Department of Management

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Agro-tourism: a literature review
(CRC Press, 2023) Goyal, Praveen; Chadha, Saurabh
For many centuries, the agricultural sector has been considered an important sector of the economy. Over a while, the contribution of this sector to economic growth has declined for various reasons. These reasons include rapid industrialization, migration to the urban areas, more focus on white-collar jobs, and a decline in agricultural land resulting in the downfall in the farmer’s income. Governments across the globe, in general, and especially in developing economies, are exploring various ways to increase the income of rural households. Agro-tourism has emerged as an important way to increase farmers’ income globally. Governments are implementing various policies to promote agro-tourism activities. In recent years, this concept has captured the interest of scholars, practitioners, and policymakers and further resulted in the growth of research in this field. This study presents a review of the literature in the field of agro-tourism. The literature for the study was collected from the Scopus database using specific keywords. Research studies published in the last 20 years were collected for the review. The study results show a significant growth in the literature in the field of agro-tourism across the globe.
Assessing working capital management efficiency of Indian manufacturing exporters
(Emerald, 2020-09) Chadha, Saurabh; Sharma, Satyendra Kumar
The purpose of this paper is to empirically investigate the relationship between working capital management (WCM) efficiency and exogenous variables of the Indian manufacturing sector along with its sub-industries that are involved in export activities.
Benchmarking the efficiency model for working capital management: data envelopment analysis approach
(Emerald, 2021-10) Sharma, Satyendra Kumar; Chadha, Saurabh
This paper evaluates the working capital management (WCM) efficiency of the Indian manufacturing industries through data envelopment analysis (DEA) and empirically investigates the influence of several exogenous variables on the WCM efficiency.
Capital budgeting practices: a survey in the selected Indian manufacturing firms
(IDEAS is a RePEc, 2019) Chadha, Saurabh; Sharma, Satyendra Kumar
The purpose of this study is to investigate the capital budgeting practices prevalent in the selected Indian manufacturing firms. The study also determines the factors which sample firms consider for the ascertainment of their cost of capital. Further, the study throws a light on some of the issues which led to the ignorance of scientific evaluation techniques of project appraisal. The study was conducted with the help of survey method. The findings of the survey show that payback period method and NPV method are the two most popular techniques of capital budgeting in the Indian manufacturing sector. Although, the overall weightage of the non-discounting technique is more when compared to the discounting methods. It was also found that WACC is the most used method to determine the cost of capital in the sample firms. Thus, this study provides a useful insight of capital budgeting practices of Indian manufacturing firms. The study will be helpful for investors who are looking to invest in Indian manufacturing sector under the Make in India program and it is the first study of its kind which covers the ignorance aspect of the capital budgeting techniques.
Capital Structure and Firm Performance: Empirical Evidence from India
(Sage, 2016-01) Chadha, Saurabh
This paper studies the impact of capital structure or financial leverage on firm financial performance. A sample size of 422 listed Indian manufacturing companies on Bombay Stock Exchange (BSE) has been taken to analyze the relationship between leverage and firm performance. A period of 10 years from 2003–2004 to 2012–2013 and annual financial standalone data have been considered to analyze the leverage effect. Ratio analysis and panel data approach have been applied to perform the empirical study. Return on asset, return on equity and Tobin’s Q are used as the proxy for measuring the firm’s financial performance. It was found that financial leverage has no impact on the firm’s financial performance parameters of return on asset and Tobin’s Q. However, it is negative and significantly correlated with return on equity. Other independent variables like size, age, tangibility, sales growth, asset turnover and ownership structure are significant determinants of a firm’s financial performance in the Indian manufacturing sector. Thus, the findings of the study would enhance the literature on capital structure and is relevant for the Indian manufacturing industry in taking its capital structure decisions as it is based on the most recent data and covers the period of both pre- and post-recession of 2008–2009. There is an adverse effect of recession on the financial performance of the Indian manufacturing firms.
