Department of Management
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Item A study of lifestyle changes in Xavier Institute of Development Action & Studies, India to mitigate global warming(IOP, 2018) Tiwary, DaitriThe Sustainable Development Goals (SDGs) outlined by the United Nations as tools to transform the world by 2030, outline Goal 13 to “Take urgent action to combat climate change and its impacts by regulating emissions and promoting developments in renewable energy”. But the seventeen goals are all interrelated and it is our cumulative efforts that can make them achievable in the next 13 years.As a civilization we have thrived upon decades of denudation and degradation, gradually, but immensely, yet quite indifferently. This indifference might be debated upon as the recent times has seen ever-growing concerns to address the crisis at hand, but this is no more than burning the night oil for a saving grace. If we look back, then it will not be difficult to analyze that the exploitation of the resources and the processes of degradation accelerated from the era of Industrial Revolution, dating back to 1750, but it took us more than a century to feel the repercussions of our actions. The first time ever the terms “global warming” and “climate change” was addressed as an internal issue of concern was in the Rio Summit, held in Rio-de-Janeiro in Brazil in 1992. Since then, the world has witnessed a series of environmental protocols, treaties and summits, each one raising a doubt on the validity and effectiveness of the previous. Meanwhile, the ever-impending population surge has compounded the environmental stresses. To combat the changes we are introducing in our ecosystem, the research focuses on implementation of minor and doable actions in the mundane yet regular activities of our daily life, which have a direct impact on individual carbon footprint. The research establishes the success of these measures in Xavier Institute of Development Action and Studies (XIDAS) by comparing the scenarios before and after implementation of a “Green Lifestyle”, which will help us achieve sustainability beyond environment protocols and beyond international treaties.Item New normal of stock trading in India(Bloomsbury Publishing, 2021-02) Tiwary, DaitriThe stock markets around the world witnessed bloodbath in the month of March 2020 as painful news about the spread of the novel coronavirus sustained to accumulate. The immense disruption caused by COVID-19 has projected the post pandemic stock market scenario into uncharted territory. In the current pandemic scenario, the current stock market has seen its highs and lows affected by the crisis and the liquidity in the market, with the performance and operations of companies taking greater hit. In the post pandemic era, stock markets are expected to pose lot of opportunities driven by deep research analysis and market insights. What is pertinent is disruption in trading strategies in the post COVID-19 world. Looking out for future opportunities and challenges, the volatility of the stocks in the post-pandemic market is explore and the deviations from traditional trading strategies are analyzed; the aim is to prescribe the investors to plot their course through the “new normal” of capital market. The articles will be exploring investor sentiments coupled with SENSEX data to probe deeper for insights. The market has also witnessed healthcare and pharma stocks being caught in a frenzy. The article attempts to analyze the development of vaccine as well as supportive healthcare as a treatment of the novel coronavirus with an aim to predict the returns from pharma stocks. Converging the present trend of stock analysis, the course of rebound is explored, given the success of a vaccine. The authors explore how the new normal demands a ‘New Mindset’for traders and investors. While it is still believed that the current COVID-19 challenges are temporaryItem DHFL meltdown: the corporate governance lapses(Sage, 2021-04) Tiwary, DaitriIndia’s non-banking financial institutions (NBFIs), broadly constituting the less-regulated shadow banking sector, have been plagued with scams, triggering a domino effect in the Indian money market. Major corporate governance issues were highlighted in NBFIs with the unfurling of the ILF&S fraud; it virtually created a sub-prime crisis. In such a scenario, where the shadow banking sector was subject to change in regulations to ensure vigilance, corporate governance lapses had again led to the meltdown of Kapil Wadhawan led Dewan Housing Finance Limited (DHFL). Registering a net profit growth of 25% in the third quarter of financial year 2017, DHFL was one of India’s leading housing finance companies with a value of whopping ₹1.01 trillion as its asset under management (AUM). The company had nose-dived from its coveted position, suffering a loss of ₹22.23 million for the last quarter of the financial year 2018–2019. The company’s credit ratings of commercial papers and non-convertible debentures were downgraded; non-payment of interests led to enforcement of resolution plan, with the board of directors acceding to nationalized banks. The company’s reputation had crashed with its share prices, amidst allegations of lookout notice issued for its promoters for siphoning funds through shell companies. The case describes the oversights and negligence of DHFL in terms of corporate governance practices in the context of the NBFC (non-banking financial company) sector. The jury is out to evaluate whether Wadhawan had followed the rules of corporate governance in letter and spirit, or the tightening noose of regulations and market sentiments