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Showing papers by "Indian Institute of Management Ahmedabad published in 2004"


Journal ArticleDOI
TL;DR: In this paper, the authors explore research-derived best practices for effective management of global software teams, and propose a methodology for managing global teams based on best practices derived from research.
Abstract: Exploring research-derived best practices for effective management of global software teams.

527 citations


Journal ArticleDOI
TL;DR: Leung et al. as mentioned in this paper revealed a five-dimensional structure of social axioms across individuals from five cultural groups across 41 nations and revealed the culture level factor structure and its correlates across 41 cultures.
Abstract: Leung and colleagues have revealed a five-dimensional structure of social axioms across individuals from five cultural groups. The present research was designed to reveal the culture level factor structure of social axioms and its correlates across 41 nations. An ecological factor analysis on the 60 items of the Social Axioms Survey extracted two factors: Dynamic Externality correlates with value measures tapping collectivism, hierarchy, and conservatism and with national indices indicative of lower social development. Societal Cynicism is less strongly and broadly correlated with previous values measures or other national indices and seems to define a novel cultural syndrome. Its national correlates suggest that it taps the cognitive component of a cultural constellation labeled maleficence, a cultural syndrome associated with a general mistrust of social systems and other people. Discussion focused on the meaning of these national level factors of beliefs and on their relationships with individual level factors of belief derived from the same data set.

443 citations


Journal ArticleDOI
TL;DR: In this article, the authors tried to correlate the distinct store features as perceived by respondents with the true motivations of various consumers in patronizing various stores and provided insight as to whether the average Indian consumer values the new store dimensions offered by retailers as a part of the new formats emerging in the market place.
Abstract: The objective of this study is to identify, at a macro level, the drivers of store choice in various product categories, in the context of the evolving retail industry in India. The paper attempts to correlate the distinct store features as perceived by respondents with the true motivations of various consumers in patronising various stores. In the process it provides insight as to whether the average Indian consumer values the new store dimensions offered by retailers as a part of the new formats emerging in the market place. The framework evolved for evaluating effectiveness of newer store formats is necessary since it has a major impact on the overall profitability of the retailing business. Suggests that customers in a developing market such as India do not require the service paraphernalia offered by many of the new store formats emerging in the market and notes that this may cast a serious doubt over the retail revolution, which has taken shape in the Indian markets lately. Some hypotheses about the evolution of the retailing business in India, which requires further investigation, are suggested.

230 citations


Journal ArticleDOI
TL;DR: It is argued that the demand for livestock products is likely to increase rapidly and the ability of the poor to participate in the opportunities presented by this growth is linked critically to the availability of good service support, both on the input and output side.
Abstract: This paper reviews the economic framework for the delivery of livestock services to the poor. It is argued that the demand for livestock products is likely to increase rapidly and the ability of the poor to participate in the opportunities presented by this growth is linked critically to the availability of good service support, both on the input and output side. Governments therefore have a responsibility to supply the necessary public goods (including the institutions and legal frameworks), and the market infrastructure for facilitating the emergence of efficient markets for livestock services. The paper further argues that the dynamics of public policy in developing countries are much more complex than the simple application of economic logic. It is the larger political economy that often dictates policy choices. It is therefore important to integrate political economy and governance issues into the economic debate on livestock service delivery. The paper also reviews the context in which the markets for livestock services will need to function. Different countries are facing very different sets of issues, and the identification of possible interventions in livestock service markets would require careful field research and analysis. In this context, the paper suggests the elements of a research agenda for the next few years.

66 citations


Journal ArticleDOI
TL;DR: The research uses the case study methodology to identify the adaptive strategies of B2B marketplaces in terms of their product/service class evolution and suggests a three-stage adaptation model wherein the marketplaces progress through stages such as aggregation, transactions and integration.
Abstract: Electronic marketplaces operate in highly dynamic environments. B2B (Business-to-business) e-Commerce (Electronic Commerce) is expanding rapidly, but Independent Internet based Electronic Marketplaces (IBEM) have passed through periods of boom and bust. In start-up entrepreneurial ventures such as IBEMs, adaptation is critical than at any other stage in the life cycle and hence the ability to learn and adapt becomes a key competency. The research uses the resource-based theory as a means of analyzing the evolution and adaptation of the resources and capabilities of IBEMs and the sustainability of competitive advantage. We use four case studies to trace the pattern of adaptation as well as identify the variables. Based on the inputs from this, we use a comprehensive sample of 135 IBEMs across various geographic regions covering 15 industry segments. The findings of this study provide key managerial insights into various issues that are important to IBEMs in particular and start-up entrepreneurial firms operating in highly dynamic environments in general. These include the stages of evolution and the sources or the lack of competitive advantage at each stage, the type of resources and capabilities, which need to be built, the type of complementary assets, which needs to be leveraged and the degrees of adaptation at various stages.

