June 2013, Issue‐2

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Name of the Journal Vol./Issue Month & Year Page No. Asia Pacific Journal of Human Resources 51/02 April, 2013 3 Business Today 22/12 June 09, 2013 6 Businessworld 32/46 June 03, 2013 7 Chance 26/01 February, 2013 9 Chartered Accountant 61/11 May, 2013 11 Chartered Secretary 43/05 May, 2013 13 Economic & Political weekly 48/19,20,21 11‐25 May, 2013 17 Economist 407/8833 27‐ 03 May, 2013 23 Financial Planning Journal 06/03 March‐April, 2013 25 Forbes India 05/11 May 31, 2013 27 Foreign Trade Review 48/01 February, 2013 29 Global Business Review 14/01 March, 2013 30 Harvard Business Review 08/05 May, 2013 32 Human Capital 16/12 May, 2013 34 Indian Infrastructure 15/09 April, 2013 36 Indian Management 52/05 May, 2013 37 International Journal of Cross Cultural 13/01 April, 2013 39 International Labour Review 152/01 March, 2013 40 Journal of Applied Psychology 98/03 May, 2013 43 Journal of Human Value 19/01 April, 2013 45 Journal of Intellectual Property Rights 18/02 March, 2013 46 Journal of Management Inquiry 22/02 April, 2013 48 Journal of Services Research 13/01 April‐Sept. 2013 50 Management Accountant 48/04 April, 2013 51 Margin 07/01 February, 2013 53 Prajnan 41/04 Jan.‐March, 2013 54

Asia Pacific Journal of Human Resources

Copyright © 2013 The Australian Human Resources Institute

Special Issue: HRM in Vietnam April 2013

Volume 51, Issue 2

Pages 129–268

1. Guest editors’ note: HRM in Vietnam

1. Top of page 2. Guest editors’ note: HRM in Vietnam 3. Special issue articles 1. Guest editors' note: HRM in Vietnam (pages 129–130) (/doi/10.1111/j.1744- 7941.2012.00063.x/abstract)

Ngan Collins and Alan R Nankervis

Article first published online: 18 JAN 2013 | DOI: 10.1111/j.1744-7941.2012.00063.x

Abstract (/doi/10.1111/j.1744-7941.2012.00063.x/abstract) Full Article (HTML) (/doi/10.1111/j.1744-7941.2012.00063.x/full) PDF(105K) (/doi/10.1111/j.1744-7941.2012.00063.x/pdf) Request Permissions

2. Special issue articles

1. Top of page 2. Guest editors’ note: HRM in Vietnam 3. Special issue articles 1. Transforming employment relations in Vietnam and Indonesia: case studies of state-owned enterprises (pages 131–151) (/doi/10.1111/j.1744-7941.2012.00056.x/abstract)

Ngan Collins, Sari Sitalaksmi and Russell Lansbury

Article first published online: 18 JAN 2013 | DOI: 10.1111/j.1744-7941.2012.00056.x

Abstract (/doi/10.1111/j.1744-7941.2012.00056.x/abstract) Full Article (HTML) (/doi/10.1111/j.1744-7941.2012.00056.x/full) PDF(218K) (/doi/10.1111/j.1744-7941.2012.00056.x/pdf) References (/doi/10.1111/j.1744-7941.2012.00056.x/references) Request Permissions 2. Human resource management practices with Vietnamese characteristics: a study of managers’ responses (pages 152–174) (/doi/10.1111/j.1744-7941.2012.00057.x/abstract)

Ying Zhu and Michel Verstraeten

Article first published online: 18 JAN 2013 | DOI: 10.1111/j.1744-7941.2012.00057.x

Abstract (/doi/10.1111/j.1744-7941.2012.00057.x/abstract) Full Article (HTML) (/doi/10.1111/j.1744-7941.2012.00057.x/full) PDF(277K) (/doi/10.1111/j.1744-7941.2012.00057.x/pdf) References (/doi/10.1111/j.1744-7941.2012.00057.x/references) Request Permissions 3. Whither ‘training and development’ in Vietnam?: learning from United States and Japanese MNCs' practice (pages 175–192) (/doi/10.1111/j.1744-7941.2012.00058.x/abstract)

Anne Cox and Malcolm Warner

Article first published online: 18 JAN 2013 | DOI: 10.1111/j.1744-7941.2012.00058.x

Abstract (/doi/10.1111/j.1744-7941.2012.00058.x/abstract) Full Article (HTML) (/doi/10.1111/j.1744-7941.2012.00058.x/full) PDF(211K) (/doi/10.1111/j.1744-7941.2012.00058.x/pdf) References (/doi/10.1111/j.1744-7941.2012.00058.x/references) Request Permissions 4. Enhanced employee participation and the influence from below (pages 193–207) (/doi/10.1111/j.1744- 7941.2012.00059.x/abstract)

Quynh Chi Do

Article first published online: 18 JAN 2013 | DOI: 10.1111/j.1744-7941.2012.00059.x

Abstract (/doi/10.1111/j.1744-7941.2012.00059.x/abstract) Full Article (HTML) (/doi/10.1111/j.1744-7941.2012.00059.x/full) PDF(189K) (/doi/10.1111/j.1744-7941.2012.00059.x/pdf) References (/doi/10.1111/j.1744-7941.2012.00059.x/references) Request Permissions 5. Vocational and skill shortages in Vietnamese manufacturing and service sectors, and some plausible solutions (pages 208–227) (/doi/10.1111/j.1744-7941.2012.00060.x/abstract)

Alan Montague

Article first published online: 18 JAN 2013 | DOI: 10.1111/j.1744-7941.2012.00060.x

Abstract (/doi/10.1111/j.1744-7941.2012.00060.x/abstract) Full Article (HTML) (/doi/10.1111/j.1744-7941.2012.00060.x/full) PDF(211K) (/doi/10.1111/j.1744-7941.2012.00060.x/pdf) References (/doi/10.1111/j.1744-7941.2012.00060.x/references) Request Permissions 6. Institutional influences on firm level HRM: some evidence from the Vietnamese garment and footwear sectors (pages 228–247) (/doi/10.1111/j.1744-7941.2012.00061.x/abstract)

Malcolm MacIntosh

Article first published online: 18 JAN 2013 | DOI: 10.1111/j.1744-7941.2012.00061.x

Abstract (/doi/10.1111/j.1744-7941.2012.00061.x/abstract) Full Article (HTML) (/doi/10.1111/j.1744-7941.2012.00061.x/full) PDF(209K) (/doi/10.1111/j.1744-7941.2012.00061.x/pdf) References (/doi/10.1111/j.1744-7941.2012.00061.x/references) Request Permissions 7. Industrial disputes in Vietnam: the tale of the wildcat (pages 248–268) (/doi/10.1111/j.1744- 7941.2012.00062.x/abstract)

Bernadine Van Gramberg, Julian Teicher and Tien Nguyen

Article first published online: 18 JAN 2013 | DOI: 10.1111/j.1744-7941.2012.00062.x

Abstract (/doi/10.1111/j.1744-7941.2012.00062.x/abstract) Full Article (HTML) (/doi/10.1111/j.1744-7941.2012.00062.x/full) PDF(227K) (/doi/10.1111/j.1744-7941.2012.00062.x/pdf) References (/doi/10.1111/j.1744-7941.2012.00062.x/references) Request Permissions industry seems to have taken it on the chin and grown its assets by 19 per cent in 2012/13. FROM T HE MAGAZINE FEATURES Liquor stocks may be falling but promise steady Govt unlikely to call early general elections returns Sebastian P.T. Inflation bonds may only partially protect your The flurry of reforms it has launched in the last few months savings have given the government confidence. The Congress is Gilt funds likely to outperform debt instruments banking on populist measures such as the direct cash RBI curbs loans against gold coins transfer scheme and the food security bill to further boost support for the party. Why you should prepay your home loan Five companies that are making wealth from waste Crowdsourcing new buzzword in communications 'Vanity and children keep retail growing' MUST SEE Santa In The Soudha Are Nissan's grand India plans out of tune? Subscribe to Business Today magazine

CAREERS Mid-level executives make a beeline for young companies Sarika Malhotra What new gas discovery Get ready for higher PF Not long ago, venture capital funds had to scout for at KG-D6 means for RIL deduction and lower professionals and woo them into joining the young take-home pay companies they backed. But, today, experienced professionals are doing so on their own.

