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Showing papers by "Indian Institute of Management Ahmedabad published in 2005"


Journal ArticleDOI
TL;DR: In this article, a framework to understand the influence of community culture and family structure on divestment decisions in family firms is developed. But the authors focus on the varying levels of inertia to divest, depending on the values held by the owning family and the culture prevailing in their community.
Abstract: Timely acquisition and divestment of resources is essential for sustaining the competitive advantage and longevity of family firms. A combination of past successes, emotional attachments, and path dependencies can lead to extensive inertia toward divestment in these firms. This article develops a framework to understand the influence of community culture and family structure on divestment decisions in family firms. Propositions on the varying levels of inertia to divest—depending on the values held by the owning family and the culture prevailing in their community—are developed. Research and practical implications are discussed.

366 citations


Journal ArticleDOI
TL;DR: In this article, shoppers were observed at different stores and based on the behavioural cues they were classified into six segments, and the segments were differentiated largely on the basis of the type of products the stores sold and the format of the stores.

109 citations


Journal ArticleDOI
TL;DR: In this article, the experiences of a private-sector bank in deploying Internet banking and e-commerce in India are discussed, along with strategic alignment of business and IT strategies, planning and implementation of e-banking initiatives, and management of benefits.
Abstract: Over the last decade India has been one of the fastest adopters of information technology, particularly because of its capability to provide software solutions to organizations around the world. This capability has provided a tremendous impetus to the domestic banking industry in India to deploy the latest in technology, particularly in the Internet banking and e-commerce arenas. This article discusses the experiences of a private-sector bank in deploying Internet banking and e-commerce in India. Strategic alignment of business and IT strategies, planning and implementation of e-banking initiatives, and management of benefits are captured, along with key contributions to development. © 2005 Wiley Periodicals, Inc.

68 citations


Journal ArticleDOI
TL;DR: In this article, the authors examined the stock price reaction to the information content of bonus issues with a view of examining the Indian stock market is semi-strong efficient or not, and found that there are significant positive abnormal returns for a five-day period prior to bonus announcement in line with evidence from developed stock market.
Abstract: Past researches have revealed significant abnormal returns for bonus issues even though the bonus issue date is known in advance and the distribution contains no new information. This study examines the stock price reaction to the information content of bonus issues with a view of examining the Indian stock market is semi-strong efficient or not. The period of the study is June 1998 to August 2004. Samples of 46 bonus issues have been used to study the announcement effect by using event study methodology. The results indicate that there are significant positive abnormal returns for a five-day period prior to bonus announcement in line with evidence from developed stock market. On the announcement day the average abnormal return of -0.10% is observed. The results provide stronger evidence of semi-strong market efficiency of the Indian stock market.

56 citations


Journal ArticleDOI
01 Jan 2005
TL;DR: The procedure described here can be used by virtual buying agents for generating a hierarchical classification based on buyer's preference and a numerical example is illustrated to highlight the procedure.
Abstract: In this paper, a methodology has been introduced as a decision support tool to the consumers in the Internet business. This decision support tool takes into account the multiple attributes of the product, analyses them with respect to the consumer's desire, and finally classifies these products into different hierarchical levels as per the consumer's level of preference. The product attributes, which are in general conflicting, imprecise, and non-commensurable in nature, are well handled here by using the concepts of fuzzy logic. Concepts of linguistic quantifier are used to quantify the qualitatively defined items and also to classify the products into different preference levels as required by the customer. Classification of the products into preference levels in any business, particularly, in the business through the Internet, gives a boost to the customer and helps him in a final product choice. The procedure described here can be used by virtual buying agents for generating a hierarchical classification based on buyer's preference. At the end, a numerical example is illustrated to highlight the procedure.

48 citations


Journal ArticleDOI
TL;DR: In this paper, the authors classified incremental technical innovation in manufacturing as material, operations, scale and product innovations and found that their source and efforts directed are different and therefore it is imperative to identify the predictors of each.
Abstract: Incremental technical innovation is one of the significant dynamic processes taking place in manufacturing firms. For this study, incremental technical innovation has been classified as material, operations, scale and product innovations and we contend that their source and efforts directed are different and therefore it is imperative to identify the predictors of each. Based on a field study of 83 manufacturing firms in India, the study has found that government policies, customer orientation and formalisation are the predictors of material innovations. Operational innovations are related to inter-functional coordination, process orientation, centralisation and annual demand of the product. Customer orientation and formalisation are the predictors of scale innovations. Finally, incremental product innovations are related to technology planning and R&D intensity.