57 citations


Journal ArticleDOI
01 Jan 2004
TL;DR: In this article, the possibilities of disaggregating value elements for the purpose of creating value in them at the sub-contractors' premises and final aggregation and synthesis at the parent organization are determined by the nature of industry, limitations of coordination and control, product maturity, and level of inter-firm competition.
Abstract: The paradigm shift that the Internet has brought about in communication has opened up a plethora of opportunities for outsourcing business processes (BPO) across continents. Success lessons in manufacturing sub-contracting are found to be relevant for understanding the logic of BPO. Outsourcing involves transferring certain value contributing activities or processes to another firm to save costs and for the principal to focus on its areas of key competence. The possibilities of disaggregating value elements for the purpose of creating value in them at the sub-contractors’ premises and final aggregation and synthesis at the parent organization are determined by the nature of industry, limitations of coordination and control, product maturity, and level of inter-firm competition.

56 citations


Journal ArticleDOI
TL;DR: The problem and the solution as discussed by the authors : Although India took the lead in the Asia Pacific region, setting up a full Ministry of Human Resource Development, the National human resource development concept in India has largely been limited to education and culture.
Abstract: The problem and the solution. Although India took the lead in the Asia Pacific region, setting up a full Ministry of Human Resource Development, the National human resource development concept in India has largely been limited to education and culture. The complexity of the country perhaps makes it difficult to have integrated HRD systems at the national level. Networking and learning from each other among various ministries and institutions and from the corporate sector will, however, go a long way in effectively evolving and implementing NHRD policies.

55 citations


Journal ArticleDOI
TL;DR: The paper highlights the importance of strong institutions and appropriate legislation for regulating behaviour and enforcing contracts and re-emphasises the idea, supported by economic theory, that there is a need for task sharing between the public and private sectors.
Abstract: In the changing market environment of livestock products, the delivery of animal health services is emerging as an important priority area for enhancing the competitiveness of poor livestock producers. At the same time, governments are continuing to face serious budgetary difficulties and are finding it difficult to expand the reach of these services or improve service quality. In this context of a changing environment and dwindling public resources, this paper revisits the economic framework that has thus far guided thinking about public and private sector roles in the provision of animal health services and examines the ongoing debate on livestock service delivery for the poor. The paper highlights the importance of strong institutions and appropriate legislation for regulating behaviour and enforcing contracts and re-emphasises the idea, which is supported by economic theory, that there is a need for task sharing between the public and private sectors. The paper further emphasizes the need for: a) integrating the debate on livestock service delivery with the larger debate on political economy and institutional development, and b) ensuring service access in poor marginal areas by working through membership organisations, self-help groups and civil society organisations, and by promoting the use of para-professionals and community-based animal health delivery systems.

53 citations


Journal ArticleDOI
TL;DR: In this paper, the authors derive analytical valuation formulas for compound options when the underlying asset follows a jump-diffusion process, and apply these results to value extendible options, American call options on stocks that pay discrete dividends, and American options on assets that pay continuous proportional dividends.

49 citations


Journal ArticleDOI
TL;DR: In this paper, the authors explore a wider vista for transformational leadership beyond business success or political strategy, and present both conceptual insights and practical examples about spiritually transformed leadership, using the Yoga-Vedanta spiritual model as their anchor.
Abstract: This paper presents both conceptual insights and practical examples about spiritually transformed leadership. The Yoga‐Vedanta spiritual model is its anchor. Some profound Western thinkers, besides Indian realizers, have provided clues relevant to this approach. This paper explores a much wider vista for transformational leadership beyond business success or political strategy. Transformed leaders are the cause, transformation of followers the effect.

39 citations


Journal ArticleDOI
01 Jan 2004
TL;DR: In order to survive and prosper, organizations in the Third World need to redesign themselves for corporate creativity as mentioned in this paper, i.e., to create new products and services for their customers.
Abstract: Globalization has created immense competitive pressures on corporates. In order to survive and prosper, organizations in the Third World need to redesign themselves for corporate creativity, i.e., ...