FOCUS US immigration bill threatens Indian IT business Goutam Das The reforms bill would force Indian IT companies to change their business models almost overnight, jack up expenses Less cluttered TV Liquor stocks may be and hand over key competitive advantages to their American shows as TRAI cracks falling but promise rivals such as IBM and Accenture. whip steady returns

Indians' love for gold weighs heavy on the economy How the $45 million ATM heist was carried out

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Editor’s Letter Supplemental Material 1660  CONTENTS 

EDITOR CA. SUBODH KUMAR AGRAWAL, VOLUME 61 No. 11 MAY 2013 R10 0

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Website : www.icsi.edu The Council ISSN 0972-1983 President R 05 S. N. Ananthasubramanian CHARTERED SECRETARY Vice President Harish K. Vaid [ Registered under Trade Marks Act, 1999 ] Members Vol. : XLIII No. 05 Pg 505-640 MAY - 2013 (in alphabetical order) Anil Murarka Ardhendu Sen Arun Balakrishnan From the President & 508 Ashok Kumar Pareek Atul Hasmukhrai Mehta Legal World & 550 (LW-49-59) Atul Mittal B. Narasimhan From the Government & 562 (GN-85-118) Gopalakrishna Hegde Nesar Ahmad News from the & P. Sesh Kumar Institute 596 Pradeep Kumar Mittal & Renuka Kumar (Ms.) Our Members 640 Sanjay Grover Sridharan R Sudhir Babu C Articles ( A 149-187 ) U D Choubey (Dr.) Umesh Harjivandas Ved FSLRC and Regulator- Government interface 510 Vikas Yashwant Khare Financial Sector Legislative Reforms Commission (FSLRC) Recommendations on Monetary Policy: Some Fundamental Issues 515 Secretary M. S. Sahoo Consumer protection in the Indian Financial Code 520 FSLRC: Transformational and Pioneering; But will it Chief Executive set the cat among the pigeons? 524 Sutanu Sinha Financial Consumer Protection Under the Draft Indian Financial Code 528 Report on FSLRC and draft IFC Emphasis on principles/techniques adopted Editorial Advisory Board by the Commission 535 New Law Relating to Income Taxation on Buyback of shares by Companies 540 Chairman S Balasubramanian Immunity under the Trade Unions Act, 1926 543 Members (in alphabetical order) Annual Subscription Ashok Tyagi Inland : Rs. 1000 (Rs. 500 for Students of the ICSI) Bharat Vasani Foreign : $100; £60 (surface mail) Single Copy : Rs. 100 C K G Nair (Dr.) ‘Chartered Secretary’ is normally published in the first week of every month. G R Bhatia Non-receipt of any issue should be notified within that month. Articles on H S Grover subjects of interest to company secretaries are welcome. Views expressed by J P Sharma (Prof.) contributors are their own and the Institute does not accept any responsibility. Manipadma Datta (Dr.) The Institute is not in any way responsible for the result of any action taken on N Subramaniam the basis of the advertisement published in the journal. All rights reserved. No O P Dani part of the journal may be reproduced or copied in any form by any means without Pradeep K Mittal the written permission of the Institute. The write ups of this issue are also R S Nigam (Prof.) available on the website of the Institute. S K Dixit (Dr.) Edited, Printed & Published by T N Pandey T V Narayanaswamy M. S. Sahoo for The Institute of Company Secretaries of India, V K Bhasin ‘ICSI House’, 22, Institutional Area, Lodi Road, New Delhi- 110 003. Phones : 41504444, 45341000, Grams : ’COMPSEC’ Editor & Publisher Fax : 91-11-24626727 E-Mail : [email protected] M. S. Sahoo Website : http://www.icsi.edu Consulting Editor V. Gopalan Design & Printed at M. P. Printers Legal Correspondent B-220, Phase II, Noida-201305 T. K. A. Padmanabhan Gautam Budh Nagar, U. P. - India 505 CHARTERED SECRETARY May 2013 At a Glance

neutral Indian Financial Code to replace multiple and old financial sector laws, splitting Articles (A 149 - 187) P-510 the regulation between the Reserve Bank of India and a new Unified Financial Regulatory Agency that will oversee the remaining financial sector. While this new Part - I : Articles on Indian Financial Code horizontal structure could serve the interests of the consumers of financial services FSLRC and Regulator- Government interface P-510 much better, there may be practical issues to contend with. A principles-based approach may open every regulation drafted by a regulator to judicial challenge and Dr. K. P. Krishnan may be perhaps a little bit ahead of its time in India. If these changes have to have an he report of the FSLRC proposes to significiantly revamp the financial sector impact on the broader financial sector in India in the future, there would have to be T regulatory governance architecture. However, its observations and recommendations widespread changes in the functioning of the Government and the Judiciary. on regulatory governance are important not just for financial regulators, but regulatory governance in India in general. Independent regulators at the national level have existed for Financial Consumer P-528 a while, and their effectiveness has at best been mixed. This is due to the ad-hoc establishment of new regulators, and their poor legislative design. They have not had the Protection Under the benefit of the perspective on regulatory design that the FSLRC has taken while proposing a Draft Indian Financial Code revamp of the financial sector regulatory architecture. The FSLRC report proposes the enactment of the Indian Financial Code, which sets out in detail uniform standards for Rajkumar S. Adukia administrative behaviour, for drafting subordinate legislation, and mechanisms for regulatory he primary objective of financial consumer protection is to guard consumer independence and accountability. This article looks at the interface between the regulator T interests and promote public awareness. Part IV of the draft Indian Financial and the government, and analyses this proposed regulatory architecture, especially the Code i.e. 56 clauses covered under Chapters 17 to 31 deals extensively with this mechanisms of oversight, independence, and accountability. aspect. Some of the rights and protections proposed for consumers under the Draft Code are - protection against unfair terms of contract, protection against misleading Financial Sector Legislative Reforms P-515 and deceptive conduct, right to receive the support to enter into suitable contract, right to receive reasonable quality of service, and right to data privacy and security. The Commission (FSLRC) Recommendations draft Code has also proposed the creation of a unified Financial Redress Agency on Monetary Policy: Some Fundamental Issues where consumers of all financial products would be able to submit complaints.P-535 Dr. Prachi Mishra Report on FSLRC and draft IFC he FSLRC recommendation for developing a radically new monetary policy Emphasis on principles/techniques T framework is a major step towards modernization of the institutional architecture for policy making in India. The three areas of fundamental reform are an explicit mandate to the adopted by the Commission central bank, an empowered monetary policy committee (MPC), and increased transparency. The Commission aims at a big overhaul on transparency by proposing to release the Narendra Singh, Arpita Banerjee statement of monetary policy objectives and the voting record/rationale statements of MPC he Financial Sector Legislative Reforms Commission (FSLRC) was formed in into the public domain. The recommendations, however, may fall short of achieving the T March 2011 with a view to rewrite and harmonise financial sector laws. goals of autonomy of the central bank and its accountability to the public. Although, entire financial legislative reform was ambitious, nevertheless, full scale revamp was the need of the day as piecemeal amendments in the existing legislations Consumer protection in the P-520 are inadequate to meet the evolving technology and financial innovations. Certainly, Indian Financial Code there was need for streamlining the financial sector regulations, reducing the number of regulators and giving them clear mandate to discharge their duties effectively. The Shubho Roy, Renuka Sane, Susan Thomas Commission after detailed deliberations have come up with its Report and draft Indian he IFC has approached Consumer Protection as a problem which has two parts. As Financial Code 2013 which is based on certain elements and principles. This article T in the Consumer Protection Act, 1986 it sets up a system to redress consumer is an endeavour to analyze the elements on which the financial laws are proposed to complaints after an event has occurred. However, unlike most other Indian legislation, IFC be based and the principle techniques adopted by the Commission in resolving the also proposes a system to prevent consumer interests being undermined before a financial gaps, overlaps and inconsistencies in the financial sector regulations. product or service is sold. The draft laws also carves out unsophisticated and small Part - II : Other Articles consumers from the larger set of consumers of financial services. This is done to provide extra legal action to such consumers. New Law Relating to Income Taxation P-540 FSLRC: Transformational and Pioneering; P-524 on Buyback of shares by Companies But will it set the cat among the pigeons? T.N. Pandey uring the budget exercises for the year 2013-14 an anti-tax avoidance measure S. Ramesh D by way of tax on buy-back of shares in the cases of unlisted companies has inancial Sector Legislative Reforms Commission (FSLRC) presented its report to been introduced. It was noticed that some companies to avoid dividend distribution F the Finance Minister in March this year. The FSLRC has proposed a sector- tax, instead of distributing dividends to the shareholders were passing on the 506 May 2013 CHARTERED SECRETARY At a Glance

