ISSN-0974-8482 The ORISSA JOURNAL OF COMMERCE U.G.C. CARE listed, A peer Reviewed and Referred Journal VOLUME - XXXX JULY-SEPTEMBER 2019 ISSUE No. - III A Publication of Orissa Commerce Association Journal’s website: www.ojcoca.org E-mail id: [email protected] ORISSA COMMERCE ASSOCIATION EXECUTIVE COMMITTEE-2019-20 President : Prof. P. K. Hota, Utkal University Vice President : Mr. Tekchand Doan, Sohela College Gen. Secretary : Major Dr. S. A. Taher, Vyasanagar College Joint Gen. Secretary : Dr. Arta Bandhu Jena, F. M. University Treasurer : Dr. G. K. Panigrahi, Retd. Reader, Hinjillikatu College Managing Editor : Prof. Malay Kumar Mohanty, Former Registrar, (OJC and OCA news Letter) Ravenshaw University Conference Secretary : Dr. Sasmita Samanta, KIIT Deemed to be University, Bhubaneswar Executive Members Bhubaneswar : Dr. Sabat kumar Digal, Ramadevi Women’s University Cuttack, Jagatsinghpur : Dr. Tushar Kanta Pany, Ravenshaw University Puri, Khordha, Nayagarh : Dr. (Mrs.) Elina Kanungo, SCS College Ganjam, Gajapati : Sri Sudhansu Sekhar Nayak, Koraput, Rayagada, Malkangiri, Nabarangapur : Dr. (Mrs.) Jayashree Jethi , Gunupur College Kalahandi, Nuapada, Balangir, Subarnapur : Dr. Kishore Ch. Sahu, Dungurupalli College Sambalpur, Bargarh, Deogarh : Dr. Biswa Mohan Jena, NSB College, Sambalpur Sundergarh, Jharsuguda : Sri Narendra Kumar Panda, L. N. College Kendujhar, Mayurbhanj : Dr. Smruti Ranjan Das, Faculty of Mgt., North Orissa University, Baripada Angul, Dhenkanal, Boudh, Kandhamal : Mrs. Sugyani Rath, Govt. Autonomous College, Angul Balasore, Bhadrak : Dr. Durga Madhab Mahapatra, F M. Autonomous College, Balasore Jajpur, Kendrapara : Mr. Sanjib Kumar Das, Pattamundai College Ex-Officio Executive Members : All Past Presidents ISSN-0974-8482 ORISSA JOURNAL OF COMMERCE U.G.C. CARE listed, A peer Reviewed and Referred Journal Contents 1. Impact of Board of Directors'on NIFTY 50 Listed Companies in India 1 H. K. Singh, Shantanu Saurabh & Veenita Singh 2. An Impact of Macroeconomic Variables on the Functioning of Indian Stock Market 13 Brundaban Sahu & Rakesh Chandra Sahoo 3. A Systematic Review of Literatures on Customer Churn Analysis in the Telecommunication Industry 24 Manoj Kumar Dash & Susmita Dash 4. Integrated Reporting for Corporate Sustainability: An Exploratory Study 42 Tulika Bal & Sunil Kumar Dhal 5. Financial Literacy and Its Dimensions: An Empirical Study in Assam 51 Sanjib Das & Santosh Kumar Mahapatra 6. Lifecycle Management Using Risk Estimation and Contingency Model for Indian Defence Sector 61 Mukesh Kumar Gupta & Gyanesh Kumar Sinha 7. Recent Trends in Entrepreneurship (Start-Ups) Development with Reference to North East-India 75 K.C Biswal & Dhananjoy Narzary 8. Investment Pattern in Coastal Area of Odisha: A Special Reference to Bhubaneswar-Cuttack Twin City 90 S.K Baral 9. Opportunities and Challenges in Developing Inland Waterways Transport in India 97 Pradeepta Kumar Samanta (iv) EDITORIAL India Skills Report which is a joint initiative of Wheebox, a Global Talent Assessment Company, PeopleStrong, a leading HR Tech Company and Confederation of Indian Industry (CII) and supported and backed by renowned partners like United Nations Development Programme (UNDP), All India Council for Technical Education (AICTE) and Association of Indian Universities (AIU), stated that Employability continues in India. Over the last 10 years, the Government of India (GOI) has undertaken significant efforts in improving both the scale and quality of skilling, like setting up the National Skills Development Corporation (NSDC) in 2009, launching the Skill India mission in 2015, and the flagship skilling initiative, the Pradhan Mantri Kaushal Vikas Yojana (PMVKY) in 2016. This, in turn, is expected to drive economic gains and social mobility for individuals as well as trigger a productivity dividend for enterprises. As the world moves towards demand-based economy, so should feeder industries, including India’s biggest offering its talent. India skills policies have been plagued historically, unable to channel our demographic dividend towards this demand. In the 1980s and 1990s, private players like NIIT and Aptech built the pipeline for emerging tech jobs. In the Annual Household Survey conducted by the Labour Bureau, it was found that the country’s unemployment rate had risen to a five-year high of 5 per cent in 2015-16. Among those unemployed, female job seekers were the worst hit as unemployment among them had sharply climbed to 8.7 per cent in 2015-16 from 7.7 per cent in 2013-14, according to the Fifth Annual Unemployment Survey. While the Indian government is pressing the accelerator to create more jobs with its Make in India, Skill India and Start up India campaigns. Unfortunately, many young people