38 citations


Journal Article
TL;DR: The authors compared first, second, and third-generation family businesses in the United States, Croatia, France, and India and found that owner-managers of all three generational categories of family businesses, in all four countries, generally shared the same managerial characteristics and practices.
Abstract: This study compared first, second, and third-generation family businesses in the United States, Croatia, France, and India - countries with significant differences in cultures, economies, levels of entrepreneurial activity, and family business demographics. Contrary to much of the existing literature, the results indicate that owner-managers of all three generational categories of family businesses, in all four countries, generally shared the same managerial characteristics and practices. Implications for theory development and further research are presented.

32 citations


Journal ArticleDOI
TL;DR: In this article, a water balance model for rice and mustard fields was developed along with economic analysis to determine the optimum size of the On-Farm Reservoir (OFR) for rice-mustard cropping.
Abstract: Rainfed rice in eastern India suffers frequent moisture stress leading to severe yield reduction due to uncertainty of rainfall coupled with inadequate field level rainwater conservation structures. Construction of the on-farm reservoir (OFR) is an alternative for the storage of excess rainwater from the diked rice field during monsoon season followed by its reuse as supplemental irrigation to the rice in the same season and pre-sowing irrigation to mustard in the winter season. For determining the optimum size of the OFR, water balance model in the cropped fields (both rice and mustard) as well as in the OFR was developed along with economic analysis. Simulation study revealed that an OFR of 12% of the farm area having 2 m depth of trapezoidal section would be optimal for rice-mustard cropping system. The above-mentioned optimum size of the OFR provides the benefit cost ratio (BCR), internal rate of return (IRR) and pay back period (PBP) as 1.23, 15.5% and 15 yr, respectively for dry year. Values of BCR, IRR and PBP for average year were simulated as 1.22, 15% and 15 yr, respectively, and those for the wet year were 1.21, 14.8% and 16 yr, respectively. To justify the investment in the OFR irrigation system, field experiments were conducted for three years. The observed BCR, IRR and PBP from the experiment were found to be 1.17, 14.8% and 16 yr, respectively.

28 citations


Journal ArticleDOI
TL;DR: The commitment of district-level health officials in the new state of Chhattisgarh in India is examined to examine the status of professional and organisational commitment and the technical competencies of health officials managing the sector.
Abstract: Given the growing complexities and challenges it faces, reforms in the health sector are inevitable. They generally focus on making the health systems responsive through strengthening financial systems, ensuring local participation and public–private partnerships, and autonomy of health facilities. It is only through these reforms that deficiencies in the health sector can be addressed. The process is also likely to help in developing strategies that ensure effectiveness and efficiency of resource use. However, the reform process makes some fundamental assumptions about the intrinsic organisational and professional commitment and availability of skilled and competent health care professionals. This paper examines the commitment of district-level health officials in the new state of Chhattisgarh in India. Since development-oriented human resource practices are powerful tools that commit health professionals to enhance the quality of care, we believe that health sector reforms should concentrate on human re...

28 citations


Journal ArticleDOI
TL;DR: In this paper, the effect of board size and other corporate governance factors on the performance of banks in the context of India was analyzed and the results showed that the board size is a major determinant of the performance.
Abstract: The present study is a maiden attempt in accessing the relationship between board size and performance of banks in context of India. The study also aimed at analyzing the effect of other corporate governance factors on the performance. While many factors have been identified as the Corporate Governance components, only three of them were included for the study. Further the firm performance variables were taken as controlling variables. Indeed studies have proved that the firm value is also based on these performing factors. The operationalisation of the two ratios Market-to-Book ratio and Tobin's Q ratio in the present study might trigger its validity. The absence of effect of board size on performance of bank in the Indian context as revealed in the present study is a challenge for the researchers in this area.