around the ‘shadow banking’ sector of India spelt doom for DHFL.Item Metamorphoses of money: from coffers to codes(The Financial Research and Trading Laboratory, IIM Calcutta, 2022-12) Tiwary, DaitriThe concept of money continues to be the axle of theorizing in micro and macroeconomics. While transitioning from the homo economicus of orthodox theories to the materialistic man in the era of neoliberalism, money is the marker, if not an absolute measure, for income, wealth, growth, and development of nations, firms as well as individuals (Snooks 2000). Though we continue to reinvent its transactional form over the past five centuries, economic theories are being tested and extended through a lens bound by an obsolete and rather rigid definition of money. Have the distinct theoretical standpoints factored in the dynamism of the concept of money, or will certain theories falter while transcending the traditional form of currency? This article explores the metamorphoses of money through classical, neoclassical, Keynesian, monetarist, and modern monetary theory while trying to understand the recent emergence of the digital asset class.Item Remodelling post-COVID 19 resilience of emerging market microenterprises(Taylor & Francis, 2022-11) Tiwary, DaitriMicroenterprises have been valued for the development of emerging economies across demography. Though the opportunities of growth for microenterprises vary significantly across countries, their susceptibility to business environment-driven vulnerabilities, especially in emerging markets, has been of avid research interest. This study makes a novel contribution in viewing mindfulness as a differentiator in building resilience of microenterprises. Equating the need for disaster resilience to post-COVID 19 business remodelling for microenterprises in emerging markets, the study delves into qualitative multi-case research to propose an extension of the model of microenterprises’ survival post-COVID 19 pandemic by including mindfulness as a component. Three failed enterprises in three different sectors are taken as distinct experiments of structural, cognitive, and relational failure due to pandemic-induced disruptions. In this naturalistic enquiry, we validate the role of social capital in building resilience through detailed within-case descriptions and interpretations. Further, mindfulness is explored in the context of microenterprise resilience to build cognitive flexibility and alertness.Item Exchange rate volatility and financial stress: evidence from developing asia(Sage, 2022-03) Tiwary, DaitriThe study investigates the role of financial stress in triggering exchange rate volatility in developing Asia, where instability in financial markets contributes to the extent of exogenous shocks. We investigate volatility clustering in nominal exchange rate (NER) of dollar-denominated domestic currencies of developing Asia. Using country-level monthly time series data from 2006 to 2019 of NER and financial stress for seven representative economies of developing Asia, namely, Philippines, Indonesia, Malaysia, India, Republic of Korea, Singapore, and Thailand, we construct conditional volatility of returns. With volatility clustering in dollar-denominated exchange rates, we find significant bi-directional and predictive causality in exchange rate volatility and financial stress using vector autoregressive model and test for Granger’s causality. Our findings corroborate with the third-generation model of currency crises in the context of emerging economies. For developing Asian nations, our study implicates the strength of the financial system impacting the level and spread of stress, inducing exchange rate volatility. Our empirical model propounds that though stress is driven by multiple factors, management of exchange rate volatility in emerging economies will need to address problems not only in the foreign exchange market, but also in other financial sectors.Item Role of bank credit and external commercial borrowings in working capital financing: evidence from indian manufacturing firms(MDPI, 2023-10) Tiwary, DaitriDeterminants and levels of working capital financing (WCF) in the manufacturing sector have been empirically proven to impact firm profitability across emerging as well as developed nations. With time, firms adjust toward financing their working capital requirement (WCR), although the speed of adjustment, financing constraints, and bargaining power are subject to variations. In this study, we estimate the effect of bank credit and firm foreign currency borrowing on working capital financing with three distinct models for manufacturing firms in India. We examine the relationship between short-term foreign currency borrowings and WCF. Further, we investigate if the internal capital market affects WCF in the form of business group affiliation; lastly, we assess the impact of bank dependency and financial distress on WCF. We conclude that the debt–equity ratio becomes relevant, whereas firm characteristics such as age, size, and asset tangibility become irrelevant. Our original contribution to the literature is the finding that even smaller emerging market firms with well-managed, low debt exposure have improved access to WCF. Our results support that financial distress negatively impacts WCF but deviates from macroeconomic fundamentals, such as the GDP growth rate. This indicates deterioration in the health of Indian manufacturing, as a capital-intensive sector. Bank dependency remains significant, wherein smaller firms and those without a dividend pay-out continue to have longer cash conversion cycles and less efficient WCR. As a unique