Department of Economics
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Item An Application of Partial Adjustment Equation in Determining Payout Behavior using an Extended Instrumental Variable Approach(2025-02-28) Dr. Manoj Subhash Kamat; Dr. Manasvi M. KamatThis paper improves on earlier research on the determinants of Payout policies by using a more advanced empirical estimation, a larger Indian representative sample of panel data (PD) controlling for economic reform effect and by using alternate proxies for a longer time window 1971-2007. To deal with variables that may be correlated with the error term, often faced in static panel data analysis; the Instrumental Variable (IV) approach using dynamic panel data is followed. The IV estimation is widely used for models with random regressors (e.g. lagged dependent variable) which exhibit the correlation with model errors. We show that using IV has an additional advantage of solving problems encountered in static models, mainly addressing the simultaneity bias between the Payout measure and the explanatory variables, and the measurement error issue. Application of Generalized Methods of Moments (GMM) in econometric modelling can be considered as a further extension of IV estimation method, and attempted herein. We estimate the GMM-in-Levels {GMM (in-Lev)} (1991) model, and its other variations viz the GMM-in-first-differences {GMM (in-Diff)} (1995) and GMM-in-Systems {GMM (in-Sys)} (1997) so to include other lag structures. It is aimed to add to the relatively limited literature on aspects of Payout decision by examining the dynamics of relationship between cash payouts and a host of other explanatory variables. The implicit and explicit implications of the economic reform process on Payout policies are also explored. This robust procedure shows us how much the size of the Payout determinants, varies across the different estimation techniques.Item AN EVALUATION OF THE PERCEPTIONS IN CARBON ACCOUNTING AND REPORTING IN INDIA(2025-02-27) Dr. Manoj Subhash Kamat; Dr. Manasvi M. KamatThis paper analyses the current regulations in carbon accounting and reporting. Secondly it surveys perceptions of stakeholders (practicing accountants and educators) to see if they have demonstrated general awareness in understanding the key dynamics of the issues involved. The perceptions of the 196 accounting professionals and their sensitivity on carbon accounting are measured across both groups using the non parametric Levene’s test for differences. The test for internal consistency and inter-rater reliability of our instrument mirrors the appropriateness and reasonability of this exploratory research. Lastly we very critically evaluate the global and Indian carbon accounting regulations and the concerns in implementation of the proposed guidelines.Item An Examination of Carbon Disclosure Practices in India(2025-02-27) Dr. Manoj Subhash Kamat; Dr. Manasvi M. KamatThis paper analyses the current responsible practices in carbon accounting reporting by Indian NSE (National Stock Exchange) Nifty firms within their disclosed financial statements, to establish a baseline understanding of current their accounting practices to assess whether they are meaningful and transparent. Realising the significant growth in the number of companies reporting their financial statements on the web, we survey their financial information pages for a clue to the carbon disclosure and reporting practices as followed by them. Significantly large number of firms in NSE Nifty demonstrates their concern for the environment and indicates their voluntary willingness to address the illeffects of carbon emissions. The findings suggest that comparable information about the relative performance of firms in India cannot be discerned from carbon related disclosures. Further, there is a significant diversity in how firms are accounting for emission allowances across India and different approaches have resulted in materially different disclosures in the financial statements.Item Bone Density Patterns: A Cross-Sectional Study of Age-Related Decline and Gender Differences in a Sample Population(2025-04-21) Dr. Rohita Deshprabhu KamatOsteoporosis is a disease which involves the thinning of bones with age. Osteoporosis is a disease that afflicts many people irrespective of gender or age. The paper attempts to study the correlation between age, gender, and reduction in Bone Mineral Density; and draw inferences using the T- Score. The authors also make suggestions based on the findings of the study. The paper is based on a raw data base of 4900 respondents who had underwent a bone density test in selected areas of the three states viz. Maharashtra, Karnataka and Goa. STATA software has been employed for the analysis of the study findings. Statistical tools such as frequency, percentages, correlation have been used in the data analysis. The study finds that while 1523 (60.01%) and 365 (14.38%) of females are detected with osteopenia and osteoporosis respectively while the corresponding percentages among the males stood at 50.34 per cent (1189) and 8.64 per cent (204). The study showed that 719 women in the age group of 41-60 were osteopenic while 146 women were already in the second stage of osteoporosis. There is a positive correlation between age and reduction in bone mineral density. However, bone mass depletion is not an occurrence exclusive to the