Journal Press India®
In line with our objective to address diverse and contemporary areas in finance and accounting, this issue of MUDRA: Journal of Finance and Accounting, brings together articles discussing diverse areas such as stock markets, foreign institutional investors, state cooperative banks, commercial banks and accounting standards.
Stock markets remain an integral part of research work in the area of finance. Accordingly, there are a number of articles in this issue addressing different aspects of stock markets. The paper by Dr. Davinder Suri and Dr. Dimple Pandey examines the relationship between various macroeconomic factors and SENSEX and the sector-specific indices and also examine the magnitude of impact. Using vector autoregression, the result of the analysis aims to help the investors to optimise returns based on an understanding of the relation between macroeconomic factors and a specific industry. Another paper by Mr. Prateek Kumar Bansal and Ms. Risha Khandelwal study the impact of foreign and domestic institutional investors on Indian stock market. The authors employ net trading data on daily frequency for DIIs and FIIs and apply correlation, VAR and Granger Causality test to examine the said relationship. Prof. Ashok Bantwa and Mr. Faizan Ulhaqq Ansari in their paper diagnose the risk return profile of equity stocks of selected Indian IT companies listed on IT Index of NSE. The authors find that Tata Elxsi, Infibeam Avenues and NIIT technologies have offered highest rate of return. Ms. Ritu Gautam, Dr. Ankita Singh and Ms. Akanksha Singh Fouzdar conduct an empirical analysis to examine the relationship between Indian stock market returns (explained by Nifty 50) and four major macroeconomic variables namely, Consumer Price Index, Index of Industrial Production, exchange rate and foreign exchange reserves. The result of the analysis establishes that the macroeconomic variables bring about significant impact on the Indian stock market returns.
The banking sector is an inseparable part of the financial system of an economy and the health and performance of this sector is of utmost importance. Accordingly, two papers in this issue deal with the health of different segments of the banking sector. The paper by Prof. Parkash Chandel and Mr. Parvesh Gill evaluate the structural growth and performance of State cooperative banks in India through selective indicators such as deposits, credit expansion, overdue, growth of investment, working capital and cost of management. Another paper by Ms. Roni Jain Raju and Dr. Benson Kunjukunju undertakes a comparative study on the operating profit of commercial banks in India. The analysis shows exponential growth rate of profitability ratios of New Private Sector Banks which was much superior as compared to other groups. Mr. Abhishek N. and Prof. M. S. Divyashree analyse the role of IND AS in harmonizing accounting standards in Indian scenario. India has been recognized at the global level for initiating IFRS based accounting standards from the year 2016 and has started to mandate these standards for Indian companies in a phased manner.
This issue of MUDRA also has a case study by Mr. Tsegaye Mathewos and Dr. Bijal Zaveri on the role of 4Ps on customer satisfaction in case of Berhan Bank in Hawassa. The results of the analysis show that there is significant and positive relationship between the independent variables, i.e., service, price, placement, promotion, process, and physical evidence, and the dependent variable, i.e. customer satisfaction.
We hope our readers find this issue of MUDRA interesting and insightful and we thank all readers and authors for their continued patronage of MUDRA which has made it an effective platform for sharing of research work in the area of finance and accounting.
Prof. Muralidhar A. Lokhande
Dr. Jitendra Janardan Ahirrao
Dr. Pavnesh Kumar
Editors