accumulated profits to them by way of payment of higher prices through buying back shares where the capital gains arising on such shares in the hands of the From the Government (GN 85 - 118) P-562 shareholders were not chargeable to tax or were taxable at lower rate of tax. This loophole in the IT Act has been plugged. This article has examined the various Circular on Infrastructure Debt Fund aspects of the new law and has concluded saying that the new effort to check leakage Establishment of Local Office of the SEBI at Hyderabad of tax may have some teething troubles, but once settled, it would work in the interest Establishment of Local Office of the SEBI at Lucknow of revenue. Redress of investor grievances through SEBI Complaints Redress System (SCORES) SEBI Mutual Funds (Amendment) Regulations, 2013 Immunity under the P-543 Establishment of Connectivity with both depositories Trade Unions Act, 1926 NSDL and CDSL – Companies eligible for shifting from Trade for Trade Settlement (TFTS) to Normal Rolling K Gopalakrishnan Nair, Lakshmi G. Nair Settlement he Trade Unions Act, 1926 is one of the principal legislations that regulate the SEBI (Stock Brokers and Sub-Brokers) (Amendment) T functioning of the Trade Unions in India. Sections 17 and 18 of the said Act Regulations, 2013 provide immunity to the trade unions and the members of these trade unions. It is Rationalisation of Debt Limits interesting to look at the jurisprudence pertaining to these Sections and analyse the Amendment to SEBI {(Know Your Client) Registration scope of this immunity and the extent to which the trade unions or the members enjoy Agency} Regulations, 2011 and relevant circulars this immunity. This article intends to analyse that. To understand this, the authors Investment by Navratna Public Sector Undertakings have examined several case-laws pertaining to these Sections in the Act, which have (PSUs), OVL and OIL in unincorporated entities in oil been pronounced by the Supreme Court and the various High Courts in India. The sector abroad authors believe that such an analysis will sketch the rights and restrictions of a trade Foreign investment in India by SEBI registered FIIs in union and its members under the Trade Unions Act and would be helpful in Government Securities and Corporate Debt determining whether the acts of the trade unions or its members are protected under Public Provident Fund Scheme, 1968 (PPF, 1968) and the law in India. Senior Citizens Savings Scheme, 2004 (SCSS, 2004) Revision of interest rates Foreign Exchange Management (Transfer or Issue of Legal World (LW 49 - 59) P-550 Security by a Person Resident outside India) (Eighth Amendment) Regulations, 2013 LW.41.5.2013 Delhi High Court explains the Standardization and Enhancement of Security Features provisions of sections 20 and 21 of the Companies in Cheque Forms/Migrating to CTS 2010 standards Act with respect to change of name of a company. External Commercial Borrowings (ECB) Policy – LW.42.5.2013 Delhi High Court upholds the decision Corporates under Investigation of the single judge to keep out a secured debtor The Prevention of Money-Laundering (Amendment) Act, from the scheme of compromise with creditors. 2012 LW.43.5.2013 Delhi High Court declines to wind up The Enforcement of Security Interest and Recovery of a company on the grounds of bonafide dispute. Debts Laws (Amendment) Act, 2012 LW.44.5.2013 SAT upholds the SEBI order holding a stock broker violating the Takeover regulations but reduces the quantum of penalty. Other Highlights P-596 LW.45.5.2013 Resulting company is entitled to claim the write-off of bad debts of the demerged Members Admitted / Restored units.[Del] Certificate of Practice Issued / Cancelled LW.46.5.2013 Bombay High Court refuses to grant Licentiate ICSI Admitted injunction against encashment of bank guarantee. News From the Regions LW.47.5.2013 Supreme Court directs Sterlite Company Secretaries Benevolent Fund Industries to pay damages of Rs.100 crore for Our Members polluting environment. CG & CSR Watch LW.48.5.2013 Workman has no vested right over Prize Query the post-retirement extension of his services which Gist of Proceedings of 2nd Corporate Secretaries is a contingent right.[Del] International Association (CSIA) Programme LW.49.5.2013 Delhi High Court remands the matter CSIA International CG Conference - to Tribunal to decide afresh the issue whether the Keynote Address employee is workman or not Prize Winners of CS Quiz 507 CHARTERED SECRETARY May 2013 Home Archives Subscription Blogs RSS About Us Contact Us For Contributors Site Guide

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Table of Contents February 2013; 14 (1)

Editor’s Note

Editor’s Note Global Business Review February 2013 14: vii, doi:10.1177/0972150912472765 Full Text (PDF)

Articles

Saptarshi Purkayastha Diversification Strategy and Firm Performance: Evidence from Indian Manufacturing Firms Global Business Review February 2013 14: 1-23, doi:10.1177/0972150912466363 Abstract Full Text (PDF) References

Baldev R. Sharma and Pradip K. Bhaumik Student Engagement and Its Predictors: An Exploratory Study in an Indian Business School Global Business Review February 2013 14: 25-42, doi:10.1177/0972150912466364 Abstract Full Text (PDF) References

Sumi Jha and Som Sekhar Bhattacharyya Learning Orientation and Performance Orientation: Scale Development and Its Relationship with Performance Global Business Review February 2013 14: 43-54, doi:10.1177/0972150912466443 Abstract Full Text (PDF) References

Kapil Choudhary and Sushil Bajaj Price Discovery Process in Nifty Spot and Futures Markets Global Business Review February 2013 14: 55-88, doi:10.1177/0972150912466444 Abstract Full Text (PDF) References

Subhrangshu Sekhar Sarkar, Santanu Dutta, and Pinky Dutta A Review of Indian Index Funds Global Business Review February 2013 14: 89-98, doi:10.1177/0972150912466445 Abstract Full Text (PDF) References

Ufot B. Inamete Executive MBA Degree Programmes (and Related Programmes): Frameworks and Dynamics in Caribbean Universities Global Business Review February 2013 14: 99-119, doi:10.1177/0972150912466449 Abstract Full Text (PDF) References

Adli Abouzeedan, Magnus Klofsten, and Thomas Hedner Internetization Management as a Facilitator for Managing Innovation in High-Technology Smaller Firms Global Business Review February 2013 14: 121-136, doi:10.1177/0972150912466462 Abstract Full Text (PDF) References

Anurag Dugar Measuring Consumers’ Preferences and Attitudes Towards Branded Petrol: An Initial Investigation of the Branded Petrol Market Global Business Review February 2013 14: 137-154, doi:10.1177/0972150912466466 Abstract Full Text (PDF) References

Rizwan Tahir and Naheed Azhar The Adjustment Process of Female Repatriate Managers in Australian and New Zealand (ANZ) Companies Global Business Review February 2013 14: 155-167, doi:10.1177/0972150912466469 Abstract Full Text (PDF) References

Rajesh K. Singh Analyzing the Factors for VMI Implementation: A Framework Global Business Review February 2013 14: 169-186, doi:10.1177/0972150912466476 Abstract Full Text (PDF) References

Book Reviews

Indranil De Book Review: D.K. Srivastava and U. Shankar, Development and Public Finance: Essays in Honour of Raja J. Chelliah Global Business Review February 2013 14: 187-189, doi:10.1177/0972150912466478 Full Text (PDF) References

Bijaya Mishra Book Review: S. Ramnarayan and T.V. Rao, Organization Development: Accelerating Learning and Transformation Global Business Review February 2013 14: 189-190, doi:10.1177/0972150912466481 Full Text (PDF)

Dwijendra Tripathi Book Review: C.K. Johri, India: Perspectives on Politics, Economy and Labour, 1918–2007; Vol. 1: The Age of Gandhi, 1918–1957 Global Business Review February 2013 14: 191-192, doi:10.1177/0972150912466483 Full Text (PDF)

Wallace Jacob Book Review: Richard L. Brandt, The Google Guys Global Business Review February 2013 14: 192-194, doi:10.1177/0972150912466485 Full Text (PDF) References

Rabia Khatun Book Review: Shankar Acharya and Rakesh Mohan, India’s Economy: Performance and Challenges: Essays in Honour of Montek Singh Ahluwalia Global Business Review February 2013 14: 194-199, doi:10.1177/0972150912466489 Full Text (PDF) HBR Global Editions Harvard Business Publishing: For Educators | For Corporate Buyers | Visit Harvard Business School

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Table of Contents MAY 2013 ISSUE FEATURES FROM THE EDITOR From the Editor: The New Rules of Entrepreneurship by Adi Ignatius

SPOTLIGHT Spotlight on Entrepreneurship Why the Lean Start-Up Changes Everything by Steve Blank What Entrepreneurs Get Wrong by Vincent Onyemah, Martha Rivera Pesquera, and Abdul Ali Six Myths About Venture Capitalists by Diane Mulcahy How to Negotiate with VCs by Deepak Malhotra In Search of the Next Big Thing An Interview with Marc Andreessen by Adi Ignatius

TOP MAGAZINE ARTICLES FEATURES Marriott's Executive Chairman on Choosing the First Nonfamily 24 HOURS 7 DAYS 30 DAYS CEO by Bill Marriott 1. How to Give a Killer Presentation The Performance Frontier: Innovating for a Sustainable Strategy by Robert G. Eccles and George Serafeim 2. What Is the Theory of Your Firm? Creating the Best Workplace on Earth by Rob Goffee and Gareth Jones 3. Tours of Duty: The New Employer-Employee Compact Health Care’s Service Fanatics by James I. Merlino and Ananth Raman 4. Transient Advantage Living in the Futures by Angela Wilkinson and Roland Kupers 5. What Makes a Leader? Understanding the Arab Consumer by Vijay Mahajan 6. Primal Leadership: The Hidden Driver of Great Performance

IDEA WATCH 7. Why the Lean Start-Up Changes Everything What Would Ashton Do—and Does It Matter? by Sinan Aral All Most Popular » Politically Conservative Shoppers Shun Generics and New Products The Powerful Effect (on Men) of Thinking About the Powerful

