts to understand the factors impacting the financial wellbeing of IT employees in India using confirmatory factor analysis (CFA). It utilizes well-established survey instruments to assess the impact of financial literacy, financial behaviour and financial stress on financial wellbeing. The study also attempts to understand the role of demographic factors (age, gender, monthly income, job category and work experience) in determining financial wellbeing through multigroup analysis. Design/methodology/approach Structured equation modelling (SEM) is used to study the link between the determinants. The study also attempts to understand the role of demographic factors (age, gender, monthly income, job category and work experience) in determining financial wellbeing through multigroup analysis. Data used for the analysis covers 237 employees working in the IT sector. Findings While financial literacy and financial behaviour have a significant positive impact on financial wellbeing, financial stress has a significant negative impact. Financial behaviour and financial stress were found to have a mediating role in the relationship between financial literacy and financial wellbeing. The demographic variables significantly moderate the relationship between the factors leading to financial wellbeing. Originality/value The results show the need for financial wellbeing programs to focus on enhancing financial knowledge and improving financial planning. Further, it suggests offering customized financial wellbeing programs based on the employee's demographic characteristics rather than following a “one program, fits all” approach

The impact of Covid-19 on the capital structure in emerging economies: evidence from India

Purpose Capital structure is an important corporate financing decision, particularly for companies in emerging economies. This paper attempts to understand whether the pandemic had any significant impact on the capital structure of companies in emerging economies. India being a prominent emerging economy is an ideal candidate for the analysis. Design/methodology/approach The study utilizes three leverage ratios in an extended market index, BSE500, for the period 2015–2021. The ratios considered are short-term leverage ratio (STLR), long-term leverage ratio (LTLR) and total leverage ratio (TLR). A dummy variable differentiates the pre-epidemic (2015–2019) and pandemic (2020–2021) period. Control variables are used to represent firm characteristics such as growth, tangibility, profit, size and liquidity. Dynamic panel data regression is employed to address endogeneity. Findings The findings point out that Covid-19 has had a significant, negative effect on LTLR, while the impact on STLR and TLR was insignificant. The findings indicate that companies based in a culturally risk-averse environment, such as India, would reduce the long-term debt to avoid bankruptcy in times of uncertainty. Research limitations/implications The study covers the impact of the pandemic on Indian companies. Hence, generalization of the findings to global context might not be valid. Practical implications To maintain economic growth in the post-crisis period, Indian policymakers should ensure accessibility to low-cost capital. The findings provide impetus to deepen the insignificant corporate bond market in India for future economic revival. Originality/value Developing countries are struggling to revive the economies postpandemic. This is particularly true for Asian economies which are heavily reliant on banks for survival. This research finds evidence to utilize bond market as a source of raising capital for economic revival

A comparative study of fabrication of sand casting mold using additive manufacturing and conventional process

In this study, two processes to fabricate casting mold, conventional sand casting process and additive manufacturing or 3D printing process, are comparatively investigated. The two processes were compared in terms of their weight saving, surface finish, design allowance, and fettling work. The results show that there are significant advantages in using additive manufacturing in the production of mold. The 3D printed molds provide substantial saving of sand used, design allowances, and fettling work. The mechanical properties of 3D printed molds are also higher than the conventional ones due to good bonding strength during 3D printing

Impact of factors on the utilization of agricultural credit of banks: an analysis from the borrowers’ perspective

Agricultural credit is required for the development of agriculture scenario in any economy. Commercial, cooperative and regional rural banks have extended agricultural credit to the farmers in Dakshina Kannada district of India. The effectiveness of agricultural credit system depends on the utilization of credit funds by the borrowers. The present study made an attempt to understand the factors influencing the utilization of agricultural credit of banks in Dakshina Kannada. The study used primary and secondary data. Primary data are gathered from the borrowers of banks operating in Dakshina Kannada district. The study found that there is an impact of demographic, agriculture and agricultural credit factors on the purpose of utilization of agricultural credit in Dakshina Kannada district

Related Party Transactions and firm value: the role of governance mechanism

The research on Related Party Transactions (R.P.T.s) shows that the impact of R.P.T.s is context dependent and there is no consensus on the findings of available studies. This study aims to examine the impact of R.P.T.s on firm value in Indian context and the interaction effect of governance mechanism on the relationship between R.P.T.s and firm value. A sample of 2,294 firms consisting of 685 group affiliated firms and 1,609 standalone firms for a period of 2014–2021 has been selected and panel data regression method has been applied for testing the hypotheses. The empirical findings of the study support the transaction efficiency hypothesis that R.P.T.s in India do not expropriate the interest of minority shareholders and these transactions enhance efficiency of the firm by reducing transaction cost, enforcing optimal business contracts and effectively allocating resources between affiliated firms. The findings of the study also provide significant contribution to the literature by examining the interaction effect of governance mechanism on the relationship between R.P.T.s and firm value