Saaransh-July 2015.Pmd
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SANJAY DIXIT Former Member, Central Council, Mahatama Gandhi NREGA, Ministry of Rural Development, Govt of India MESSAGE I congratulate RKG group of institutions for publishing the 13th Edition of its journal SAARANSH: RKG JOURNAL OF MANAGEMENT. This journal is an excellent attempt to promote the research in management field. I am sure the journal will prove to be a successful carrier of views and researches in the disciplines of management. It is a matter of great staisfaction that in a span of six years, the journal has established it’s identity among renowned reffered journals of management. I am sure that the publication of SAARANSH will continue to go a long way and journal will emerge as renowned referred International Journal. I extend my best wishes for SAARANSH, to continously serve the management descipline by inviting & promoting valuable quality research for long. Thanking you. Date: August 05, 2015 (Sanjay Dixit) FROM THE DESK OF THE CHIEF EDITOR “Success doesn’t necessarily come from breakthrough innovation but from flawless execution. A great strategy alone won’t win a game or a battle; the win comes from basic blocking and tackling.” – Naveen Jain, founder and former CEO of InfoSpace The National Rural Employment Guarantee Act 2005, later renamed as the “Mahatma Gandhi National Rural Employment Guarantee Act (MNREGA), is an Indian labour law and social security measure that aims to guarantee the ‘right to work’. It aims to ensure livelihood security in rural areas by providing at least 150 days of wage employment in a financial year to every household whose adult members volunteer to do unskilled manual work. From the day of inception, MGNREGA is associated with controversies. Since its launch, debate on MGNREGA has been synonymous with ideological contestations on the role of the state and its welfare functions. Inevitably, the contours of the debate have been shrill, leaving little space for an evidence-based discussion on the shape that a re-designed MGNREGA should take. The National Democratic Alliance (NDA) government intends to radically restructure the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) have re-ignited public discussion on the scheme. The first and the most important question that ought to be considered is: has the scheme met its primary objective of guaranteeing employment to India’s poorest? The most intuitive way of answering this is by comparing employment levels with poverty rates across States. If the scheme was well-targeted, households in poor states would presumably demand more work and these states would provide the largest share of employment. However, on this metric, the data presents a damning story. Accountability Initiative’s analysis found that in 2010-11, poorer States such as Uttar Pradesh, Bihar, West Bengal and Madhya Pradesh, which together account for 59 per cent of the country’s rural BPL population, generated only 34 per cent of employment through MGNREGA. On the other hand, Andhra Pradesh and Tamil Nadu, which house eight per cent of the BPL population, accounted for 23 per cent of the total employment generated that year (Aiyar. Y, 2004). MGNERGA was one of those schemes which had the potential of eradicating the malice of poverty to a very large extent. The scheme was supposed to be handled in a decentralized way by the local bodies(Gram Panchayats, etc). One of the research paper in SAARANSH- Vol.07(1), exploring the other aspects of one the India’s most discussed Rural Development Program. Dr. Jai Singh Parmar & Prajna Paromita Dey, research scholar, contributed thier research work of Himachal Pradesh on Women Empowerment through MGNREGA, reveals that despite certain constraints, women employed in MGNREGA have become empowered by gaining more financial independence. The study makes it clear that participation in MGNREGA has helped women to take decisions, met their personal needs effectively on their own as well as participated in the decision making mechanisms of the scheme such as Gram Sabhas. We are commited to come with relevant reseaches always. I am thankful to all academicians/ professionals/ research scholars for contribution their research in SAARANSH. I am sure all research papers/ article help to academician/ professional/ research scholar/ student managers for furthur managerial studies. Please send your feedback at [email protected]. –Dr Arvind Singh FROM THE DESK OF THE EDITOR SAARANSH is commited to promote the recent relevant researches of management practices. The present issue of SAARANSH, tries to highlight the factors, led to an improvement in the macroeconomics of India (2014-15). Presently, inflation has fallen over the last two years from double digits to mid single digits. Forex reserves are up at all-time highs at $350 billions. The current account deficit has now significantly reduced. Lower oil prices have obviously been a big boon for the Indian economy. Also, some of the recent reforms have helped the economic story on the ground (Economic Times, 