3 Humans + 1 Computer = Best Prediction by Matthias Seifert and Allègre L. Hadida Ending the Wage Gap by Sudip Datta, Abhijit Guha, and Mai Iskandar-Datta

Size Does Matter (in Signatures) by Nick Seybert

Vision Statement: How Culture Shapes the Office Christine Congdon and Catherine Gall Handing the Keys to Gen Y by Vineet Nayar Figure It Out by Beth Comstock

EXPERIENCE Join the Global Elite by Gregory C. Unruh and Ángel Cabrera The Unmanageable Star Performer by Abhishek Goel Should We Break Up Big Food? by Tim Sullivan Life’s Work: Maya Angelou An Interview with Maya Angelou by Alison Beard

EXECUTIVE SUMMARIES Executive Summaries

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Topics Today on HBR RSS Feed Contact Us Change Management Blogs Email New sletters Advertise w ith Us Competition Books HBR on Tw itter Information for Booksellers/Retailers by Renu Matto LEARNING & DEVELOPMENT Power of self-reflection Food for thought It was rather interesting to hear a veteran business leader in the middle by Dileep Ranjekar of an ideation discussion say, “How do we get our folks to reflect and think?" There was a deep pause and the senior leaders seated at the A point of view table suddenly looked up from their BlackBerry screens and had a by Gautam Brahma rather quizzical look on their faces, then looked at one another and even before they could respond, another question followed. “Can it be taught? Third eye Can we design a module called ‘How to think?” ,asked the leader. by Prasenjit Bhattacharya This made me sit up and reflect on what he was referring to when he posed these questions at us. HR tools My need to deconstruct coupled with genuine curiosity led me to ask a clarifying question, ”Can you by Guru help me understand this better?” to which his response was, “We are so caught up trying to multitask that most often we forget to take time out to reflect and to think. The act of self-reflection is largely An ode to OD missing. Each one seems so caught up trying to get the job done and is plagued by innumerable by Kartik phone calls and e-mails that I often see knee jerk reactions and band-aid responses.” This is so true and so characteristic of our time; yet we all know the power of self- reflection. HR IN MSMEs Read More... by Sumeet Varghese DEBATE Psychology at work Is paper resume dying a slow death? by Manavi Pathak The ‘social resume’ is the need of the hour

CEOSPEAK Gone are the good old days when a humble resume with academic achievements, professional qualifications and extracurricular activities listed Law at work on two pages would guarantee an interview call. Today, after a cursory by K.V.Singh,Partner, glance at the resume, recruiters jump online to check a candidate’s social Kochhar & Co. resume’. With the world moving on to newer and multiple ways of getting connected, via multiple devices and online platforms, it is easy for anyone with systematic effort and planning to increase their sphere of influence online.

16 New age recruiters are smartly using social media to filter candidates perfectly befitting a job by analyzing the quality of LinkedIn recommendations, candidate opinion on different communities, the sites candidates visit, the blogs they write or opinions they express on the blogs and the creative ways candidates market themselves. Some even believe that, in the near future, social media scores may become like SAT scores and may be used as an indicator of a candidate’s skill sets. 3,274 Read More...

Sharre HR & LINE Tapping unadulterated creativity The charm of the radio hasn’t quite faded in all these years, despite the advent of hi-tech gadgets such as mp3 players, iPods and the evolution of other forms of media such as Television and the Internet. However, to keep pace with the changing times, the radio industry in India has definitely transformed in terms of content and music offered to the listener, and noticeably, all this has been possible largely because of the outburst of creativity inside the radio studios.

As much difficult it might be for an RJ to engage a listener hooked to his show, equally or probably more daunting is the task for the leader to engage with the creative minds working under him. “One of the major challenges I face is managing my immensely creative team in a highly volatile and dynamic atmosphere. In this competitive world, creativity should never be restricted by stringent work timings or undue work pressure. Also, an overbearing or authoritative management style should be avoided. Too many restrictions take away the creative energy out of people,”shares Kartik Kalla, National Programming Head - Radio City 91.1 FM, while discussing the challenges he faces while managing his teams. Since, his creative teams constantly demand ample freedom given the kind of work commitments they have to meet; Kalla thinks that sometimes it gets somewhat difficult for him to strike a balance between creative freedom and discipline. “It is necessary to mould their creativity in a way that works best for everyone at the radio station,” he asserts. Read More...

HR PRACTICE Being happy! Many among us wake up each morning groaning at the thought of the crawling traffic one has to beat on the way to work, an annoying boss one has to face for the next 10 hours, stiff deadlines to be met, equally bored co-workers that hav e to be dealt with and never ending e-mails to be read. However, there are many who wake up each morning with a smile at the thought of going to work, doing something exciting and new, staying productive and having fun at work. Abraham Lincoln once said, “Most people are about as happy as they make up their minds to be.” This thought explains why happy employees are most productive compared to the unhappy ones. Organization psychologists across the globe are of the opinion that employee happiness is critical for an organization’s success as happy employees quantifiably translate into bigger profits. However, equally important is it to acknowledge the fact that employee happiness may not always be achieved through rewards.

Global research has consistently proved the direct linkage between employee engagement, customer satisfaction and revenue growth. Tata AIA Life Insurance Co. Ltd is one such organization that is committed to put pleasure in work for every employee as a means to ensure employee engagement at the highest level. Tata AIA Life’s employee engagement program, ‘Pleasure in the job puts perfection in the work’ is about enjoying what you are doing, and being passionate about your work. This results in high productivity and heightened engagement level, especially, when you are spending the best hours of the day at work for a large part of your life. Read More... CASE STUDY Good times bad times Dinesh Chand Sharma who stays in a modest flat at Pune was recounting his days spent in his previous company where he worked for eight years. His memories of good and bad times dawned upon him. His emotions were running high recollecting the years spent with his colleagues, workers, friends and machines. At the same time, he was excited to work again with his former boss and mentor Debesh Vashishta, who was heading one of the units of the rival company he would join within a couple of days.

had been eight years since Dinesh joined auto major Lexon Auto soon after completing his engineering from a Government Engineering College in Maharashtra. Debesh Vashishta who was the Deputy General Manager wLaIsF Es aBtisEfiYedO NwDith WDOineRsKh’s performance in the interview and was instrumental in his selection. Soon after joining the plant, Dinesh worked very hard and earned appreciation of his colleaguLeos.v eD etbheys hf opoedrs!onally groomed him and was often heard telling his colleagues, “This boy has thCe osopkairnkg tios tahcehriaepveu gtirce baet chaeuigseh:ts in professional life.” In the initial three years, he worked as infraCstoroukcitnugre h emlpasn taog edre -astr eLsesx aosn itA pulteoa. seHse alhl atdh e sfhivoew nse ngsresa ti ni nthteer ebsotd yin. understanding the technicalM noirtetyo-vgerrit,t y yofu ptreonddu cttio n uasned yoopuerr ateionne rgpyro caensds . tHheo uwghatss otfote nc rseeaetne interacting with colleagues ast othmee sthionpg ftlhoaotr tiso pglaeians fiinrgst.- hHaenndc ee,x tpheer ienctiere. process of being involved Read More... into the transformation of raw materials into an exotic preparation is hugely gratifying.

How can everyday cooking be made more delightful?

There are some people who do not focus on creativity while cooking and instead want to master a particular recipe by making it in the same fashion over and over again. While there are many who are ready to experiment and create something different.

So while cooking, one should think out of the box. Try experimenting with the seasonal produce. Also, since there is a lot of literature available on the Internet, it can come in handy for the cooking enthusiasts. Read More...

PERSONA The righteous vision Beyond the multiple HR jargons of mergers and acquisitions, strategic business partnership, talent development and talent crunch, HR analytics and performance management, lies the reason why this function must have come into existence. It was probably to build stronger bonds among the people who work together to take an organization where it aims to reach.

However, in the daily hustle-bustle of achieving business targets, resolving administrative issues, and designing mind-boggling strategies, HR professionals have a great chance of getting disillusioned and forgetting the real purpose behind their roles. However, Dr. Sandeep Gandhi, Chief Human Resource Officer, Aircel, prefers to stick to his vision and values so that he doesn’t lose the greater purpose while achieving the short-term goals. Read More...

HR ISSUES Bidding adieu to benefits Freeze on recreational expenses Rita, a manager with a popular fast food chain shares her dilemmas, ”As inflation is continuing to rear its head, our company has worked out a few strategies to cut costs, and one of them is freeze on employee recreation expenses. In a work environment like ours where only young people work, it is essential to keep them motivated through incentives and other recreational activities. Without incentives, they tend to lose focus. But now, with cost cutting, I don’t know how to keep them motivated and engaged.” Find alternative ways

Incentives are used as a motivational tool to drive employees towards achieving corporate goals or to perform a task more efficiently. But incentive doesn’t always include a price/cost. A token of appreciation or recognition of the achievement through a certificate or a publication about the employee in the internal communication medium (i.e., internal magazine or company website) can also act as a great motivational tool. So, Rita as a manager should understand the financial condition of the organization and find alternative ways to motivate employees, and fight the situation. Read More...