remain unemployed because their skills do not match the emerging industry requirements in the country. Thus India is poised to provide fresh impetus to global growth. India’s economic growth will be significant in terms of its absolute contribution to global economic activity. But India’s development model is uniquely innovative, frugal, and green. Today there is a strong institutional structure with the Skill Ministry at the helm, supported by NSDC. According to the latest India Skill Report (2019), only 45.6% of the youth graduating from educational institutions are employable. To address this mismatch, it is imperative to understand the ‘return on skill’ (ROS) concept. (Managing Editor) Impact of Board of Directors’on NIFTY 50 Listed Companies in India Dr. H. K. Singh*, Dr Shantanu Saurabh & **Dr Veenita Singh*** ABSTRACT Purpose – applying a set of data Nifty 50 listed companies in India; this research paper is an attempt to empirically evaluate the effects financial performance of board of director’s based on their characteristics. Design/ methodology/ approach – a sample size of 50 listed firms have been used, from the year 2008 to 2016. Time series and cross sectional are the basic features on which the entire study is based upon for panel estimation. Beside it, statistical measures like ordinary least squares (OLS) model of regression and robust regression is applied to mitigate the problems related to endogeneity. Findings – The primary results shows that for financial performance measuring by ROA, ROE, ROCE, board of director’s features has positive and relevant effect on financial decision and performance of the firms in our study on Indian Nifty 50 listed firms. The results also points out that in the perspective of nifty 50 listed firms, the leverage and firm size are negatively related with the financial performance of the firms. Limitations and implications of the Research –In accordance with the Indian corporate governance norms and reforms, it is obligatory for the listed companies to appoint independent directors system, by far is successful still, the regulatory and governing authorities should efficiently implement the norms of appointment of independent directors in listed companies to improve corporate governance system in India. Originality/value- Initially, in not similar fashion with the prior studies based on the developing nations, this present study interrogates the impact of features of board of directors on financial performance of Indian Nifty 50 listed firms. Thereafter, while a lot many studies applied a solitary indicator of firm financial performance, this study examines ROA, ROE and ROCE. Using the OLS estimation the present study emphasizes the endogeneity issue between firm performance and board of director’s characteristics, and robust regression for mitigating the exactness of using OLS estimation. Keywords: Board of director’s characteristics, Firm performance, India, Nifty 50I Introduction The corporate governance composition of boards in terms of structure and size have paid much attention in the media and news in the corporate world in recent times, the failures of large companies * Professor, Faculty of Commerce, Banaras Hindu University, Varanasi, Ex - Vice Chancellor (Managing Editor,The Indian Journal of Commerce) Maharishi University of Information Technology,lucknow. E-mail ID: [email protected], ** Assistant Professor (Commerce), KIIT, Bhubaneshwar, Email: [email protected] *** Assistant Professor, School of Management Science, Varanasi 2 Orissa Journal of Commerce, Volume XXXX, July-September-2019, Issue No. - III was felt and observed many scams such as Enron, WorldCom and Parma- lat. The basic and primary idea is that, there is abundance of national and international guidelines for good corporate governance practices that affect matters related to board of director’s characteristics (Bennedsen et al., 2008). Composition of company’s board of director is one of the most valuable and significant mechanism of good corporate governance. The focal point in academic section is the effectiveness and efficiency of board of director’s characteristics. Firm financial performance has often been employed as a proxy for deciding the governance potential efficiency of a company in many previous studies review such as. Ghosh, (2006), revealed that firm’s performance either in terms of accounting concept or in marketing measures, particularly large size firm is affected by size of board of director’s that tends to have dampening impact. The one of the most integral part of internal corporate governance mechanism is the board of directors. According to(Akhtaruddin et al.,2009; Haji & Mubaraq, 2015) the vital institution in the internal governance structure of a company