Journal ArticleDOI
01 Oct 2004
TL;DR: In this paper, the authors identify competencies that may aid role effectiveness at senior managerial levels and fill a research gap: while managerial roles and competencies have been studied fairly extensively, they have not been extensively studied at the organizational level.
Abstract: This paper identifies competencies that may aid role effectiveness at senior managerial levels. It fills a research gap: while managerial roles and competencies have been studied fairly extensively...

Journal ArticleDOI
TL;DR: A conceptual model for managing the distribution channels operating in highly dynamic and unpredictable environments is presented and validated through a sample survey conducted among computer hardware dealers.
Abstract: The effects of variations in the external environment on channel member behaviour have been widely acknowledged in marketing channel literature. This paper focuses on the behavioural issues associated with the management of distribution channels dealing in high‐technology products in India. The marketing task environment associated with high‐technology products being highly dynamic and unpredictable, the attendant channel management functions become extremely challenging. The paper presents a conceptual model for managing the distribution channels operating in highly dynamic and unpredictable environments. The conceptual model is validated through a sample survey conducted among computer hardware dealers.

Journal ArticleDOI
TL;DR: In this article, the authors examined corporate decline and turnaround in an environment with numerous challenging environmental constraints: the state-owned sector in India, and found that the business environment, the firm's decision-making process, its leadership characteristics, and the stakeholders' responses were all found to influence a firm's action choices and turnaround process.
Abstract: Past research on firm turnaround shows that the propensity of an organization to undertake a successful turnaround depends on a complex interaction between action choices in the organization and constraints in the business environment. This article extends this line of research by examining corporate decline and turnaround in an environment with numerous challenging environmental constraints: the state-owned sector in India. Using an in-depth case study of a state-owned enterprise in India, this research found that the business environment, the firm's decision-making process, its leadership characteristics, and the stakeholders' responses were are all found to influence the firm's action choices and turnaround process. This study also shows that in addition to the strategic and operational changes so commonly associated with firm turnaround, the importance of leadership and the basic credibility of the firm's top management with major stakeholders and government officials also play key roles in the turnaround.

Journal ArticleDOI
TL;DR: In this paper, the authors used geographical information system (GIS) interfaced Asia-Pacific Integrated Model (AIM/Enduse), which employs technology share projections, for estimating future CH4 and N2O emissions.

Journal ArticleDOI
TL;DR: In this paper, the authors identify the dimensions of societal and organisational cultures, the impact of the former on the latter, and their combined influence on managers' work and their influence on their work.
Abstract: The study is part of the ongoing efforts to identify the dimensions of societal and organisational cultures, the impact of the former on the latter, and their combined influence on managers' work r...

Journal ArticleDOI
TL;DR: In this paper, the authors examined the financial characteristics of Malaysian companies and their debt policies using data of 106 firms from 1992 to 1999, and found that all types of debt (short-term, long-term and total) are influenced by the variables for profitability, size, and tangibility.
Abstract: Although extensive empirical studies have been conducted on capital structure in the context of developed countries, few have been carried out on emerging markets using large pools of data with comprehensive modeling techniques. This paper examines the financial characteristics of Malaysian companies and their debt policies using data of 106 firms from 1992 to 1999. The results of pooled GLS regressions show that all types of debt (short‐term, long‐term, and total) are influenced by the variables for profitability, size, and tangibility—but not by growth, risk, and investment opportunity (market‐to‐book‐value ratio). Thus, the latter results are contrary to evidence from developed markets. However, when the data are classified into two sub‐periods, only in the first (1992–95) does the risk variable reveal the hypothesized positive influence on all debt ratios, reflecting Malaysia's economic uncertainty in the throes of the Asian financial crisis and implementation during the second sub‐period (1996–99) of the domestic capital control policy. Profitability has a persistent and consistent negative relationship with all types of debt ratios in both periods; this confirms the capital structure prediction of the pecking order theory in an emerging capital market.

Journal ArticleDOI
TL;DR: The key issues in the purchase, distribution, installation, management and maintenance of equipment for emergency obstetric care (EmOC) services are identified and discussed and some positive examples are described to show how common equipment management problems are solved.