06 Aug 2015). In this issue of SAARANSH, Vol.7(1), we are happy to present the great rescearch work contributed by various scholars in financial market. The research work of Dr. S. Yadav, reflacts the detail view of impact of Index options and stock options on volatility of BSE, from 2003 to 2013. However, in this regard the remarkable work done by Dr. Kingshuk Adhikari, Ms. Nitashree Barman, Mr. Pinkumoni Kashyap on application of Camel Approach and application of TQS by scholar Dr. Jyoti Sharma for Financial Performance Evaluation. Moreover, the research work of Dr Nitin Saxena also, highlighted the Price Performance of IPO with Nifty. The issue provides the space to the research work of Dr. Vineet Chouhan towards XBRL Implementation by Technology Adoption Model (Tam). Moreover, the issue also covers recent marketing practices also. It includes the work of Kota Neela Mani Kanta, P Srivalli on Cause Related Marketing and work of Dr. Kusum Gupta on Celebrity Endorsement. The research work of Dr. Anil K Saini, Dr. Vijay Kumar Khurana provide the detailed overview on Managing Organizational Transformation in conditions of volatility, uncertainty, complexity and ambiguity. The research paper of Prajna Paromita Dey, Dr. Jai Singh Parmar tries to identify another evenue of MGNREGA in Women Empowerment. This issue is also including the leadership development, most discussed aspect of management, study of Dr. D. S. Yadav, Dr. Vijit Chaturvedi. I Hope that definitly this issue of SAARANSH not only enlighten the thoughts of scholars & researcher, but also motivate them for furthur research in related areas. –Dr Vishal Srivastava CONTENTS ● A STUDY ON ASSESSING THE IMPACT OF INDEX OPTIONS AND 1 STOCK OPTIONS ON VOLATILITY OF BSE FROM 2003 TO 2013 Dr. S. Yadav ● AN ANALYTICAL STUDY ON DEVELOPING LEADERS FOR BUILDING 10 HIGH PERFORMANCE TEAMS WITH SPECIAL REFERENCE TO PUBLIC SECTOR POWER COMPANIES OF INDIA Dr. D. S. Yadav, Dr. Vijit Chaturvedi ● ANALYSIS OF XBRL IMPLEMENTATION BY TECHNOLOGY 18 ADOPTION MODEL (TAM) IN RAJASTHAN Dr. Vineet Chouhan ● CAUSE RELATED MARKETING: ANTECEDENTS OF ELABORATION 30 Kota Neela Mani Kanta, P Srivalli ● CELEBRITY ENDORSEMENT AND ITS IMPACT 41 ON CONSUMER BUYING BEHAVIOUR Dr. Kusum Gupta ● FINANCIAL PERFORMANCE EVALUATION OF STATE BANK 45 OF INDIA AND ITS ASSOCIATES: A CAMEL APPROACH Dr. Kingshuk Adhikari, Ms. Nitashree Barman, Mr. Pinkumoni Kashyap ● IMPACT OF TQS ON FINANCIAL PERFORMANCE OF 50 THE BUSINESS THROUGH SERVICE PROFIT CHAIN Dr. Jyoti Sharma ● MANAGING ORGANIZATIONAL TRANSFORMATION IN THE ERA OF VUCA 69 Dr. Anil K Saini, Dr. Vijay Kumar Khurana ● STUDY OF PRICE PERFORMANCE OF IPO WITH NIFTY 81 Prof Nitin Saxena ● WOMEN EMPOWERMENT THROUGH MGNREGA – 91 A STUDY OF HIMACHAL PRADESH Prajna Paromita Dey, Dr. Jai Singh Parmar A Study on Assessing the Impact of Index Options and Stock Options on Volatility of BSE from 2003 to 2013 * Dr. S. Yadav ABSTRACT Derivatives, which were introduced with the objective of hedging, cause movements in stock markets making them volatile. Derivatives make markets volatile, which is a common belief and this belief, has been supported by many researches done in past. The present study makes an attempt to assess the impact of BSE returns, stock options and stock futures in causing volatility on Bombay Stock Exchange for the period 2003 to 2013. Many tests like Unit Root, F-Test, Wald Test and White Test were applied and the results were that BSE returns did not affect Volatility whereas Stock Options and Index Options did have some (minor) affect in causing volatility for the period under study. Results of the study confirm that options, be it stock option or index option have very less impact in causing volatility on BSE. Keywords: Derivatives, Unit Root, Volatility, Wald, White. INTRODUCTION contracts on individual stocks was done by Nath (2003) and Vipul (2006). Nath (2003), among other Reforms for fair-trading that were launched in things, measured volatility with the aid of standard nineties brought with it, among other things, Generalized Auto-Regressive Conditionally increased levels of speculative trades. To combat Heteroskedastic (GARCH) (1,1) and Integrated speculative transactions, L.C. Gupta Committee GARCH (1,1) model. recommended the introduction of derivative instruments and to provide investors to choose Present study concentrates on two neglected the level of portfolio risk that they are comfortable derivative products i.e., Index Options and Stock with, the remaining risk being taken care of by Options on which very few studies have been done derivative products. There were twin objectives of till date. An index call option is the right to buy the introducing derivatives in Indian Stock Market, one underlying index and an index put option is the for transferring risk and two for increasing liquidity. right to sell the underlying index. A stock option Derivatives started trading in India in June 2000 on the other hand, gives the buyer of the option with the introduction of index futures and later, the right to buy/sell stock at a specified price.