older population. It strikes irrespective of age.Item Corporate Dividend Policy in India – Application of Dynamic Partial Adjustment Equation using Extended Instrumental Variable Approach(2025-02-28) Dr. Manoj Subhash Kamat; Dr. Manasvi M. KamatThis paper aimed to test applicability of dividend stability hypothesis and add to the relatively limited literature on aspects of dividend decision by examining the dynamics of relationship between dividend payouts and a host of other explanatory variables. We model the dynamic panel data using Partial Adjustment Model (PAM) within the framework of Generalized Methods of Moments (GMM) using Instrumental Variable (IV) approach to advance the knowledge of dividend and uncover the macro-economic determinants of dividend along the variability of dividend policy practices in India for a longer time window, 1971-2007.Item Does Financial Growth Lead Economic Performance in India? Causality-Cointegration Using Unrestricted Vector Error Correction Models(2025-02-27) Dr. Manoj Subhash Kamat; Dr. Manasvi M. KamatUsing contemporary models this paper explores the time-series properties of financial infrastructure and economic growth indicators to investigate the nexus between developments in financial intermediation with the economic growth for India over the 1971-2004 periods. Both over short-run and the long-run perspective the paper seeks to answer; whether the financial infrastructure variables are complementary or a substitute for economic performance? and in what way economic growth is affected by the financial infrastructural development indicators? We find evidence in favor of a short run financial infrastructure led economic growth. Finance is found to be a leading sector only in the short-term link in Granger causality tests with stationary variables. The study provides robust empirical evidence in favor of supply leading hypothesis for the Indian economy.Item Estimation of the Export Supply Function for Iron-ore Exports from Goa(2025-02-28) Dr. Manasvi M. KamatThe objective of this paper is to check whether the coefficients in the supply equation i.e. the price elasticities are consistent with the economic theory for iron-ore exports from a regional economy, the State of Goa. Since the export prices are endogenous the Two Stage Least Squares (TSLS) technique is employed as the first step in order to identify the supply equation using all exogenous variables in the equation as instruments using the fixed effect model. Subsequently, an alternative methodology employing a Dynamic Ordinary Least Squares (DOLS) given by Stock and Watson (1993) is estimated for the panel data on firm-level exports. In particular the price elasticity of supply has become positive over time and increased significantly in the recent periods. Thus the results indicate that these firms are more likely to respond to price signals going forward.Item Ethical Governance Issues in Accounting and Reporting: Dilemmas of the Accountant(2025-03-01) Dr. Manoj Subhash Kamat; Dr. Manasvi M. KamatThe duty of preparation and the extent of "fairness" in accounting data are a corporate responsibility. Companies today are becoming more aware of ethical programs and practices in accounting and reporting that have hitherto been considered as softer sides of doing business. The paper deliberates on various ethical governance issues in accounting and reporting including the development of ethical thought, critical issues involved and the expected responses from the stakeholders in resolving ethical dilemmas. The accountant in today’s world are expected to enhance their value addition through every role he performs and thereby rise to the expectations of the public, because the integrity of an accountant is cornerstone of sound accounting and reporting practices.Item Export Market Dynamics of Goa’s Iron-Ore Extracting Firms: Panel Data Analysis Using Fixed and Random Effect Estimator(2025-03-01) Dr. Manasvi M. Kamat; Dr. Manoj Subhash KamatThe paper attempts to improve the prediction and measurement of regional export by revisiting the role of firm demographics and inter-firm export performance. Firm characteristics as potential predictors of export performance are focused while premising our propositions on constructs from international market theories. Firstly it is examined whether the coefficients in the demand and supply equations are consistent with the economic theory. Secondly we find industry specific evidence on the determinants of the firm-level export intensity for iron-ore extracting firms in a regional context, originating from the State of Goa. The Fixed and Random Effect Estimators (FEM & REM) are modeled on Panel Data. Two Stage Least Squares (TSLS), Dynamic OLS (DOLS) and Panel Tobit Model estimations conducted on all the sample firms pooled together, add value from a managerial perspective. At a scholarly level we respond to the need to test the explanatory power of the premises by the most followed export marketing literature.Item Financial Infrastructure and Economic Performance ? Causality-Cointegration using Unrestricted VECM(2025-03-01) Dr. Manasvi M. Kamat; Dr. Manoj Subhash KamatThe nexus between stock market activity growth and financial intermediary development within the economic activity for India is investigated over the postliberalization period ranging 1993-2011 using Unrestricted Vector Auto Regression (VAR) based on