Determinants of capital structure: an empirical evaluation from India
(Emerald, 2015-05) Chadha, Saurabh
The purpose of this paper is to study the key determinants of capital structure for Indian manufacturing firms and which theory implications, i.e. trade vs. pecking order are more applicable in the current Indian manufacturing sector scenario.
Determinants of working capital efficiency of Indian msme's: an empirical evidence
(CRC Press, 2023) Chadha, Saurabh
This research aims to gather insight into working capital management (WCM) practises and the factors that influence of its efficiency inside the Indian micro small medium enterprises (MSME’s) manufacturing sector using organisation variables by examining two efficiency models, namely cash conversion cycle (CCC). For the research, the paper used panel regression methodologies on 578 micro small and medium enterprises (MSME’s) of the most important production and manufacturing industries from 2012 to 2021. Several firm-specific variables, including leverage (lever), tangibility (Tangib), firm size (Fsiz), profitability(Prof) , Human capital (HCap), Asset Turnover ratio (ATR), Firm Growth (FG) have significant effect on Working capital management efficiency (WCE), whereas Age of the firm(AGE) and salary expenses (sal) were having insignificant effect on working capital management efficiency. This study explores WCM efficiency comprehensively by including organisation factors in Indian manufacturing MSME’s utilising efficiency metrics, i.e. cash conversion cycle (CCC), the findings of which revealed as the solution to an appropriate Working capital management (WCM).
An Empirical Study on Capital Structure in Indian Manufacturing Sector
(Sage, 2016) Chadha, Saurabh
The study has been divided into two parts. The first part of the article analyzes the trends of capital structure of selected sample companies. The second part analyzes empirically the impact of leverage on firm’s value of selected sample companies. A sample size of 422 listed Indian manufacturing companies on Bombay Stock Exchange (BSE) has been taken to analyze the trends and leverage effect. A period of 10 years from 2003–2004 to 2012–2013 and annual financial standalone data have been considered to analyze the trends and leverage effect. Ratio analysis and panel data approach have been applied to perform the empirical study. It has been found empirically that there is a substantial debt level in the capital structure of the companies and there is no significant relationship between firm’s value and leverage using panel data fixed effect regression approach applied on four different models. In other words, leverage has no impact on the firm’s value in Indian manufacturing industry. However, variables such as size, age, profitability and growth of the firm are positively and significantly correlated with the firm value in Indian manufacturing industry. In addition, there is a significant relationship between firm value and industry practice of the firm. Business risk has no significant relationship with firm value. Thus, the findings of the study would enhance the literature on capital structure and is relevant for the Indian manufacturing industry in taking its capital structure decisions, as it is based on the most recent data and covers the period of both pre- and post-recession of 2008–2009.
Exploring predictors of working capital management efficiency and their influence on firm performance: an integrated DEA-SEM approach
(Emerald, 2021-04) Chadha, Saurabh; Sharma, Satyendra Kumar
This study develops an integrated approach combining data envelopment analysis (DEA) and structural equation modeling (SEM) for estimating the working capital management (WCM) efficiency and evaluating the effects of diverse exogenous variables on the WCM efficiency and firms' performance.
Linking entrepreneurship, innovation and economic growth: evidence from GEM countries
(Inder Science, 2020-06) Chadha, Saurabh; Dutta, Nirankush
Using a simple least squares regression model though analysis of cross-sectional data of the 65 world economies participating in global entrepreneurship monitor (GEM) 2016, this paper explores the role of entrepreneurship, technological innovation, entrepreneurship finance and physical infrastructure as indicators of economic growth. It was empirically found that total entrepreneurial activity (TEA), technological innovation, entrepreneurial finance and physical infrastructure are statistically significant and positively correlated with the economic growth rate of the selected GEM countries in 2016.
Linking social disruption and firm performance
(Inder Science, 2021-03) Chadha, Saurabh
Traditionally the companies were focused on cost reduction by compromising its payoffs to maximise the entire supply chain's profit and its sustainability. Nevertheless, a new concept of socially responsible supply chains can overcome the limitations of traditional model and enhance the company's performance in consideration to triple bottom line approach. Most of the studies done empirically investigates and provide a conceptualised framework on supply chain sustainability but a dearth of studies impacting the socially responsible supply chain effect on the performance of firm, financially as well as socially creates a need of more research in this area. This study focused on four different events of social issues that hampered the company's performance in terms of share prices, revenues, profits and overall image in the eyes of stakeholders. The study includes qualitative as well as quantitative analysis to know the impact of social issues on supply chains leading to disruptions.