24 citations


Posted Content
TL;DR: In this paper, the authors examined empirically the announcement period price reaction and whether management is acting in the best interest of non-tendering shareholders when it engages in targeted share buyback.
Abstract: Share buybacks have become a common event in the financial markets worldwide. In a share buyback programme, the company distributes the excess cash flow among the shareholders by way of repurchasing its own shares, generally at a premium. Among the various reasons for doing so, the most prominent is the fact that the company wants to indicate to the share holders that it has huge confidence in itself. In India share buybacks were introduced in 1998 and has received attention of all major companies. Since then there has been a spate of announcement of share buybacks. This paper examines empirically the announcement period price reaction and whether management is acting in the best interest of non-tendering shareholders when it engages in targeted share buyback. An exhaustive list of all the financial parameters was considered for the purpose of analysis and the data was collected through online databases. A trend analysis was performed on various parameters like share prices of these companies during and post buyback period. Various performance measures were also used to draw conclusion regarding their trends from pre buyback to post buyback period. The study established that for the Indian corporate, the long term advantages of share buyback are not clear. Buyback process is generally used to improve the shareholding of promoters of the company, and with a view to impart short term gains for the investors. The study also points out that buyback norms should be made more stringent for Indian context, if the companies are to have a long-term view. In the end, the study lays down possible directions in which further research could be done on this topic.

Journal ArticleDOI
TL;DR: This paper proposes a data correcting algorithm that looks at multiple levels of the Hasse diagram and hence makes the data correcting algorithms more efficient.
Abstract: Maximization of submodular functions on a ground set is a NP-hard combinatorial optimization problem. Data correcting algorithms are among the several algorithms suggested for solving this problem exactly and approximately. From the point of view of Hasse diagrams data correcting algorithms use information belonging to only one level in the Hasse diagram adjacent to the level of the solution at hand. In this paper, we propose a data correcting algorithm that looks at multiple levels of the Hasse diagram and hence makes the data correcting algorithm more efficient. Our computations with quadratic cost partition problems show that this multilevel search effects a 8- to 10-fold reduction in computation times, so that some of the dense quadratic partition problem instances of size 500, currently considered as some of the most difficult problems and far beyond the capabilities of current exact methods, are solvable on a personal computer working at 300 MHz within 10 min.

Journal ArticleDOI
TL;DR: The need for strategic human resource management in small enterprises is discussed in this article, where an illustrative case study is presented of a successful small enterprise which has a mix of formal and informal human resources management functions, and which has judiciously integrated its human resource strategies with its business strategies.
Abstract: The need for strategic human resource management in small enterprises is discussed. Though small enterprises might wish to keep their human resource management practices informal, they will be able to increase their productivity if there is adequate human resource planning and integration of human resource strategies with business strategies. An illustrative case study is presented of a successful small enterprise which has a mix of formal and informal human resource management functions, and which has judiciously integrated its human resource strategies with its business strategies.

DOI
31 Jan 2005
TL;DR: In this paper, a survey of Beobachtungen zu dem stadtischen Einzelhandel in Indien is presented, in which the authors behandeln zum einen Themen, die sich im Verlauf der Untersuchung als relevant erwiesen haben, und diskutieren zum anderen die besonderen Herausforderungen, die mit der Anwendung von Beobachungsverfahren in indien verbunden sind.
Abstract: Das stadtische Indien ist derzeit Zeuge revolutionarer Umwalzungsprozesse im Einzelhandel. Die sich rapide verandernden kommerziellen Landschaften begrunden eine weitlaufige Arena fur qualitative Forschung, unter anderem fur Beobachtungsverfahren. Im vorliegenden Beitrag berichten wir von Beobachtungen zu dem stadtischen Einzelhandel. Wir behandeln zum einen Themen, die sich im Verlauf der Untersuchung als relevant erwiesen haben und diskutieren zum anderen die besonderen Herausforderungen, die mit der Anwendung von Beobachtungsverfahren in Indien verbunden sind. URN: urn:nbn:de:0114-fqs0501131