Error Correction Model (ECM). Both in the short term and the long term models we illustrate the relationship of the time-series and the causalitycointegration properties in its relations. The coherent picture from Granger-causality test based on Vector Error Correction Model (VECM) reveals that in the long run stock market development granger-causes financial intermediation growth. Our findings suggest that the evolution of the stock market tends to, or is more likely to stimulate and promote economic growth when monetary authorities adopt liberalized investment and openness policies, improve the size of the market and de-regulate the stock market. The financial market intermediation development indicators have a highly positive causation coefficient with the stock market activity implying that they have developed together in the Indian economy.Item FINANCIAL INTERMEDIATION AND STOCK MARKET ACTIVITY GROWTH:A CAUSALITY-CO-INTEGRATION APPROACH(2025-03-01) Dr. Manoj Subhash Kamat; Dr. Manasvi M. KamatThe nexus between stock market growth and its intermediary developmentswith the economic activity for India is investigated over the post-liberalization period ranging 1993-2011. Using Unrestricted Vector Auto Regression (VAR) based on Error Correction Models (ECM). Both in the short term and the long term models we illustrate the short run relationship of the time-series properties relating stock market development and the intermediation growth relations. The coherent picture which emerges from Granger-causality test based on Vector Error Correction Model (VECM) reveals thatin the long run, stock market development Granger-causes financial infrastructural growth. Our findings suggest that the evolution of the stock market tends to, or is more likely to stimulate and promote economic growth when monetary authorities adopt liberalized investment and openness policies, improve the size of the market and the de-regulate the stock market. The capital market intermediation development indicators have a highly positive causation coefficient with the capital market economic activity implying that they have developed together in the Indian economyItem “Good” Jobs and the “Bad” Jobs? A Study of Job Satisfaction in an IT Unit(2025-03-01) Dr. Manasvi M. Kamat; Dr. Manoj Subhash KamatJob satisfaction has been defined as a pleasurable emotional state resulting from the appraisal of one‟s job; an affective reaction to one‟s job; and an attitude towards one‟s job distinguishing a good (satisfying) job from a bad (not so satisfying) job. The taxonomy of a good job allows a start to be made on such questions as „In what respects are employees at the lower order jobs better or worse off than those of executives?‟, „Who has the good jobs?‟ and „How are good jobs being different from bad jobs ?‟. These questions are in tune with the measures of job satisfaction quality that probably seem to be useful predictors of future labor market behavior, and are measured herein with reference to a public sector IT organization. Based on the analysis of 93 responses obtained from employees and executives, we find evidence that the job satisfaction among the employees and the executives is very high but no evidence that both such classes of human resources attach same rewards from work based on the levels at which they serve. We also find no support for our proposition that job satisfaction rises in a close linear association with level of job in the organization hierarchy rather; jobs enabling financial expectations at whatever level these were set to be met, are considered to be more important.Item Implications of the Provisions of Companies Act 2013 on Audits, Auditors and Audit Profession(2025-03-01) Dr. Manoj Subhash Kamat; Dr. Manasvi M. KamatThe Companies enactment of 2013 has the potential to be a historic milestone as it aims to improve corporate governance, simplify regulations, enhance the interests of minority investors and for the first time legislates the role of whistle-blowers. Sections 128 to 133 and 138 to 148 of new act 2013 deals with accounts, auditors and the audit profession. This paper under covers the key changes in the above provisions in the 2013 Act, having specific implications on the company audit and auditors compared to corresponding provisions in the Companies Act 1956. The key changes in the provisions relating to Audit and the Auditors along with its implications on the corporate sector are analysed from the academic and practical viewpoint.Item Implications of the WTO on Indian Marine Industry, Issues and Policy Perspectives(2025-02-28) Dr. Manasvi M. Kamat; Dr. Manoj Subhash KamatThe outcomes of WTO negotiations under the Doha round, Hong Kong development round and the changing European Union regulations are likely to place new hurdles on the marine exports emerging from developing economies like India. In the light of the above, we attempt to discuss the impact of WTO-GATS on the Indian Marine Trade and Service industry, analyze the challenges faced by the developing countries, and suggest way-outs to respond them. Many other WTO-GATS related aspects have repercussions on the marine exports from the developing countries in Asia and India in particular; namely the outcomes from the Dispute Settlement Mechanism (DSM), the relation between trade rules and Multilateral Environmental Agreements (MEAs), Technical Assistance and Capacity Building (TA & CB) and the provisions for Special and Differential Treatment (SDT). The impact of GATS and the implications on Indian marine trade & services are specifically assessed in context of Tariff barriers, Non-tariff measures, Subsidies and Eco-labeling. Relevant policy implications follow the issues discussed.Item Indian Agriculture in the New Economic Regime, 1971-2003: Empirics based on the Cobb Douglas Production Function(2025-03-01) Dr. Manoj Subhash Kamat; Dr. Manasvi M. KamatThis paper reviews the trends in Indian Agriculture before and after the introduction of the economic reforms, and the advent of WTO regime. We employ the Cobb Douglas Production Function using the OLS specification to investigate the determinants of agricultural gross domestic product for the period 1970-71 to 2002-03, during pre and posteconomic reforms to document the impact of policy change (post-1992) and India’s membership of the WTO (post-1995). Our empirical findings reveal that Indian agriculture sector has witnessed Decreasing Returns to Scale after the introduction of economic reforms, indicating that the input availability is under strain during the same period.Item INTER-FIRM PERFORMANCE OF GOA’S IRON – ORE EXPORTS: ANALYSIS USING MICRO – LEVEL DATA(2025-03-01) Dr. Manasvi M. Kamat; Dr. Manoj Subhash KamatThis paper points out the sources of difference in the firm level export performances among the new/mature, and the competitive/ uncompetitive firms. This study uses micro (panel) data for firms in iron-ore export industry in Goa (India) to identify a number of systematic differences in firm’s export performance within the State. It is recognized that firms within iron-ore export industry have idiosyncratic differences in their efficiency of production and export performances. This underlying market share and market leadership heterogeneity, when embedded in a market framework, generates a size distribution of producers, distribution across firms, an endogenous exit decision for incumbent firms based on their productivity and ability to sustain, and an endogenous flow of new entering firms.Item Interrelationship between Investment and Employment in Tuem Industrial Estate(2025-02-27) Dr. Deepak D. Gosavi; Dr. A. R. KumbharIndustrial estate is nothing but a stretch of land that is utilized exclusively for development of industry and related activities with the aim of developing the culture of industrialization for economic development and growth of industries. A conglomeration of industries together for carrying out industrialization through heavy industrial setup can be thought of as broadening and wide spreading of the activities which are also run but on a smaller scale in offices and business areas which on the other hand have activities involving lighter nature of work as opposed to industries. The main objective of the present study is to analyze the investment undertaken and employment generated within industrial estateItem Perceived Ethical Crisis in Accounting Practices(2025-03-01) Dr. Manoj Subhash Kamat; Dr. Manasvi M. KamatThe paper attempts to analyse the fairly large primary data (N=132) gathered from responses to 57 statements on ethical issues and accounting practices administered on accountants including professionals, and accounting educators as well. Seven different factors that emerge from respondent’s acceptability of statements are identified by using Principal Component Method and further verified and tested by Confirmatory Factor Analysis and the Eigen Value analysis. The test for Internal Consistency (Cronbach’s alpha) and Inter-rater Reliability (ICC2 test) of our instrument mirrors the appropriateness and reasonability of this exploratory research. The perceived concerns over accounting profession and their sensitivity on ethics in accounting are measured across both groups using the non parametric Levene’s for differences. Lastly the respondent demographics as potential predictors of ethical perceptions are investigated through an empirical estimation of Ordered Probit Model.Item Role of Women Education in Determining Birth Rates(2025-03-01) Dr. Rohita Deshprabhu KamatItem The New Information Age & the Stock Market Growth Puzzle(2025-02-28) Dr. Manoj Subhash Kamat; Dr. Manasvi M. KamatWe investigate the nexus between developments in financial intermediation with the growth in capital market activity and implications for the retail investors in India, over the post-liberalization period ranging 1993-2004. The estimations using unrestricted VAR based on error correction models, both in the short term and the long term models illustrate the short run relationship the time-series properties of stock market development and the new information age nexus. The coherent picture which emerges from Granger-causality test based on vector error correction model (VECM) further reveals that in the long run, stock market development Grangercauses financial infrastructural growth. Our findings suggest that the evolution of financial sector and in particular the stock market tends to, or is more likely to stimulate and promote economic growth when monetary authorities adopt liberalized investment and openness policies, improve the size of the market and the de-regulate the stock market intone with the objectives of macroeconomic stability. This study provides robust empirical evidence in favor of finance-led growth hypothesis for the Indian economy.