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>> NEWS BRIEFS 4 >> SPECIAL SECTION: PUMPS & PUMPING SYSTEMS Across sectors Overview: Indian pump industry gaining foothold 60 In-depth look: Pump types and components 62 >> POWER Pump applications: Across sectors 66 Price revision: CERC notifies tariff order for 2013-14 14 Energy saving techniques: Need for efficient pumps 70 Rating discoms: MoP introduces annual exercise to grade utilities 16 >> CIVIL AVIATION >> OIL & GAS Long awaited: Kolkata unveils new terminal 72 India’s LNG aspirations: Tackling rising domestic imbalances 20 >> TELECOM >> ROADS & BRIDGES FDI plunge: Regulatory uncertainty impacts investments 74 NHDP progress: Development plans till 2017 24 Vodafone India: Growth despite regulatory challenges 76

>> PORTS & SHIPPING >> URBAN INFRASTRUCTURE Financing port projects: Environment will remain challenging 28 Improving service delivery: PCMC’s e-governance initiatives 78 Key statistics 30 bring transparency and efficiency in operations

>> SECTOR FOCUS: RAILWAYS >> INFRASTRUCTURE FINANCE Overview: Growing traffic despite falling market share 34 ADB’s India exposure: Project round-up for 2012-13 80 Recent developments: Slowly moving on the right track 36 Cash strapped: Current revenue model not sustainable for IR 38 >> DOMESTIC FINANCINGS 82 Railway Budget 2013-14: Aims at improving IR’s financial health 40 PPP track: Projects face delays or are still on the drawing board 42 >> OVERSEAS FINANCINGS 84 Fixed infrastructure: Need to increase pace of capacity addition 44 Rolling stock: Increase in demand but slow project execution 46 >> PEOPLE 86 Signalling and telecommunications: IR gets tech-savvy 48 Rumjhum Chatterjee, Arup Roy Choudhury, Preiti Patel, DFC update: Some progress, but still a long way to go 50 M. Prabhakar Rao, Ashish Tandon, Arvind Bali High speed rail: IR’s dream project finally taking shape 52 Mass transit systems: Focusing on automatic fare collection 54 Key statistics 56

FORM IV Publisher Alok Brara Printer Alok Brara Owner India Infrastructure Publishing Private Limited Editor Alok Brara Printing Press International Print-o-Pac Limited, C-4 to C-11, Hosiery Complex, Phase-II Extension, Noida 201305 Place of Publication B-17, Qutab Institutional Area, New Delhi 110016

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Table of Contents April 2013; 13 (1)

Editorial

Terence Jackson Culturalists versus institutionalists: A false debate? International Journal of Cross Cultural Management April 2013 13: 3-4, doi:10.1177/1470595813482936 Full Text (PDF) References Request Permissions

Articles

Kerri Anne Crowne Cultural exposure, emotional intelligence, and cultural intelligence: An exploratory study International Journal of Cross Cultural Management April 2013 13: 5-22, first published on February 7, 2013 doi:10.1177/1470595812452633 Abstract Full Text (PDF) References Request Permissions

[x] close Ghulam Mustafa and Rune Lines Cultural exposure, emotional intelligence, and The triple role of values in culturally adapted leadership styles cultural intelligence International Journal of Cross Cultural Management April 2013 13: 23-46, first An exploratory study published on October 29, 2012 doi:10.1177/1470595812452636 Abstract Abstract Full Text (PDF) References Request Permissions This study examines the influence of cultural exposure on emotional intelligence and cultural intelligence. Because of the importance of international experience Marta Vidal-Suárez and Cristina López-Duarte in organizations, and the ease of travel, understanding the impact of exposure Language distance and international acquisitions: A transaction cost to other cultures is critical. In this study, cultural exposure is examined in a variety of w ays, such as a binary measure, breadth measure, and depth approach measure, as w ell as the interaction betw een breadth and depth. The sample International Journal of Cross Cultural Management April 2013 13: 47-63, first included 485 participants from a large university in the northeast part of the published on February 7, 2013 doi:10.1177/1470595812452634 United States. Regression analysis w as conducted and findings indicated that cultural exposure in all forms had an impact on cultural intelligence, w hile it did Abstract Full Text (PDF) References Request Permissions not have an impact on emotional intelligence.

Brent R MacNab and Reginald Worthley Stereotype awareness development and effective cross-cultural management: An experiential approach International Journal of Cross Cultural Management April 2013 13: 65-87, first published on November 20, 2012 doi:10.1177/1470595812452635 Abstract Full Text (PDF) References Request Permissions

Dirk Holtbrügge, Abigail Weldon, and Helen Rogers Cultural determinants of email communication styles International Journal of Cross Cultural Management April 2013 13: 89-110, first published on October 29, 2012 doi:10.1177/1470595812452638 Abstract Full Text (PDF) References Request Permissions

Maria Simosi Trajectories of organizational commitment: A qualitative study in a Greek public sector organization International Journal of Cross Cultural Management April 2013 13: 111-130, first published on February 7, 2013 doi:10.1177/1470595812452637 Abstract Full Text (PDF) References Request Permissions 2013 1 > Volume 152/1 March

International Labour Review

Contents

1 The imprudence of labour market flexibilization in a fiscally austere world Jeronim CAPALDO and Alex IZURIETA This article assesses the effects of combining fiscal austerity with policies aimed at reducing labour costs and, in doing so, sheds new light on current policy de- bates. Taking a global perspective, the authors explore the aggregation problem by proposing a stylized analytical macro-model with explicit distribution dynam- ics. In this framework, flexibilization policies that suppress the labour share trigger global feedbacks that result in a downward spiral, with contraction even in export- led economies. The initial gains of more competitive economies are shown to be ephemeral. In the long term, the world economy is essentially wage-led and re- sponds positively to coordinated Keynesian stimuli. Keywords: labour flexibility, employment, employment security, labour cost, labour demand, OECD countries. 27 Measuring labour absorption problems in developing countries: Limitations of the concept of unemployment Ndongo Samba SYLLA The “standard” unemployment rate is often criticized for omitting large numbers of people who are classified as employed or as not economically inactive, when in fact their situation amounts to unemployment. The author discusses the limitations of this standard definition for developing countries. After reviewing the methodological and statistical problems posed by the standard rate, he looks at the reality behind the words in contexts where the labour market is highly segmented. He shows that the standard unemployment rate underestimates excess labour supply and is a poor indica- tor of the Decent Work deficit, and considers its limitations in guiding economic policy. Keywords: unemployment, labour demand, definition, data collecting, role of ILO, developing countries. 43 Sex segregation in India’s formal manufacturing sector Molly CHATTOPADHYAY, Sonali CHAKRABORTY and Richard ANKER Using an index of dissimilarity based on data from the Annual Survey of Indus- tries for 1989/90 and 2000/01, the authors find that sex segregation across India’s so-called factory sector decreased over this period. Most of the apparent improve- ment, however, was due to changes in the industrial structure of employment, not desegregation per se. The index is also sensitive to the number of industries in the underlying classifications. At the national and state levels, women effectively have very limited formal job opportunities: they are highly concentrated in a small num- ber of traditional “women’s” manufacturing industries, such as food, tobacco, ap- parel, weaving and spinning. Keywords: women workers, equal employment opportunity, industry, survey, data collecting, methodology, trend, India. 59 Who will give effect to the ILO’s Maritime Labour Convention, 2006? Francisco PINIELLA, José María SILOS and Francisca BERNAL The Maritime Labour Convention, 2006, which takes effect on 20 August 2013, con- solidates dozens of ILO standards adopted since the 1920s. It has been described as the “fourth pillar” of the international maritime regulatory regime, alongside three major IMO Conventions on safety at sea and marine pollution control. The challenge, the authors argue, will be to enforce it within the existing inspection frameworks of flag State implementation and “port State control”. Technically, the responsibility rests on the former, but the proliferation of flags of convenience suggests that the latter will have a crucial part to play too, as will, in either case, inspector training. Keywords: merchant marine, seafarer, flags of convenience, IMO, international law, ILO convention, comment, application, history. 85 Labour provisions in preferential trade agreements: Current practice and outlook Jean-Marc SIROËN While the WTO and Doha Development Round do not deal with labour issues – they leave this to the ILO – the main countries that conclude free trade agree- ments incorporate labour provisions, which vary in terms of stringency. Sanctions are rarely used, and fears that “social clauses” would serve protectionist purposes have proved to be unfounded. Labour provisions are designed to meet a variety of sometimes conflicting goals, by means of different mechanisms aimed at improving labour practices and promoting Decent Work; the author makes a number of sug- gestions in this regard. Keywords: free trade, trade agreement, international agreement, decent work, social implication, GATT, WTO, ILO role.