Journal ArticleDOI
TL;DR: In this paper, the authors describe how a generic multi-period optimization-based decision support system can be used for strategic and operational planning in process industries, based on five fundamental elements: materials, facilities, activities, time periods and storage areas.
Abstract: We describe how a generic multi-period optimization-based decision support system can be used for strategic and operational planning in process industries. Built on five fundamental elements—materials, facilities, activities, time periods and storage areas—this system requires little direct knowledge of optimization techniques to be used effectively. Results based on real data from an American integrated steel company demonstrate significant potential for improvement in revenues and profits.

Journal ArticleDOI
TL;DR: This paper discusses the design and development of a management information system (MIS) to plan and monitor the delivery of healthcare services in government hospitals in India and analyzes three large tertiary care hospitals administered by the Ahmedabad Municipal Corporation.
Abstract: Governments all over the world are getting increasingly concerned about their ability to meet their social obligations in the health sector. In this paper, we discuss the design and development of a management information system (MIS) to plan and monitor the delivery of healthcare services in government hospitals in India. Our MIS design is based on an understanding of the working of several municipal, district, and state government hospitals. In order to understand the magnitude and complexity of various issues faced by the government hospitals, we analyze the working of three large tertiary care hospitals administered by the Ahmedabad Municipal Corporation. The hospital managers are very concerned about the lack of hospital infrastructure and resources to provide a satisfactory level of service. Equally concerned are the government administrators who have limited financial resources to offer healthcare services at subsidized rates. A comprehensive hospital MIS is thus necessary to plan and monitor the delivery of hospital services efficiently and effectively.

Journal ArticleDOI
TL;DR: In this article, the authors discuss the determinants of FDI over the regions of a large economy like India, and develop a framework drawn from the advantage concept of Kindleberger and from location theories rooted in regional science.
Abstract: We discuss the determinants of FDI over the regions of a large economy like India, and develop a framework drawn from the advantage concept of Kindleberger and from location theories rooted in regional science. We specifically use Stephen Hymer's understanding of the parallels and relationship between the international organisation of a global firm and the locational choices for the same with the spatial aspects of location of economic activities in general. We apply the same to the situation in India of large FDI flows since the reform began in 1991-92 to arrive at a tentative explanation of the regional patterns of FDI. Essentially we argue that for all investments (other than those strictly confined to locations due to their requirements of either natural resources or the need to be very close to markets) it is the regions with metropolitan cities, that have the advantage in 'headquartering' the country operations of MNCs in India, that therefore attract the bulk of FDI. Even more than the quantum of FDI, the number of cases of FDI, as also the employment effects, and spillover effects are large for such regions. Empirical support for this hypothesis is provided by a study of the foreign investment intentions, and the distribution of investment projects. Gujarat has been particularly handicapped in not having a large and metropolitan city unlike the southern states which have Bangalore, and Hyderabad besides the older metropolis of Chennai. The area around Delhi, and Maharashtra its two metropolitian cities - Mumbai and Pune, have large advantage. Adjusting for these factors the FDI into Gujarat was large enough over the period when the state had grown rapidly in the first six years following the reform of 1991-92. Since then the slow down of the growth has been a retardant to FDI since the kind of FDI that Gujarat can hope for are largely industrially oriented. Similarly regulatory uncertainty especially with regard to gas, but also electric power and more generally in the physical infrastructure sectors had hurt Gujarat more than other states. We conclude by suggesting that there are vast gains to be made by attracting FDI, especially in services, high tech, and skilled labour seeking industries, because then the resulting operations are more externally oriented, and the investments arise from competing firms. Gujarat therefore needs to worry about these investments can come about. Its fortunes are likened very closely with the growth of manufacturing in the country as a whole.

