Browsing by Author "Kumar, Arya"

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Are India's young founders redefining the rules of startup success?
(India Today, 2025-10-16) Kumar, Arya
The Indian economy needs job creators, for which multiple initiatives have been introduced by the Government to give a push to entrepreneurship and innovation. The policy initiatives on multiple fronts have resulted in building a vibrant startup ecosystem over years. More than 117 startups have become unicorns, out of a total number of 4.15 Lakh (0.75 Lakh women led) startups, growing at 12–15 percent per annum, having provided employment to around 17.28 Lakh persons. This could happen with an improvement in the Global Innovation Index (GII) from 81st in 2015 to 39th in 2024, a leap of 42 spots, demonstrating substantial progress in the innovation ecosystem and a jump in Ease of Doing Business from 142nd in 2014 to 63rd in 2020, reflecting efforts to simplify regulations and promote a business-friendly environment.
Do technological innovations and trade openness reduce CO2 emissions? Evidence from selected middle-income countries
(Springer, 2022-04) Giri, Arun Kumar; Kumar, Arya
This paper examines the role of trade openness and innovation in reducing CO2 emissions in middle-income countries with the goal of improving environmental quality. The generalised method of moments (GMM) method is used to estimate the long-run association between variables and Dumitrescu-Hurlin causality test is used to examine causality for a panel of 23 middle-income countries from 1994 to 2018. The findings refute the existence of an inverted u-shape relationship between innovation and CO2 emissions. On the trade front, environmental deterioration is found to be relatively more severe in low middle-income countries than upper middle-income countries. Contrarily, the existence of the environment Kuznets curve (EKC) hypothesis for both country groups is also supported by the data; however, the fall in the EKC curve is insignificant for low middle-income countries. Implying that the quest to control carbon emissions has just begun in low middle-income countries and they must target a higher level of green innovation to reduce the ever-rising CO2 emissions. It is also suggested to promote economic growth through knowledge spillovers and to establish a pollution level standard for trading and manufacturing sectors which generate the most contaminated waste.
Do Trade Openness and Output Gap Affect Inflation? Empirical Evidence from BRICS Nations
(Sage, 2022-09) Giri, Arun Kumar; Kumar, Arya
The recent economic disturbances such as the outbreak of coronavirus, the Russia–Ukraine war, and disrupted supply chains, have resulted in high inflationary shocks that are difficult to combat. The most vulnerable to these global shocks are developing countries where trade is a crucial factor in economic growth. In this context, the study aims to investigate the impact of trade openness and output gap on inflation in BRICS countries from 1999Q1 to 2018Q4. Owing to growing economic integration and rising cross-sectional dependence, the study employs Dynamic Common Correlated Effect (DCCE) model to examine the long-run relationship between the variables. In addition, the study employs Dumitrescu and Hurlin (2012) to investigate the causal relationship between variables. The findings suggest that a more open trade policy helps to reduce rising domestic inflation. The price lowering impact of export openness outperforms the inflationary impact of imports, resulting in flattened Phillips curve. Moreover, the results indicate that the underpowered effect of the domestic output gap is not sufficient to counteract the unfavourable impact of the foreign output gap on inflation in BRICS. As a result, the study advocates providing subsidies and tax breaks to help export-oriented businesses thrive while keeping the global factors in check.
Factors Influencing Family Business Continuity in Indian Small and Medium Enterprises (SMEs)
(Springer, 2017-12) Kumar, Arya
Most of the research on family business continuity is based in the western world. Continuity of family business is affected by social and cultural factors on one hand and on the stage of growth of the economy on the other. This paper focuses on the continuity concerns with reference to (1) the Eastern context and (2) the developing economy’s context, by studying Indian family businesses, with (3) specific focus on Small and Medium Enterprises (SMEs). Data were collected from SME business families using a questionnaire. The impact of various factors was examined on the family, the business and the inductee. This empirical study validates some of the drivers of effective succession identified so far in the literature. It sharply identifies the variables that can be more relevant and can directly affect the outcome in terms of positive impact on the business, family and the inductee. The findings of the study will be of great help in successful succession planning for the growth and development of SMEs that contribute significantly to economic growth.