Notes and debates 107 Economic growth and inequality: Minimum wage for Singapore Weng Tat HUI In the context of Singapore’s ageing population, the employment of large numbers of low-skilled foreign workers is proving to be a major challenge to inclusive growth because of the stagnation of low-wage workers’ incomes. In order to address this problem, the author makes the case for introducing a minimum wage to comple- ment existing in-work benefit schemes. After addressing the commonly voiced ob- jections to a minimum wage system, he suggests ways in which a minimum wage could be implemented in Singapore. New measures to enhance the social safety net and foster more sustainable economic growth are also proposed. Keywords: low income, minimum wage, wage differential, migrant worker, wage policy, economic development, Singapore. 125 Statutory leave entitlements across developed countries: Why US workers lose out on work–family balance Richard N. BLOCK, Joo-Young PARK and Young-Hee KANG Using a composite index of legal provisions for annual and family leave in western Europe, the United States, Canada, Australia, Japan and the Republic of Korea, the authors rank legislative support for this aspect of work–family balance. The United States ranks last: its employers are not required to grant annual leave and employ- ees can take no more than 12 weeks’ family leave per year. The United States’ comparatively low labour standards, the authors argue, may be due to the domi- nance of a market-based conception of employment and the assumption of equal employer–employee bargaining power, neither of which is fully shared by the other industrialized democracies. Keywords: paid leave, labour legislation, comment, work life balance, Australia, EU countries, Canada, Japan, Korea R, USA.

145 Coping with the unemployment crisis in Europe Hedva SARFATI Since the 1970s, Europe has been plagued by a chronic unemployment crisis, which has escalated with the current Great Recession. The author discusses a number of relevant elements in this regard, including the extent to which social dialogue and social pacts have been successful in reforming labour markets and pension systems, the effect of active labour market policies and the characteristics of “resilient” econ- omies. She concludes with the need to rethink social dialogue, social safety nets, the granting of loans – especially to SMEs – and the coordination of macroeconomic policies to increase labour demand. Keywords: employment, unemployment, labour demand, social dialogue, social protection, economic recession, trend, EU countries.

Book reviews 157 A right to care? Unpaid care work in European employment law, by Nicole BUSBY Gender, law and justice in a global labour market, by Ann STEWART Reviewed by Judy FUDGE

ISSN 0020-7780 www.ilo.org/revue

The ILR is a member of the International Association of Labour Law Journals (www.labour lawjournals.com). Information on the ILO, including ILO publications, is available on the Internet at: www.ilo. org. Bibliographic references to articles in the International Labour Review (ILR) are included in LABORDOC, the main bibliographic database of the International Labour Office, as well as in the following databases and in their respective abstracting journals: ABI/INFORM, Book Review Index, Business Periodicals Index, International Bibliography of the Social Sciences (IBSS), Management Contents, Newsearch, PAIS International (PAIS International in Print), Peace Research Abstracts, Personnel Management Abstracts, Social Work Abstracts, Sociologic- al Abstracts, Work Related Abstracts. The Economic Literature Index (Journal of Economic Literature) provides abstracts both on CD-ROM and online at www.e-JEL.org. The CD-ROM Business Periodicals Ondisc contains full texts of ILR articles since November 1987; H. W. Wilson’s full-text CD-ROM edition of Wilson Business Abstracts contains full texts from 1996; bibliographic references are available on the CD-ROM ABI/INFORM Ondisc. The ILR is also available, in whole or in part, in microform, online and on CD-ROM, from the Information Access Company, 362 Lakeside Drive, Foster City, CA 94404, United States. Whole collections and back numbers in microform, as well as photocopies of separate articles, are obtainable from University Microfilms International, 300 North Zeeb Road, Ann Arbor, Michigan 48106 (United States), and 18 Bedford Row, London WC1R 4EJ (England). Login

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Search inside this journal Journal of Applied Psychology Online First Publication Editor: Steve W. J. Kozlowski, PhD View article list Journal Information Current issue feed Volumes/Issues Set PsycALERT: New issue update by email 2013 Volume 98 Issue 3 (May) Issue 2 (Mar) Issue 1 (Jan) 2012 2013 Volume 98, Issue 3 (May) Volume 97 2011 The psychological and neurological bases of leader self-complexity and effects on adaptive Volume 96 decision-making. 2010 Pages 393-411 Volume 95 Hannah, Sean T.; Balthazard, Pierre A.; Waldman, David A.; Jennings, Peter L.; Thatcher, 2009 Robert W. Volume 94 Abstract | Purchase PDF | Permissions 2008 Volume 93 Causes and consequences of collective turnover: A meta-analytic review. 2007 Pages 412-453 Volume 92 Heavey, Angela L.; Holwerda, Jacob A.; Hausknecht, John P. 2006 Abstract | Purchase PDF | Permissions Volume 91 2005 Voluntary survey completion among team members: Implications of noncompliance and Volume 90 missing data for multilevel research. 2004 Pages 454-468 Volume 89 Hirschfeld, Robert R.; Cole, Michael S.; Bernerth, Jeremy B.; Rizzuto, Tracey E. 2003 Abstract | Purchase PDF | Permissions Volume 88 2002 Beyond step-down analysis: A new test for decomposing the importance of dependent Volume 87 variables in MANOVA. 2001 Pages 469-477 Volume 86 Tonidandel, Scott; LeBreton, James M. 2000 Abstract | Purchase PDF | Permissions Volume 85 1999 Does it take two to tango? Longitudinal effects of unilateral and bilateral integrative Volume 84 negotiation training. 1998 Pages 478-491 Volume 83 Zerres, Alfred; Hüffmeier, Joachim; Freund, Philipp Alexander; Backhaus, Klaus; Hertel, Guido 1997 Volume 82 Abstract | Purchase PDF | Permissions 1996 Volume 81 The impact of furloughs on emotional exhaustion, self-rated performance, and recovery 1995 experiences. Volume 80 Pages 492-503 1994 Halbesleben, Jonathon R. B.; Wheeler, Anthony R.; Paustian-Underdahl, Samantha C. Volume 79 Abstract | Purchase PDF | Permissions 1993 Volume 78 Toward a culture-by-context perspective on negotiation: Negotiating teams in the United 1992 States and Taiwan. Volume 77 Pages 504-513 1991 Gelfand, Michele J.; Brett, Jeanne; Gunia, Brian C.; Imai, Lynn; Huang, Tsai-Jung; Hsu, Bi-Fen Volume 76 Abstract | Purchase PDF | Permissions 1990 Volume 75 The comparative effect of subjective and objective after-action reviews on team 1989 performance on a complex task. Volume 74 Pages 514-528 1988 Villado, Anton J.; Arthur Jr., Winfred Volume 73 Abstract | Purchase PDF | Permissions 1987 Volume 72 Reciprocal effects of work stressors and counterproductive work behavior: A five-wave 1986 longitudinal study. Volume 71 Pages 529-539 1985 Meier, Laurenz L.; Spector, Paul E. Volume 70 1984 Abstract | Purchase PDF | Permissions Volume 69 1983 Making things happen through challenging goals: Leader proactivity, trust, and business- Volume 68 unit performance. 1982 Pages 540-549 Volume 67 Crossley, Craig D.; Cooper, Cecily D.; Wernsing, Tara S. 1981 Abstract | Purchase PDF | Permissions Volume 66 1980 Masters of the universe: How power and accountability influence self-serving decisions Volume 65 under moral hazard. 1979 Pages 550-558 Volume 64 Pitesa, Marko; Thau, Stefan 1978 Abstract | Purchase PDF | Permissions Volume 63 1977 Volume 62 1976 Volume 61 1975 Volume 60 1974 Volume 59 1973 Volume 58 1973 Volume 57 1972 Volume 56 1971 Volume 55 1970 Volume 54 1969 Volume 53 1968 Volume 52 1967 Volume 51 1966 Volume 50 1965 Volume 49 1964 Volume 48 1963 Volume 47 1962 Volume 46 1961 Volume 45 1960 Volume 44 1959 Volume 43 1958 Volume 42 1957 Volume 41 1956 Volume 40 Sign In | My Tools | Contact Us | HELP

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Table of Contents April 2013; 19 (1)

Convocation Address

Srikant Datar The Courage to Act Ethically and To Have Empathy and Compassion Journal of Human Values April 2013 19: 1-4, doi:10.1177/0971685812470325 Full Text (PDF)

Articles

Pavel Nováček Human Values Compatible with Sustainable Development Journal of Human Values April 2013 19: 5-13, doi:10.1177/0971685812470326 Abstract Full Text (PDF) References

N. Balasubramanian Gender Equality, Inclusivity and Corporate Governance in India Journal of Human Values April 2013 19: 15-28, doi:10.1177/0971685812470327 Abstract Full Text (PDF) References

Carol S. Wright Developing Ethical Leaders: Is There Inconsistency between Theory and Practice? Journal of Human Values April 2013 19: 29-38, doi:10.1177/0971685812470329 Abstract Full Text (PDF) References

Sarvesh Satija Striving Beyond a Healthy Development: An Insight from Indian Wisdom Journal of Human Values April 2013 19: 39-54, doi:10.1177/0971685812470330 Abstract Full Text (PDF) References