Macroeconomic resilience to socioeconomic challenges and corporate stability in the automotive industry: impact on dividend policy
(Academic Research and Publishing, 2025-07) Chadha, Saurabh
The study explains the relationship between macroeconomic and firm-affecting variables with dividend payout policy in the Indian automobile firms. A comprehensive dataset covering 18 Indian automobile manufacturing companies listed on the Bombay Stock Exchange (BSE) Auto Index spanning from March 2015 to March 2024, covering a ten-year period, is being analyzed. The study employs a panel data regression model to investigate the socioeconomic challenges with determinants of dividend payout. The study applies Ordinary Least Squares (OLS) as a baseline model and employs advanced econometric techniques — Two-Stage Least Squares (2SLS) and the Generalized Method of Moments (GMM) — which checks potential endogeneity with improvement in the robustness of the results. In addition to the above methods, Tobin’s Q is applied to check the dividend payout being impacted by firm value. Model validity is ensured through various tests: Wald test (joint significance) and Hansen J-test (instrument validity). To check multicollinearity, autocorrelation, and heteroskedasticity, the following tests are used respectively: Variance Inflation Factor (VIF), Durbin-Watson test, Breusch-Pagan test, and later AR (2) test in GMM to check second-order autocorrelation. Robust standard errors are used to enhance inference reliability. The research findings highlighted the various socioeconomic challenges that affect the profitability, ownership, and macroeconomic stability and how significantly they influence dividend payout, with the GMM model offering the most consistent results. The research findings guide various policymakers, the automobile industry body, climate researchers, the governments, the central banks, auto manufacturers, investors, shareholders, and financial practitioners, helping in appropriate financial decision-making.
Measuring the Impact of Socially Responsible Supply Chains on Firm Performance
(Prabandhan, 2018-10) Sharma, Satyendra Kumar; Chadha, Saurabh
Most supply chain managers in the world optimize supply chains by helping different stakeholders in supply chains. Traditionally, business firms optimize the performance and compromise their pay-offs in order to increase profits (by lowering cost) of the entire supply chain. However, recent literature has hinted at another dimension to improving performance for companies by having socially responsible supply chains that take into consideration the triple bottom line approach. Literature has discussed the conceptual frameworks and empirical studies on supply chain sustainability, but there is a lack of studies on the effect of socially responsible supply chain practices on business performance. This research paper aimed at understanding the impact of having supply chains that are socially responsible and used the event study methodology to understand the impact of socially responsible supply chains on companies' performance.
Metaheuristic enabled intelligent model for stock market prediction via integrating volatility spillover: India and its Asian and European counterparts
(Elsevier, 2023-03) Chadha, Saurabh
Recently, the price of a stock market changes often owing to a variety of factors. As a result, making an accurate stock price prediction is a difficult process. Hence, this research work proposes a novel intellectual stock market prediction model that incorporates the volatility spillover over Indian and its Asian countries. This intellectual model mainly involves two phases like data library construction and stock market prediction. For stock market prediction, a Neural Network (NN) model is employed and this model intake the data of calculated indicators in the data library and makes the prediction of Indian market. To attain more precise prediction, the NN weight is optimally chosen via novel hybrid algorithm namely Fly Updated Whale Optimization Algorithm (FU-WOA) that is the hybridization of WOA and Firefly Algorithm (FF). At last, the suggested model performance is exploited by comparing other conventional models in the view of various metrics. Especially, the computational cost of the proposed hybrid FU-WOA–NN model is 38.12%, 15.96%, 15.52%, 41.22%, 16.07% and 16.33% better than existing LM-NN, FF-NN, GWO-NN, WOA-NN, PCA as well as ARIMA methods respectively.