Financial management of higher education in india with a intensive study of BITS, Pilani
(BITS, Pilani, 1982-01) Kumar, Arya
Higher Education in India– New Insights for Innovations in Learning Process
(Elsir Publisher, 2016) Kumar, Arya
The Indian higher education system is the third largest in the world, after China and the United States. There has been an exceptional growth in number of universities, colleges as well as enrolment in higher education system particularly during last 15 years. The ratio of professional to non-professional enrolment has been almost 1:3. Key challenge before higher education system in India is to make it relevant and purposive, so that it responds to societal needs and enables students to get meaningful employment opportunities. The areas in which there is a need to come out with policy perspective at macro level and innovations at institutional levelare Quality and Excellence, Equity and Access & Inclusion. There is a dire need for the teaching community to keep coming out with innovations in teaching-learning process, in particular in the areas of curricula, pedagogy, and assessment which should make learning an enjoyable experience and more and more purposive to the societal needs. This paper attempts to identify specific areas of innovations in higher education system to improve the quality of higher education, so as to make it relevant and purposive to societal needs. The strategy to innovate has to take care of local and global dimensions of multiple sources of learning such as – networked learning, life-long learning, world class learning with local and international perspective. Above all, higher learning has to imbibe a framework of flexibility by introducing a modular structure which can be taken as per the desired pace of understanding of the student, implying a possibility of completing the degree programme in shorter or longer duration and a choice-based learning that allows the student to opt for interdisciplinary courses of his liking and interest as a part and parcel of curricula to complete his degree programme
The impact of trade openness on urbanization: Empirical evidence from BRICS economies
(Wiley, 2021-02) Giri, Arun Kumar; Kumar, Arya
The present study investigates the impact of trade openness on urbanization in BRICS countries, covering data from 1991 to 2017. The study uses instrument variable approach and two-system least square method for the empirical analysis. Based on the empirical results, the study confirms the positive and significant link between trade openness and urbanization as per the New Growth Theory. The results show that the cities having more access to global trade links tend to be highly urbanized. The findings also suggest that the increasing urban concentration affects the export and import positively and enhances trade openness. However, the urban population concentration turns out to be affected negatively by trade openness in the centrally located regions. The agriculture commodity trade is found to be positively affected by the increased openness and GDP of BRICS economies. Finally, the findings suggested that trade openness plays a substantial role in promoting urban concentration in these five emerging market economies.
Issues in Career Choices of Successors in Family Businesses: Perspective from Literature Review
(IDEAS is a RePEc, 2016) Kumar, Arya
Successors play a critical role in the future of family businesses, to either grow, maintain or sometimes even wind them up. Succession depends upon multiple factors including intent of the successor and the reasons for the successor to join the family business. This paper attempts to undertake a detailed literature review on succession in family managed businesses. The rationale for joining family businesses is examined around succession as a process, analysis at multiple unit levels, the role of the founders and other members, the phases of succession, geographic, economic and demographic factors. The objective is to identify the issues in career choices and the gaps that exist in research particularly with reference to Indian economy.
Knowledge management measures: an empirical investigation of Indian cement industry
(Emerald, 2019) Kumar, Arya; Dave, Manish
The purpose of this paper is to develop knowledge management constructs comprising of KM processes and KM practices through marketing and sales to derive competitive advantage (CA) in the cement industry.
Management Education - Need For Innovation
(Higher Education, 2016-03) Kumar, Arya
The Indian higher education system is the third largest in the world in terms of numbers, after China and the United States. There has been an unprecedented growth in number of universities, colleges as well as enrollment in higher education system particularly during last one and a half decade. Large number of private institutions entered into education sector- having short term perspective. In tune with the growth in general education, management education system also grew at extraordinary pace during last one and a half decade.
Market anomalies and investor behaviour
(Inder Science, 2022) Sharma, Aditya; Kumar, Arya
Market anomalies hint at inefficiency of stock markets. The research on the root cause of market anomalies points from time to time towards investor behaviour. The paper contributes to the research through investigation of the existence and probable source of three key anomalies in Indian stock markets, namely: momentum, size and value anomaly. The paper adopts Jegadeesh and Titman's methodology for finding the existence and Du and Watkin's decomposition technique for exploration of sources. The paper develops different strategies in order to calculate excess returns utilising these anomalies and decomposes the obtained profit to test for the sources. The results obtained point towards multiple sources indicating the role of investor behaviour along with the risk factors as the underlying cause. The overall contribution of the paper is highlighting the inefficiency in Indian stock markets while also pointing towards a certain influence of investor behaviour in Indian equity markets.