Orathinkal Jose Stages of Moral Reasoning among University Students in Papua New Guinea Journal of Human Values April 2013 19: 55-64, doi:10.1177/0971685812470333 Abstract Full Text (PDF) References

K. Lakshmi Altruism and Dāna: Impact on Self and Well-being Journal of Human Values April 2013 19: 65-71, doi:10.1177/0971685812470338 Abstract Full Text (PDF) References

Shoeb Ahmad Paradigms of Quality of Work Life Journal of Human Values April 2013 19: 73-82, doi:10.1177/0971685812470345 Abstract Full Text (PDF) References

Sonali Bhattacharya A Global Spiritual Index, Its Predictors and Relationship to Crime Journal of Human Values April 2013 19: 83-104, doi:10.1177/0971685812470346 Abstract Full Text (PDF) References 103

Journal of Intellectual Property Rights

www.niscair.res.in, http://nopr.niscair.res.in

VOLUME 18 NUMBER 2 MARCH 2013 CODEN: JIPRFG 18 (2) 99 – 196 (2013) ISSN: 0971-7544 e-ISSN 0975-1076

CONTENTS

Articles

Patenting and R&D in Indian Pharmaceutical Industry: Post-TRIPS Scenario 105 Neena Bedi, P M S Bedi and Balwinder S Sooch

The Inevitable Connection between Intellectual Property and Competition Law: 111 Emerging Jurisprudence and Lessons for India K D Raju

Pay ‘n’ Play: Public Performance of Sound Recordings vis-à-vis Copyright Infringement 123 Daksh Mitra and Aayush Modi

Technology Development and Legislation Progress: Third Party Liabilities 133 of Internet Service Providers in China Tort Law Wei Li and Xue-Kai Xie

A Study on Global Intellectual Property Right Governance: From the Perspective 143 of Structure-Functionalism Xuefeng Liu

The Patent-Classification Technology/Function Matrix - A Systematic Method 158 for Design Around Tien-Yuan Cheng and Ming-Tzong Wang

A Relook at Inventors’ Rights 168 Prerna Wardhan and Padmavati Manchikanti

Minors’ Rights under Intellectual Property Rights Laws: A Myth or Reality? 174 Lisa P Lukose

European IP Developments

The Future of Copyright Protection in the European Union 181 Trevor Cook

104

Global Public Health and Intellectual Property

Intellectual Property Regime and Developing Country Health Concerns 186 T G Agitha

Book Review

Intellectual Property in the Life Sciences: A Global Guide to Rights and their Applications 192 Edited by Paul England

International Design Protection: A Global Handbook 192 Edited by Clive Thorne

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Table of Contents April 2013; 22 (2)

Essays

Saku Mantere Editor’s Introduction Journal of Management Inquiry April 2013 22: 147, first published on December 13, 2012 doi:10.1177/1056492612469000 Full Text (PDF) Request Permissions

Gavin Jack, Yunxia Zhu, Jay Barney, Mary Yoko Brannen, Craig Prichard, Kulwant Singh, and David Whetten Refining, Reinforcing and Reimagining Universal and Indigenous Theory Development in International Management Journal of Management Inquiry April 2013 22: 148-164, first published on September 21, 2012 doi:10.1177/1056492612458453 Abstract Full Text (PDF) References Request Permissions

Reflections on Experience

Susan Adams Editor’s Introduction Journal of Management Inquiry April 2013 22: 165, first published on December 13, 2012 doi:10.1177/1056492612469001 Full Text (PDF) Request Permissions

Eric W. K. Tsang Is This Referee Really My Peer? A Challenge to the Peer-Review Process Journal of Management Inquiry April 2013 22: 166-171, first published on October 29, 2012 doi:10.1177/1056492612461306 Abstract Full Text (PDF) References Request Permissions

Non-Traditional Research

David Cavazos Editor’s Introduction Journal of Management Inquiry April 2013 22: 172, first published on December 4, 2012 doi:10.1177/1056492612468077 Full Text (PDF) Request Permissions

Sonal Minocha and Martin Reynolds The Artistry of Practice or the Practice of Artistry: Embodying Art and Practice in a Business School Context Journal of Management Inquiry April 2013 22: 173-192, first published on August 1, 2012 doi:10.1177/1056492612451652 Abstract Full Text (PDF) References Request Permissions

David Cavazos Editor’s Introduction Journal of Management Inquiry April 2013 22: 193, first published on December 4, 2012 doi:10.1177/1056492612468078 Full Text (PDF) Request Permissions

Jill L. Robinson and Danielle Topping The Rhetoric of Power: A Comparison of Hitler and Martin Luther King Jr. Journal of Management Inquiry April 2013 22: 194-210, first published on July 24, 2012 doi:10.1177/1056492612451789 Abstract Full Text (PDF) References Request Permissions

Behlül Üsdiken Editor’s Introduction Journal of Management Inquiry April 2013 22: 211, first published on December 5, 2012 doi:10.1177/1056492612469002 Full Text (PDF) References Request Permissions

Kajsa Lindberg and Lars Walter Objects-in-Use and Organizing in Action Nets: A Case of an Infusion Pump Journal of Management Inquiry April 2013 22: 212-227, first published on August 16, 2012 doi:10.1177/1056492612455242 Abstract Full Text (PDF) References Request Permissions

Chris Quinn Trank Editor’s Introduction Journal of Management Inquiry April 2013 22: 228, first published on December 26, 2012 doi:10.1177/1056492612469489 Full Text (PDF) References Request Permissions

Laura Empson My Affair With the “Other”: Identity Journeys Across the Research–Practice Divide Journal of Management Inquiry April 2013 22: 229-248, first published on May 17, 2012 doi:10.1177/1056492612446068 Abstract Full Text (PDF) References Request Permissions

Provocations and Provocateurs

Denny Gioia Editor’s Introduction Journal of Management Inquiry April 2013 22: 249, first published on January 24, 2013 doi:10.1177/1056492613476222 Full Text (PDF) Request Permissions

Joe Porac and F. Ted Tschang Unbounding the Managerial Mind: It’s Time to Abandon the Image of Managers As “Small Brains” Journal of Management Inquiry April 2013 22: 250-254, doi:10.1177/1056492613476223 Abstract Full Text (PDF) References Request Permissions

Out of Whack

Charles M. Vance How Do You Measure Academic Career Success? Journal of Management Inquiry April 2013 22: 255, doi:10.1177/1056492613481730 Full Text (PDF) Request Permissions

Volume 13 Number 1

Home Dr. Kym Fraser, Chihiro Watanabe, Hans-Henrik Hvolby About Journal COMMITMENT TO SERVICE QUALITY IN AUTOMOTIVE DEALERSHIPS: RESULTS FROM AN AUSTRALIAN PILOT Archives STUDY Editor's Message Eappen Thiruvattal, Dan Petrovici, Jose M. Alcaraz Editorial Team PROGRESSIVES, LOYALISTS, MULTINATIONALS, AND NEWCOMERS: CLUSTERS FOR TARGETING Current Issue ORGANISATIONAL CUSTOMERS OF INSURANCE Forthcoming Issue Book-Review Zafar Husain, Abdullah A. Altameem, Vinayshil Gautam Call for Papers TECHNOLOGY BASED MANAGEMENT OF CUSTOMER RELATIONAL CAPITAL HUMAN-TOUCH STILL A NECESSITY Authors Guidelines Dr. Parikshat Singh Manhas, Mr. Jeet Dogra Subscription Form QUALITY MANAGEMENT PRACTICES AND TOURISM DESTINATION BRANDING: INTER-RELATIONSHIP AND About IIMT PREFERENTIAL STUDY OF THE COMPONENTS Comments Dinabandhu Bag Advanced Search Copyright Form TRANSACTION COSTS AND EFFICIENCY IN INTERMEDIATION Conference Dr. Kirti Dutta, Dr. Swati Singh Contact Us CUSTOMER PERCEPTION OF CSR AND ITS IMPACT ON RETAILER EVALUATION AND PURCHASE INTENTION IN INDIA

Ekta Duggal, Harsh V Verma

SERVICE QUALITY: CONSTRUCT COMPREHENSION AND EVOLUTION OVER TIME

Vinnie Jauhari, Rajesh Sehgal, Pooja Sehgal

TALENT MANAGEMENT AND EMPLOYEE ENGAGEMENT: INSIGHTS FROM INFOTECH ENTERPRISES LTD.