Posted Content
TL;DR: In this paper, a questionnaire was administered to Indian VCs to determine the criteria they use to decide on funding new ventures The response rate was 100% A list of forty two criteria was developed on previously developed lists The criteria fell into six groups: entrepreneur's personality, the entrepreneur's experience, characteristics of the product or service, characteristic of the market, financial consideration and characteristics of venture management team Answers were given on a four point rating scales.
Abstract: The Venture capital (VC) industry in India is of recent origin However, the average investment value of each deal in India have grown from $385 million in 2000 to $789 million in 2001These developments together with the recent steps taken by government to promote venture capitalism in India provide an opportunity for an examination of venture capital industry in India This paper analyses the validity of venture evaluation model in India by directly comparing the relative importance of evaluation criteria on the funding decision with the relative importance to factors influencing venture's empirical performance In the light of the differences in investment opportunities around India, and the nature of industrial development in South East Asia in general, the author anticipated that the investment criteria employed by Venture Capital Firms (VCs) in India would differ A questionnaire was administered to venture capitalists (regular members of Indian Venture Capital Association) to determine the criteria they use to decide on funding new ventures The response rate was 100% A list of forty two criteria was developed on previously developed lists The criteria fell into six groups: the entrepreneur's personality, the entrepreneur's experience, characteristics of the product or service, characteristics of the market, financial consideration and characteristics of venture management team Answers were given on a four point rating scales The results reveal that criteria adopted by Indian VCs are different from those adopted by VCs in other countries including US The results also confirm that the entrepreneur's personality and experience are seen as being primary indicators of the venture's potential

Posted Content
TL;DR: In this article, the authors analyzed the impact of stringent safety and quality standards on the Indian marine export industry and the industry response to this challenge, showing that the large firms are upgrading to signal quality in the OECD markets, while the small firms remain below the quality mark and are catering to other developing country markets where standards are not as stringent.
Abstract: World trade in food has expanded significantly over the years and traditional tariff barriers have reduced with increasing commitments under the WTO. The industrialised countries potentially offer higher returns to food exporters from developing countries, but also pose a greater challenge in market access through stringent safety and quality standards. This paper analyses how this has impacted the Indian marine export industry, and the industry response to this challenge. The large firms are upgrading to signal quality in the OECD markets, while the small firms remain below the quality mark and are catering to other developing country markets where standards are not as stringent. Quality certification has thus become the basis of product differentiation and affected the pattern of trade. On the institutional front, a significant positive change is evident, with the Indian government taking measures to raise safety standards in the domestic food processing sector and increasing the credibility of its export certification agency abroad. There are also cooperative initiatives to improve testing facilities and promote equivalence of certification with OECD countries. The two-pronged approach of investment in upgrading the food processing industry and promoting international partnership in certification with destination markets offers a good model to address the continuous quality challenge facing other food exporting developing countries.

Journal ArticleDOI
TL;DR: Innovations in educational organisations have not been researched as intensely as business and industrial organisations in India as mentioned in this paper. If innovations are to flourish in schools, it is critical that the...
Abstract: Innovations in educational organisations have not been researched as intensely as business and industrial organisations in India. If innovations are to flourish in schools, it is critical that the ...

Journal ArticleDOI
TL;DR: In this article, the authors have used Chowdhury's case study in the context of managing organizational turnaround and also focused on the role that the new chief executive played in installing an ethical work culture in the organization.
Abstract: In 2002, the entire globe was rocked by the WorldCom accounting scandal that led to the bankruptcy of the fourth-ranked Fortune 500 telecom company, and raised several questions in relation to corporate governance, ethical leadership and corrupt practices in American companies. The consequences of this famous scandal led to unrest within the ranks of investors, pension funds, banks and the public at large. Later, the company appealed to the US court for reorganization under chapter 11 of US bankruptcy code and under the leadership of the new CEO, Michael Capellas, the new company (MCI) not only reconsolidated its financial position but also overhauled all its internal systems and transformed itself from a corrupt company to an ethical one. This article presents insights learnt from this case study in the context of managing organizational turnaround. It also focuses on the role that the new chief executive played in installing an ethical work culture in the organization. The authors have used Chowdhury's ...