Modelling persistence in conditional volatility of asset returns
(Inder Science, 2017) Kumar, Arya; Pandey, Ranjan
Studies on volatility forecasting models indicate superior performance of generalised autoregressive conditional heteroscedasticity (GARCH) type models in the modelling conditional variance of asset returns. The utility of GARCH parameters lies in their ability in explaining the persistence of the conditional variance. The estimate of persistence provides a quantitative measure of the impact of a sudden significant change in the asset return on its future volatility. This study attempts to analyse the magnitude and time-evolving pattern in the persistence of conditional volatility using data on S%P CNX NIFTY 50 (henceforth, Nifty) benchmark index. The GARCH (1, 1) model is fitted on daily returns and a simple iterative scheme is used to re-estimate GARCH parameters on samples of different sizes and different time periods. The GARCH estimates obtained through repeated estimations furnish empirical evidence on the nature and consistency of the persistence parameter. Findings of the study confirm high persistence in the volatility process and indicate a positive relationship between the conditional volatility and volatility persistence.
Perspective of Service Attributes: An empirical study about money lending in rural India
(2011) Kumar, Arya; Bhat, Anil Kumar; Vaish, Arun Kumar
Microfinance has emerged as an important mechanism to reach out financial services, mainly micro credit to the poor. Though there are several players in this domain still the sector is predominantly occupied by public sector banks. Presently most of the directed lending to the poor is being disbursed through group lending method. Since 1969, expansion in bank branches and adoption of technology has improved the delivery mechanism of credit products by the banks; there still exists a wide gap between demand and supply of financial products. Priority sector lending still faces challenge of sustainable recovery performance. Under priority sector lending, field functionaries often cite poor recovery and high cost associated with recovery for their underperformance. At the same time indigenous money lenders have continued their presence in the market. In order to facilitate the process of appraisal, sanction & disbursal of credit by formal financial institutions it is imperative to understand the factors which attract the borrowers to indigenous money lenders. What makes money lender thrive? Is it convenience in getting the loan or any other product or process attribute? Why repayment to indigenous money lenders better? All these questions & more need to be answered so as to enable policy makers & bankers to develop products with the same attributes. In the present paper an attempt has been made to understand the perception of different stake- holders about the repayment performance of indigenous money lenders in India. The different categories of stakeholders have been used in the study are viz. functionaries from Block Development Offices, Public & Private Sector Banks, Cooperative banks, Regional Rural Banks, Microfinance Institutions, and NABARD & Indian Administrative Services. They are either involved in the policy framing, or in implementation of microfinance schemes. Analysis found that product specific attributes play viz. ease of getting loan, promptness in getting loan, availability of repeated loans play most important role in repayment than any other factor. The results provide an insight how these attributes will lead to lesser frequent involuntary recovery measures.
A review paper on behavioral finance: study of emerging trends
(Emerald, 2020-04) Kumar, Arya; Sharma, Aditya
This paper participates in the debate on market efficiency and correct approach for asset pricing through a comprehensive review of literature in favor, as well as against the long held belief of market efficiency. The purpose of this paper is to understand emerging trends in behavioral finance and establish its future potential as a mainstream alternative theory of asset pricing.
The Role of Quality of Relations in Succession Planning of Family Businesses in India
(Korea Science, 2017-08) Kumar, Arya
Considerable research has been done on the issue of succession in family businesses. However the process of induction, of preparing the members of the next generation for joining the family business has not been examined in detail. This paper attempts to analyse the relevance of three critical factors – ‘quality of relations’, ‘willingness of the inductee’ and ‘the ability to manage tensions harmoniously’ - to the induction process and the progress of the business. It focuses on the Indian context, specifically in the Small and medium Enterprise (SME) area. Qualitative research has been carried out. The Case Study method is used and data has been gathered from two families (including two branches of one family), using frequent unstructured interviews, over a period of five years. It is concluded that positive impact on business, family and the inductee depends to a large extent on the quality of relations, willingness of the inductee and the ability of both the inductor and inductee to handle and manage the tensions. Thus the findings of the study extend current understanding about succession drivers to the specific context of eastern cultural and developing economy represented by the Indian family businesses in the small and medium enterprise sector.