Modelling for working capital efficiency: integrating SBM-DEA and artificial neural networks in Indian manufacturing
(Emerald, 2024-09) Chadha, Saurabh
This study aims to present an innovative predictive methodology that transitions from traditional efficiency assessment techniques to a forward-looking strategy for evaluating working capital management(WCM) and its determinants by integrating data envelopment analysis (DEA) with artificial neural networks (ANN).
Nexus between credit conditions, financial literacy, and loan accessibility among Indian MSMES
(Springer, 2024-07) Chadha, Saurabh
We examine the interplay among commercial bank loan terms, financial literacy, and formal loan accessibility for micro, small and medium enterprises (MSMEs). Despite recent strides in integrating MSMEs into commercial bank portfolios via micro-lending initiatives, persistent challenges hinder their access to formal credit. Drawing from empirical data and existing literature, this study explores the nuanced impacts of loan terms and financial literacy on SMEs’ ability to secure formal loans. Addressing gaps in prior research, we concurrently analyse borrower characteristics and credit regulations’ influence on formal loan accessibility.
Operating Liquidity and Financial Leverage: Evidences from Indian Machinery Industry
(Elsevier, 2015) Chadha, Saurabh
Operating liquidity and financial leverage are two significant aspects of overall firm management. This paper analyses the impact of financial leverage on various measures of operating liquidity. Further, we examine the effect of both operating liquidity and financial leverage on the firm's performance. We employ a sample of 151 Indian machinery firms and 10 years annual financial standalone data from 2004-05 to 2012-13 was collected using CMIE Prowess database. Ratio analysis and Panel data regression model have been applied to study the relationship. It was found that financial leverage has significant impact on different measures of operating liquidity. Further operating liquidity and financial leverage have considerable impact on performance of the Indian machinery firms. This study provides insights on interrelation between operation management and financial management and their impact on firm's performance.
Ownership structure and capital structure: a panel data study
(Inder Science, 2021-03) Chadha, Saurabh
Capital structure and ownership structure are two important concerns of overall firm's management. This paper studies the impact of ownership structure on the capital structure of the Indian manufacturing firms. The sample with a size of 1,150 manufacturing firms listed on Bombay Stock Exchange (BSE) of India and period of ten years from 2007 to 2016 has been deployed for purpose of the study. Panel data fixed effect model has been applied to test the relationship between capital structure and corporate governance factors. It was found that the ownership structure affects the capital structure decisions of the Indian manufacturing firms. Likewise, control variables like tangibility, age, growth, profitability and size are found to be significantly correlated with the firm's financial leverage. Thus, the findings of the study would enrich the literature on capital structure and comprehend the importance of ownership structure for the management of long-term funds.
Redesigning the efficiency process analysis for working capital models: Evidences from the determinants
(Emerald, 2020-02) Sharma, Satyendra Kumar; Chadha, Saurabh
The purpose of this study is to get insights into working capital management (WCM) practices and the determinants of its efficiency prevailing in the Indian manufacturing sector using firm-specific as well as macro-economic variables by examining three efficiency models, i.e. cash conversion cycle (CCC), cash conversion efficiency (CCE) and net working capital level (NWCL).
A theoretical framework of socially responsible supply chain for future research: from a literature study perspective
(Inder Science, 2021) Sharma, Satyendra Kumar; Chadha, Saurabh
The constructive idea of sustainability has been narrowed to three dimensions, i.e., social, economic and environment. The extant researches on sustainability have examined the economic and environmental dimensions. The social proportion, a prime aspect, has some extent overlooked both in method and in review of literature as well. In this study, through in-depth literature review, researcher has been made an effort to execution of socially responsible supply chains through construct a theoretical framework. Relevant constructs like dimensions of socially responsible supply chains along with an obstructions has been identified toward implementing socially responsible supply chain. The proposed framework aims to help the practitioners and the industries to create their supply chain socially liable which will help them move towards an all-inclusive sustainable development. This thorough literature review is extensive and sets the future research agenda that is ignored so far.