Journal ArticleDOI
TL;DR: The results of various ANOVA tests revealed that perceptions did not vary across type of promotions but varied across product categories, and managerial implications are discussed.
Abstract: Net as a medium is endowed with unique characteristics that has assisted the growth of e-commerce and in turn increased use of net-based sales promotions. The paper examines the practices, perceptions of net users and avenues of consumer sales promotions through this medium. To gain insight into current practices, consumer sales promotion on general, specialised and e-commerce sites were studied. An online survey of 161 net users was carried out to examine perceptions of net-based promotions over ten dimensions. The most frequently promoted product categories across sites were apparel, airlines, and books. Price-off followed by free gift offer was the most commonly used type of promotions. The results of various ANOVA tests revealed that perceptions did not vary across type of promotions but varied across product categories. Based on these findings managerial implications are discussed.

Journal ArticleDOI
TL;DR: This article summarized the counseling sessions that followed the administration of multifaceted feedback to 107 principals and discussed the various responses displayed by the principals toward the feedback they received, such as avoiding and denial at two levels (avoidance of the feedback received and denial in the process of interpretation), rationalization of feedback received, superficiality in data interpretation, and unnatural behavioral manifestations on receiving the feedback such as overreaction and overdramatization, self-pity, and starting to feel unwell.
Abstract: This article summarizes our experiences in the counseling sessions that followed the administration of multifaceted feedback to 107 principals. The various responses displayed by the principals toward the feedback they received are discussed. The responses have been classified as those avoiding and denial at two levels (avoidance of the feedback received and denial in the process of interpretation), rationalization of the feedback received, superficiality in data interpretation, and unnatural behavioral manifestations on receiving the feedback such as overreaction and overdramatization, self-pity, and starting to feel unwell. Although these reactions might help the recipient avoid feeling anxious or upset about the feedback, these are also traps that stop the recipient from benefiting from the feedback. Knowledge of such reactions may help recipients of feedback to inoculate themselves against such traps and thus help them gain maximally from the feedback process.

Journal ArticleDOI
TL;DR: A simulation based likelihood estimation method is applied that provides consistent as well as efficient estimates of the parameters of the model and is illustrated by using chronic obstructive pulmonary disease data from Cohen.

Journal ArticleDOI
TL;DR: The system components, standards and protocols for RFID based systems with special reference to library application are discussed in detail and the advantages and disadvantages of RFID application in libraries are discussed.
Abstract: Radio Frequency Identification (RFID) systems have been used in libraries for multiple purposes. Basically developed for military applications in the 1940s, it had found its application in many other areas including the libraries. This article briefly traces the origins of this technology and its applications in various sectors. The system components, standards and protocols for RFID based systems with special reference to library application are discussed in detail. Also discussed are the advantages and disadvantages of RFID application in libraries.