Stakeholders' Perspective of Service Attributes: An Empirical Study about Money Lending in Rural India,
(Indian Journal, 2012-01) Vaish, Arun Kumar; Kumar, Arya; Bhat, Anil Kumar
Microfinance has emerged as an important mechanism to reach out financial services, mainly micro credit to the poor. Though there are several players in this domain still the sector is predominantly occupied by public sector banks. Presently most of the directed lending to the poor is being disbursed through group lending method. Since 1969, expansion in bank branches and adoption of technology has improved the delivery mechanism of credit products by the banks; there still exists a wide gap between demand and supply of financial products. Priority sector lending still faces challenge of sustainable recovery performance. Under priority sector lending, field functionaries often cite poor recovery and high cost associated with recovery for their underperformance. At the same time indigenous money lenders have continued their presence in the market. In order to facilitate the process of appraisal, sanction & disbursal of credit by formal financial institutions it is imperative to understand the factors which attract the borrowers to indigenous money lenders. What makes money lender thrive? Is it convenience in getting the loan or any other product or process attribute? Why repayment to indigenous money lenders better? All these questions & more need to be answered so as to enable policy makers & bankers to develop products with the same attributes. In the present paper an attempt has been made to understand the perception of different stake- holders about the repayment performance of indigenous money lenders in India. The different categories of stakeholders have been used in the study are viz. functionaries from Block Development Offices, Public & Private Sector Banks, Cooperative banks, Regional Rural Banks, Microfinance Institutions, and NABARD & Indian Administrative Services. They are either involved in the policy framing, or in implementation of microfinance schemes. Analysis found that product specific attributes play viz. ease of getting loan, promptness in getting loan, availability of repeated loans play most important role in repayment than any other factor. The results provide an insight how these attributes will lead to lesser frequent involuntary recovery measures.
A Study of the Factors Influencing Successors’ Choices in Indian Family-Managed Businesses
(IDEAS is a RePEc, 2015) Kumar, Arya
Succession is a key to ensuring longevity of firms hence is important in family business research. The factors that influence successors’ decisions to join family businesses in India are studied. A list of 21 factors from the literature is tested on 351 students. Multivariate discriminant analysis is used. The results show that self-efficacy and external opportunities have a negative effect and parental preparation has a positive effect on the decision to join a family firm. External opportunity is further examined by a regression analysis and is found to be correlated to the perception of the father’s success in the family firm.
Successors in Indian Business Families: A Demographic Sample Study
(IDEAS is a RePEc, 2015) Kumar, Arya
This study explores demographics of family businesses successors. A gap exists in understanding Indian family businesses and the families running them, while the impact of economic and social changes in India on family businesses is unknown. An exploratory study involving a survey of 351 respondents investigated Indian family businesses. The results highlight successors joining family businesses at a younger age, the increasing role of daughters, and the prevalence of traditional industries. The increased interest of family members in family businesses may be driven by large turnover and large workforce. There are also examples of successors leaving businesses with lower turnover.
What Shapes Economic Growth in BRICS? Exploring the Role of Institutional Quality and Trade Openness
(Wiley, 2023-01) Giri, Arun Kumar; Kumar, Arya
Prior research has identified outward-oriented policies as a far superior approach to achieving economic growth. Whilst trade openness determines economic growth in the short run, institutional quality is critical to long-term viability. However, the direct and indirect effects of institutions have been understudied, particularly for the Brazil, Russia, India, China and South Africa. This study addresses this issue by estimating long-run and short-run elasticities using the system GMM and pooled mean group models and identifying its country-specific impact using the fully modified ordinary least square model. According to the findings, trade and institutions are only short-run complements of economic growth. In the long run, however, the lack of good governance limits the positive impact of trade openness.