About Journal l Statement About Ownership l Forthcoming Conferences and Seminars l Free Sample Articles l Editorial Team l Contact Us Copyright © Institute for International Management and Technology, All Rights Reserv ed. April 2013 Vol. 48 No. 4 ` 60.00 REGISTERED KOL RMS/139/2013-2015 Publication Date : 10th April 2013 R.N.I. 12032/66

(Statutory body under an Act of Parliament) The President of the Institute, CMA Rakesh Singh addressing students of the Institute at the Southern India Student Fest PRAGATHI, in Lions Club Hall, Cochin on 2nd March 2013 Cost Competitiveness—Role of CMAs

Value Chain Analysis T he M anagement CMA S. R. Bhargave Central Council Member of the Institute and CMA Amit Kumar, Management Consultant at the Post Budget Analysis 2013-14 held on 7th March 2013 at CMA Bhawan, New Delhi A c co SUSTAINABLE

u Monitoring & Benchmarking

ntant GROWTH Evaluation |

V

Central Council Member, CMA Manas Kumar Thakur and Regional ol. 48 Business Productivity Price Labour Council Member (WIRC) CMA Debasish Mitra presenting a Performance and Supply memento to the CMD of Central Bank of India, Mr. M. V. Tanksale, Cost |

after a research related discussion in Mumbai N o .4

|

Business Physical Knowledge

` Environment Infrastructure Infrastructure 60.00

Shri B.B. Goyal, Advisor (Cost) Ministry of Corporate Affairs, Dr. S. Chandrasekhar Co-Chairman of Corporate Affairs Committee PHD Chamber, Mr. Devinder Arora Consultant (Finance) PHD Design of Cost Competitiveness Chamber, CMA Rakesh Singh, the President and CMA Kunal & Implementation & Risk Analysis Banerjee the Past President of the Institute at the seminar on Practical Aspects of Cost Accounting Record Rules and Cost Audit held on 18th March, 2013 at PHD House, New Delhi

COST COMPETITIVENESS Printed and Published by Rakesh Singh, President of the Institute of Cost Accountants of India, 12 Sudder Street, Kolkata-700 016 for and on behalf of the Institute and Printed at Hooghly Printing Co. Ltd. (A Govt. of India Enterprise). Editor : Dr. Debaprosanna Nandy ROLE OF CMAs

504 The Management Accountant | April 2013 www.icmai.in Inside Th e Management Accountant Offi cial Organ of the Institute of Cost Accountants of India established in year 1944 (Founder member of IFAC, SAFA and CAPA)

Volume 48 No. 4 April 2013

C O N T E N T S

381 EDITORIAL Budget 2013

382 PRESIDENT’S COMMUNIQUE 405 Budget 2013 Cover Th eme by T.C.A. Ramanujam & T.C.A. Sangeetha 407 Union Budget (2013–14): An Empirical 385 Cost Competitiveness—India’s Present Analysis Scenario and the Road Ahead by Dilip Kumar Datta by R. Balaji 389 Cost Competitiveness — Role of CMAs A Economy Soft ware Industry Perspective by K.V.N. Lavanya 411 Trends in Public Revenue 392 Cost Competitiveness And Role of CMA by V. Rajagopal by A. Saha 415 Revenue from Contract with Customer 394 Cost Competitiveness — the Sustainable by Shashikant Choubey Business Strategy by Dr. D. Mukhopadhyay Accounting Taxation 418 Revised Schedule Vi: A Milestone of Indian Corporate Reporting System 397 Tax Titbits by Dr. Dilip Kumar Karak & Dr. Basanta by S. Rajaratnam Khamrui 400 Service Tax Voluntary Compliance Encouragement Scheme, 2013 (VCES) 423 Institute News by Sanjay R. Bhargave 402 Profi t From Pardon: Th e New Service Tax 477 Fresh Election (By - Election) Amnesty Scheme by Ravindran Pranatharthy 499 Convocation 2013

IDEALS THE INSTITUTE STANDS FOR

❏ to develop the Cost and Management Accountancy profession ❏ to develop the body of members and properly equip them for functions ❏ to ensure sound professional ethics ❏ to keep abreast of new developments.

The contents of this journal are the copyright of The Institute of Cost Accountants of India, whose permission is necessary for reproduction in whole or in part.

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Table of Contents February 2013; 7 (1)

Articles

Kee Tuan Teng, Siew Hwa Yen, and Soo Y. Chua The Synchronisation of ASEAN-5 Stock Markets with the Growth Rate Cycles of Selected Emerging and Developed Economies Margin: The Journal of Applied Economic Research February 2013 7: 1-28, doi:10.1177/0973801012466100 Abstract Full Text (PDF) References

Fazelina Sahul Hamid The Effect of Reliance on International Funding on Banking Fragility: Evidence from East Asia Margin: The Journal of Applied Economic Research February 2013 7: 29-60, doi:10.1177/0973801012466102 Abstract Full Text (PDF) References

Dilip Kumar and S. Maheswaran Return, Volatility and Risk Spillover from Oil Prices and the US Dollar Exchange Rate to the Indian Industrial Sectors Margin: The Journal of Applied Economic Research February 2013 7: 61-91, doi:10.1177/0973801012466103 Abstract Full Text (PDF) References

Khanindra Ch. Das Home Country Determinants of Outward FDI from Developing Countries Margin: The Journal of Applied Economic Research February 2013 7: 93-116, doi:10.1177/0973801012466104 Abstract Full Text (PDF) References

Avijit Debnath, Niranjan Roy, and Nairita Bhattacharjee Transfer Dependence of Northeast States: Are the Growth Effects of Grants Uniform Across States? Margin: The Journal of Applied Economic Research February 2013 7: 117-130, doi:10.1177/0973801012466168 Abstract Full Text (PDF) References January – March 2013 Volume XLI Number 4

Public Limited Companies in India Using Structural KMV Model

Vandana Gupta R K Mittal V K Bhalla

This paper attempts to combine financial factors and market valuation of firms to predict the default risk of publicly traded companies in India. The authors have extended the works of KMV model in developing a suitable algorithm for determining probability of default of Indian listed companies. The authors use the continuous observations of default probability obtained from KMV and balance sheet ratios (as the reduced form) to obtain a simple default probability model that Financial Institutions can use. Then in a set of logistic regressions, efforts have been made to establish linkage between the implicit default probability and financial ratios of these firms and assess their predictive power. We observe that the correlation of what our model predicts and what CRISIL rates these firms is very high implying our model is an efficient predictor. The paper recommends that inclusion of market data makes the default risk quantifiable and recommend a hybrid type of model that combines both market specific and financial factors in predicting default risk of firms.

Financial Inclusion in Urban India: A Study in the State of Assam

Subhrangshu Sekhar Sarkar Ajanta Phatowali

The paper emphasizes the importance of empirical research on issues of urban financial inclusion due to the increased pace of urbanization in India. Authors use the available supply side data to analyse the trend and measure the extent of financial inclusion in the country as well as in the State of Assam during 1996-2010. Indices of Financial Inclusion have been calculated and analysed. It is observed that there is mixed contribution of individual indicators towards the overall financial inclusion over the years without any particular trend or pattern for India as well as for Assam. Therefore, it necessitates importance to be given to each attribute to develop inclusion further.

Brief Articles, Notes and Comments Return, Volume and Volatility Relationship in the Indian Stock Market: Pre- and Post-Automation Analysis

Sarika Mahajan Balwinder Singh

The present study examines the impact of introduction of automation on contemporaneous and causal relationships between return, volume and volatility in Indian stock market using daily data of closing prices and volume of SENSEX index from 1992 to 2007. The results of Correlation analysis, GARCH (1,1) and Granger causality test indicate that the quality of information flowing to the Bombay Stock Exchange has improved after the introduction of automation. Although volatility clustering has been found in both periods there is little improvement in speed of discounting information in prices as order of autoregressive terms is declined in post-automation phase. Thus, automation leads to more flow of information to investors, which helps drive the market. This information was earlier available only to brokers.

Potential Business Applications of Quick Response (QR) Codes

Irfan Bashir J Rama Krishna Naik C Madhavaiah

"Technology and technological systems are integral to everything we do and can do" (Pearson & Young, 2002)

Technology is transforming the way people interact. Millions of people are impacted by advances in technology. Business organizations gain competitive advantage by early adoption of technology. Technology adoption posits many advantages to organizations and people, who use them, such as, reducing costs, availability, timelessness, usefulness and ease of use. At the end of every decade, a new technology has thrust us into the next era. Quick Response (QR) code radically ousted the bar code era. QR code is a classic example of technology advancement, which transformed the way consumers interact with sellers and service providers. Internet-enabled mobile phones have become an increasingly popular platform for use of quick response codes. These small codes are changing the way we interact with products whether it is with magazines, books, advertisements, signage or even disposable cups at fast-food restaurants. The QR codes changed how the contents are created and delivered to users. The present paper is an attempt to examine the applications of quick response codes in different industries and the paper also presents the limitations of using quick response codes and provides future direction of research.

Book Reviews

The Global Economic Crisis through an Indian Looking Glass

Adarsh Kishore Michael Debabrata Patra Partha Ray

Sage Publications, 2011, New Delhi, xx+319 pp, Rs. 795.00

Reviewed by Dr Smita Roy Trivedi, Faculty Research Associate, National Institute of Bank Management, Pune, India.

Leadership: Theory and Practice

Peter G Northhouse

Sage Publications, Fifth Edition, 2010, New Delhi, xvi+435 pp, Rs. 495.00

Reviewed by Ms Anagha P Sharangdhar, Research Associate, National Institute of Bank Management, Pune, India.

Index to Vol. XLI: 2012-13

Referees of Prajnan: 2012-13