Journal ArticleDOI
TL;DR: In this article, the authors argue that the mistaken pursuit of laissez-faire as being export led growth in India would only result in the further hollowing out of manufacturing.
Abstract: Both India and China began to reform in the early eighties, with the Indian reforms being very slow until 1991-92 after which they 'take-off' While there are many differences the crucial difference is that China adopted the same export led growth (ELG) policies of the successful East Asian economies - South Korea, Taiwan, Singapore, Hong Kong and Thailand, while Indian policies have been distinctly laissez-faire. Orthodoxy’s false understanding of ELG (the East Asian trade strategy), which was as far from laissez faire as can be imagined, is the root cause of the failure of other diversified economies in their pursuit of open door policies. Purposeful and massive under valuation of their currency was part of the East Asian strategy, which while making the ratio of exportables to importables close to their international prices, provided for simultaneous export growth and import substitution; something not possible in orthodoxy’s standard work horse -the 2x2x2 model of international trade. Simultaneous import substitution and export production is theoretically possible for economies with idle resources, with the introduction of third non-traded goods sector. ELG can therefore with compatible with little or no protectionism. This aspect of the East Asian trade (and development) strategy has been poorly understood even by the structuralists who otherwise (on the aspect of the state’s involvement) had demolished the liberal laissez-faire thesis. India's reforms have resulted in considerable discrimination against the manufacturing enterprises. Exports have grown far more slowly than was otherwise possible. The more equal distribution of income in China, and the differences in the macroeconomic policies explain most of the other observed performance differences between the two countries on aspects such as the inward flow of FDI, investment, savings, growth of particular industries. Some of he crucial dimensions of the macroeconomic policies consistent with ELG in the context of China are brought out. These are structural undervaluation of the currency, expansionary monetary policy and exchange rate targeting with only one way openness to the capital account, if at all. The character of FDI itself, which differs sharply between the two countries is related to the differences in the macro economic policies. The Chinese and the East Asian success extends the notion of 'late industrialisation' to one where external demand (along with domestic demand) is realised for the high speed expansion of manufacturing ELG. The supply side of the same strategy is build on exploiting ‘idle’ and underutilised labour which alone is capable of generating the vast gains from trade. Standard models gains from trade are incomparable small in relation. A significant part of the gains do accrue to the destination countries in the from of falling prices so that there are few political difficulties in the pursuit of ELG even by large countries like China. Thus ELG is more akin to a Lewisian process that employs previously underemployed labour for tradables goods production with rising (to high level) investment rates. India is more than ripe for ELG. It can ignore the lessons from the Chinese experience only at much cost to its growth. High growth in excess of 9% is possible with ELG since even with conservatism it is achieving 6%. This paper also argues that the mistaken pursuit of laissez-faire as being export led growth in India would only result in the further hollowing out of manufacturing.

Book ChapterDOI
01 Jan 2005
TL;DR: In this paper, a multi-purpose model was developed to identify conditions that can influence the likelihood of success of joint forest management in improving the welfare of those living and working in forest communities as well as making forest use more sustainable.
Abstract: The experience with Joint Forest Management (JFM) in different countries has varied considerably, succeeding in limiting deterioration of the forest in some cases but not in others. Inequality within the forest community has also had a tendency to increase. The purposes of this chapter are (1) to review relevant literature on JFM, (2) to develop a multi-purpose model that could be used to identify conditions that can influence the likelihood of success of JFM in improving the welfare of those living and working in forest communities as well as making forest use more sustainable, and (3) to highlight the role of forest externalities and institutional conditions in analyzing the effects of JFM, and (4) to suggest applications and extensions that could provide valid policy implications tailored to specific circumstances. Although highly simplified, the model is designed so as to be flexible enough to deal with a wide variety of settings in rural areas of developing countries and yet at the same time specific enough to provide some policy conclusions. Even the present highly simplified model demonstrates general conclusions about the efficacy of JFM cannot be drawn without very specific empirical knowledge concerning the behavioral and technological parameters in the model.

Journal ArticleDOI
TL;DR: This work presents Metamorphosis, an algorithm for mining Maximal Frequent Sets (MFS) using novel data transformations that transforms the dataset to Maximum Collapsible and Compressible (MC2) format and employs a top down strategy with phased bottom up search for efficiently mining MFS.
Abstract: We present Metamorphosis, an algorithm for mining Maximal Frequent Sets (MFS) using novel data transformations. Metamorphosis transforms the dataset to Maximum Collapsible and Compressible (MC2) format and employs a top down strategy with phased bottom up search for efficiently mining MFS. Using a set of benchmark dense datasets such as chess, connect and pumsb, we demonstrate that our algorithm offers better performance in mining MFS compared to dGenMax (an algorithm that offers better performance compared to other known algorithms) at different support levels. Furthermore, we evaluate our algorithm for mining Top-K maximal frequent sets in dense domains.

Journal ArticleDOI
TL;DR: The viability of small holdings is an important issue and promoting agricultural commercialisation and diversification towards high-value crops is one of the means through which this can be achieved.
Abstract: Since most farm operators have been small and marginal farmers in India, growth in the sector was mainly determined by the role of the state-both in capital financing as well as the incentive structures created. Now, however, there is distress among small and marginal farmers, both in agriculturally advanced as well as backward regions, as manifested in farmer suicides. The viability of small holdings is an important issue and promoting agricultural commercialisation and diversification towards high-value crops is one of the means through which this can be achieved.