Journal ArticleDOI
TL;DR: In this paper, the authors present the experiences of the India-based Tata Steel, in implementing CVM across fifteen select customers, and present several lessons that may be useful to large firms seeking to embark on the CVM journey.
Abstract: Customer Value Management (CVM) has emerged as an important vehicle for customer retention in business markets. Supplier firms under increasing pressure from relentless competitive forces are seeking to retain and grow the share of business from profitable existing customers as a means of finding a way out of downward spiraling price pressures. While a lot has been written in academics about the importance of CVM, several gaps remain on understanding how a large company actually undertakes this journey. Crafting competitive value chains and focusing on steams of competition are also emerging as important agenda for supplier firms since increasingly, the end customer is no longer willing to pay for inefficiencies in the value chains. In this context, the challenge for a supplier firm in business markets is no longer restricted to getting its own operations in order, but additionally it must ensure that multiple interfaces that exist across the entire value chain all the way until the end customer are streamlined so that the value chain is free of value drains and every meaningful opportunity to create value is exploited. In this paper we present the experiences of the India-based Tata Steel, in implementing CVM across fifteen select customers. This has enabled it to successfully come out of the commodity trap that it found itself some two years ago. The company has been assessed at a score of over 650 over the last three years on the equivalent of the Malcolm Baldrige business excellence assessment, crossing 700 in the most recent year. Tata Steel is one of India's most respected companies and among the top steel manufacturers in the world (as rated by World Steel Dynamics, USA). The paper begins with an overview of existing research in the area of CVM, covering the important aspects of customer loyalty, customer relationships, trust as an antecedent for relationships, value as a cornerstone of business markets, and importance of the supplier firm focusing on the value chain. While one part of the challenge to the supplier firm is to find avenues to create and deliver unique value to its customer firms, an equally formidable challenge is to obtain equitable return for value delivered. This is where value sharing through integrative negotiations between the supplier and customer firms becomes central. We conclude that current understanding on value creation and value sharing is at a preliminary stage. This is the gap that the paper seeks to address, based on the actual experience of the company in implementing CVM. We present several lessons that may be useful to large firms seeking to embark on the CVM journey. Indeed, reorienting a large company to implement CVM is a huge challenge, as the task is akin to 'turning around an oil tanker on the high seas.' One of the key lessons learnt is that CVM is a never-ending journey that requires the long-term commitment of the top management in order to be successful. The paper presents a framework for mapping the various ideas generated in the CVM implementation process, and attempts to build a value sharing methodology based on CVM experience of the company. We conclude with several challenges that the company has to grapple with in its further progress on its CVM journey. One of the important challenges is addressing value drains and discovering new value creation avenues along all the interfaces between the various firms constituting the value chain, all the way until the end customer.

Journal ArticleDOI
TL;DR: In this article, the authors have used Data Envelopment Analysis (DEA) on a sample of 44 companies that have survived at least the past one-decade, to determine the best practices in the Indian Pharmaceutical Industry.
Abstract: The Indian Pharmaceutical Industry (IPI) will be going through a major shift in its business model, from the year 2005 onwards, as the existing Process Patent regime gives way to the Product Patent regime, in order to comply with the Trade Related Intellectual Property Rights System (TRIPS) agreement. As a result, IPI, comprising of more than 20,000 players, is slowly consolidating with mergers, acquisitions and alliances; and getting ready to adapt to the new environment. In such a dynamic environment it would be imperative to examine whether there are any common firm level factors which aid in the survival and growth of a firm. This assumes crucial importance due to the fact that it is almost impossible for any firm to control the factors which affect the industry as a whole. This is particularly true when the changes are driven due to the process of globalization and not due to any policy changes of individual governments. With this objective, we have used Data Envelopment Analysis (DEA) on a sample of 44 companies that have survived at least the past one-decade, to determine the best practices in the Indian Pharmaceutical Industry. The results of DEA have been analysed along with their Compounded Annual Growth Rate (CAGR) to see if internal efficiencies and growth rate are related in the Indian Pharmaceutical Industry. We have also used regression analysis to see the correlations between various inputs/outputs and the growth rates. Various models of DEA like Constant Returns to Scale (CCR), Variable Returns to Scale (BCC) and Assurance Region (AR) are used to substantiate the results obtained.

Journal ArticleDOI
TL;DR: In this article, a vector of forest variability consisting of a forest stand diversity index and a compactness index has been defined, which can be used for valuation of forest diversity and for developing sustainable forest management plans.

Journal ArticleDOI
TL;DR: In this article, the authors describe the application of a nested logit function for modelling consumer brand choice using household transaction data from the Indian market and test the usefulness of the model for forecasting brand market share in the premium detergents market in Mumbai, India.
Abstract: We describe the application of a nested logit function for modelling consumer brand choice using household transaction data from the Indian market. This is unique since it is one of the first attempts to integrate disparate consumer information sources available at various levels of aggregation towards developing a prediction model for brand market share in India. We test the usefulness of the model for forecasting brand market share in the premium detergents market in Mumbai, India. The results of the model building exercise reveal the importance of advertising, specifically the role of ad message in influencing brand choice. It is concluded that such modelling initiatives show significant returns for market planning exercises in developing markets. However, the need for streamlining the collection of market data and its subsequent organization in a form that can help develop more portent prediction models is apparent.

