BITS Faculty Publications

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Author: search.filters.author.Chadha, Saurabh

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    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.
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    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).
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    Uncovering the hidden roots: the tapestry of working capital efficiency in Indian MSMEs
    (Emerald, 2024-02) Chadha, Saurabh
    Working capital efficiency (WCE) is crucial for the sustainability of both large and small firms. This study aims to use the sample of micro, small and medium-sized enterprises (MSMEs) in India and tries to understand the critical determinants of WCE.
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    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.
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    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).
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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.
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    Assessment of working capital management efficiency – a two-stage slack-based measure of data envelopment analysis
    (Emerald, 2024-06) Chadha, Saurabh; Agarwal, Shivi
    This study aims to assess the efficiency of managing working capital in 1,388 Indian manufacturing firms from 2008 to 2019 and investigate the effects of firm-specific and macro-level determinants on working capital management (WCM) efficiency.
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    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.
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    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.
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    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.