Posted Content
TL;DR: In this paper, the authors examined the influence of both family beliefs and community culture on the speed of a family firm's divestment decisions and proposed six propositions regarding the impact of culture and family type upon divestiture speed.
Abstract: Cycles of creative destruction and of regeneration are necessary for firm success.This examination seeks to understand this process as related to the divestment decision process within family firms.By looking at the influence of both family beliefs and community culture, the speed of a family firm's divestment decisions can be examined.Background information regarding divestment decisions is presented, as are the dimensions of culture that may influence these decisions.Although five dimensions of culture are often cited, this study only looks at the characteristics and influence of individual versus collectivist cultures. The structure of the family can also be quite influential when considering the speed of divestment decisions.Four family types are discussed, including the absolute nuclear family, the egalitarian nuclear family, the authoritarian nuclear family, and the community family.Also presented is the three-stage process from the business leader recognizing the need to divest to the sale and proceeding performance. Only the first two stages of the process are considered here (i.e., the need to divest and the ultimate sale of the business unit).Based on the cultural dimension of the study and the four family types that may be encountered, six propositions regarding the impact of culture and family type upon divestiture speed are proposed.Based on these propositions, several conclusions are made, but no empirical data is presented.The research and practice implications are also discussed. (AKP)

Journal ArticleDOI
TL;DR: In this article, the authors examined the efficacy of the signalling role of various monetary policy instruments in transmitting the stance of policy to the different segments of the financial market, using monthly data over a fairly long horizon.
Abstract: The effectiveness of monetary policy hinges on the ability of the monetary authority to communicate with the public in a clear and transparent manner. In this regard, the signalling of policy assumes key importance as it conveys the stance of monetary policy. In the Indian context, other than the traditional Cash Reserve Ratio, the Bank Rate and the Repo rate have emerged as the primary signalling instruments of monetary policy since the later half of the nineties decade. Against this backdrop, the present paper examines the efficacy of the signalling role of various monetary policy instruments in transmitting the stance of policy to the different segments of the financial market. Towards this end, first, we provide an extensive discussion on the signalling role of monetary policy with special reference to India. Next, we analyze the impact of changes in key policy instruments in India on four segments of the financial market employing the techniques of cointegration, granger causality and impulse response analysis, using monthly data over a fairly long horizon.

Journal ArticleDOI
TL;DR: Two kinds of fuzzy inference system are analyzed: fuzzy clustering algorithms to organize and categorize data in homogeneous groups, and grid partitioning of the multidimensional space for human–computer cooperation.
Abstract: Over the years, many methods have become available for designing fuzzy inference systems from data. Their efficiency is usually characterized by a numerical index, the mean-square error. However, for human–computer cooperation, another criterion is needed; the rule of interpretability. This paper analyses two kinds of fuzzy inference system: fuzzy clustering algorithms to organize and categorize data in homogeneous groups, and grid partitioning (generated from data or given by experts) of the multidimensional space. The methods are compared according to mean-square error performance and an interpretability criterion. Simulation results carried out on a forecasting problem associated with stock market are included. Copyright © 2005 John Wiley & Sons, Ltd.

Posted Content
TL;DR: In this article, the effects of firm size as measured by the number of employees were investigated and two clearly patterned, statistically significant hypotheses revealed that larger firms were more likely to use non-family members in upper management and that they were more sophisticated methods of financial management.
Abstract: Few quantitative studies and few international studies of family businesses exist.While many studies of family firms have examined the stages of firm growth and the generations present within firms, this study investigates the effects of firm size as measured by the number of employees. Family firms from four different countries (Croatia, France, India, and the United States) were surveyed, resulting in a total sample size of 365 respondents. Both one-way ANOVA and chi-square were used to analyze the data according to the hypotheses.Of the 11 hypotheses presented, only 3 were accepted.Two clearly patterned, statistically significant hypotheses revealed that larger firms were more likely to use non-family members in upper management and that they were more likely to use sophisticated methods of financial management. Although the findings were limited, they indicate that firm size may be a relevant factor to consider when studying family businesses.These findings provide a foundation for future research studies in this area. (AKP)