Book ChapterDOI
01 Jan 2004
TL;DR: The theory behind the algorithms are provided and the implementation details and computational experience with these algorithms on the asymmetric traveling salesperson problem, the problem of maximizing submodular functions, and the simple plant location problem are presented.
Abstract: A Pseudo-Boolean Formulation of the SPLPPreprocessing SPLP instancesThe Data Correcting AlgorithmComputational Experience with SPLP Instances6.4.16.4.26.4.36.4.46.4.56.4.6Testing the Effectiveness of the Reduction Procedure RPBilde and Krarup-type InstancesGalvao and Raggi-type InstancesInstances from the OR-LibraryKorkel-type Instances with 65 SitesKorkel-typeInstances with 100 Sites

Journal ArticleDOI
TL;DR: In this article, the authors applied hedonic price analysis to price and quality attributes of 43 Indian tea brands and found that consumers attached importance to aroma and colour of tea, and that attribute magnitudes may be enhanced through selective plantation, processing and blending of teas before marketing it through generic promotions or brand advertisements.
Abstract: Although India is a leading producer of tea, her export share is declining and her per capita consumption is extremely low. As a buffer against sluggish exports, managers of tea industry may want to expand domestic market. They may want to understand valuation consumers place on quality attributes of tea. Using exponential form of Box-Cox transformation, we applied hedonic price analysis to price and quality attributes of 43 Indian tea brands. Consumers attached importance to aroma and colour. Attribute magnitudes may be enhanced through selective plantation, processing, and blending of teas before marketing it through generic promotions or brand advertisements.

Journal ArticleDOI
TL;DR: In this article, the authors present an approach to b2b branding integrating Aaker5 s brand identity framework and the principles of b2B marketing, which is based on the Aaker's four components, namely brand as product, brand as person, label as symbol and symbol as symbol.
Abstract: This essay consists of a review of three books on Brand Management. The books are reviewed with the purpose of arriving at an approach for b2b branding. The three authors Travis, Davis and Aaker show different approaches to branding. Travis is anecdotal, Aaker is conceptual and Davis adopts a mixture of the two approaches. Consequently, Travis targets the practitioner, Aaker targets the academic and Davis targets both. The three authors give useful principles for branding in general. But none of them directly addresses the issue of b2b branding. This paper provides an approach to b2b branding integrating Aaker5 s brand identity framework and the principles of b2b marketing. High value b2b purchases are typically made by a buying center, a formal committee constituted for that purpose. The committee members in the buying center are known to play different buying roles like initiator, influences specifier, approver, user, buyer, gatekeeper and decider (Webster and Wind, 1972). The expectations from the brand are different for different roles and these expectations are specifically taken into account by the b2b branding approach suggested in this paper. Aaker's (1996) brand identity framework has four components namely brand as product, brand as organization, brand as person and brand as symbol (Aaker's four). The approach recommended here elaborates on what should be done under Aaker's four to satisfy the brand expectations of the members in the buying center.

Journal ArticleDOI
TL;DR: This paper modelled the above problem using facility location and vehicle-routing models and found that this OR-based methodology can help the decision maker to raise leaf output substantially under existing budget limitations.

Journal ArticleDOI
TL;DR: In this article, the authors examined the impact of profitability, asset composition, size, risk and growth opportunities on debt equity choice of Indian manufacturing firms and found that ownership pattern is observed through promoters holding together with other control variables in order to find out the relationship between ownership pattern and leverage of a firm.
Abstract: Prior evidence has documented that there is an association between ownership structure and firm value. This work extends the literature by examining a further link between ownership structure and capital structure. The present work examines the impact of profitability, asset composition, size, risk and growth opportunities on debt equity choice of Indian manufacturing firms. Contrary to the earlier documentation, ownership pattern is observed through promoters holding together with other control variables in order to find out the relationship between ownership pattern and leverage of a firm. The results are differing with the Trade off theory but at the same time agree with the Pecking order theory. Using regression analysis the results were found to be fairly different from the results of the developed countries in various aspects.