finding, we note foreign currency borrowings significantly contribute to WCF in the case of less developed credit markets in emerging economies such as India.Item Early warning system model for non-performing loans of emerging market fintech firms(Springer, 2024-12) Tiwary, DaitriWe conceptualize an Early Warning System Model for Fintech lenders in emerging market economies, to categorize their retail loan portfolio and identify potentially non-performing loans to mitigate default risk. Our research identifies Key Performance Indicators (KPIs) for evaluating loan portfolio health and monitoring risky loans for Fintech lenders. While ensuring the privacy of borrowers, we develop a synthetic data-based conceptual model complying with the Digital Personal Data Protection Act 2023. The synthetic data reflect the trends of a leading Fintech lender. Parameters for each KPI are established through literature, historical data, and industry standards, minimizing false alarms while detecting potential defaults. Chosen KPIs encompass delinquency rate, debt-to-income ratio, employment history, loan-to-value ratio, and profitability indicators. Model efficacy is validated through metrics like accuracy, precision, and recall, ensuring robust performance. Our EWS model integrates seamlessly into the lending company’s risk management framework, continuously monitoring KPIs against predetermined thresholds. By regularly evaluating the selected KPIs against the established thresholds, the organization could identify loans showing early signs of deteriorating performance. Since the KPIs are concise, Fintech lenders can save time and resources to monitor only those indicators which are crucial. Further, the categorizing the loans, the focus can be shifted (i) to extend credit to more creditworthy borrowers in the green category of loans and (ii) to weed out or limit the credit to borrowers with red-flagged loans. Our EWS enables timely identification if the yellow category loans degrade to the high-risk red category thus enabling the implementation of proactive measures, including loan restructuring, efficient collections processes, and foreclosure procedures. Taking prompt actions may allow the organization to minimize potential losses associated with non-performing loans and safeguard the overall health of the loan portfolio. The study’s findings have substantial implications for the financial industry, offering valuable insights to Fintech lenders aiming to enhance their retail loan portfolio management and risk assessment capabilities. The adoption of the EWS model is aimed at bringing transformative improvements in the company’s loan portfolio management practices. It can significantly enhance the assessment of loan quality, enabling the organization to identify potential issues before escalations. The refined risk assessment practices provide a comprehensive understanding of the organization’s exposure to risks and facilitate the implementation of effective risk mitigation strategies. These strategies, informed by the insights provided by the EWS model, may strengthen credit portfolio management and lead to overall improvements in the performance of the loan portfolio. The study’s implications resonate across the financial industry, regulatory institutions and Fintech firms in retail loans and risk assessment. Our EWS model fosters early identification, timely action, and effective strategies. The study underscores the transformative power of technology-driven solutions in loan management.Item Exploring uncharted avenues for niche B2B software companies: innovative digital marketing strategies in new India to expand reach to new A(AIMT, 2023) Tiwary, DaitriMarketing strategies are dependent on leads but lead generation is an area that requires continuous efforts and incremental innovation. This research aims to enhance an existing database of leads systematically. We employ a well-defined methodology integrating primary and secondary research. The study identifies avenues for new contacts such as associations, events, alumni groups, and more. We employ an "impact effort matrix" to guide resource allocation, considering factors like availability and reach. Catering to a niche knowledge-based industry to market an expert platform, we target IIT Alumni Associations, Industry Associations, and specialized database & telemarketing Firms for new contacts. The study's structured approach expands the database for future outreach, partnerships, and networking. This systematic, resource-conscious methodology ensures reproducible and impactful contact acquisitionItem A suburban perspective on MSME loans in India: bridging the gap in lending with private sector banks(The Financial Research and Trading Laboratory (FRTL), IIM Calcutta, 2024-09) Tiwary, DaitriDespite plethora of schemes and policies adopted by various financial institutions, banks and non-banking financial institutions are unable to penetrate suburban cities of India optimally (RBI, 2008; Demirgüç-Kunt, 2018; Kamath, 2007; Bhandari and Tripathi, 2015). In rural areas or semi-urban areas, there is a propensity to rely on public sector banks for individual as well as micro, small and medium enterprises (MSME) banking services. Private sector banks are not able to tap this market which is plagued by unorganized lenders (Sharma, 2011; RBI, 2008; NABARD, 2021). Through a pilot study, we explore the landscape of MSME loans through the lens of borrowers, weighing the offerings of private sector banks as the lenders. We explain the landscape of business loans for small and young enterprises, highlighting its growth potential in tier-II and tier-III cities of India.