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Papers by Hari Prasad Adhikari
Bodhi: An Interdisciplinary Journal, 2012
DOI: http://dx.doi.org/10.3126/bodhi.v4i1.5812Bodhi 2010 4(1): 81-99
Nepalese Journal of Management Research
The main focus of this study is to investigate the extent of participation of the local people in... more The main focus of this study is to investigate the extent of participation of the local people in local development activities in Nepal. Descriptive and analytical research design is used in this study. The data collected through questionnaire from 70 respondents was used for the analysis. As per the data collected, the findings showed that the marginalized people were not sharing equitable benefit from the local development activities including governmental services. Similarly, the extent of implementing local projects was found to be weak. The findings from this study can provide information about the citizen’s involvement in local development activities in Nepal. It could be helpful to provide some special guidelines to the policy makers for improving local governance.
NUTA Journal, 2018
This study, descriptive and analytical in nature, aims to assess the appropriate policy goals of ... more This study, descriptive and analytical in nature, aims to assess the appropriate policy goals of federalism and decentralization focusing on providing local autonomy to meet the needs of local people, improving good governance, avoiding domination of elite group and promoting inclusive democracy, reducing ethnic and cultural conflict and promoting social harmony in Nepal. The data collected through questionnaire from 350 respondents was used for analysis. Federalism seemed to be an appropriate system that deals with providing local autonomy to meet the needs of local people. The findings from this study can provide information about policy goals of local governance in Nepal. It could be helpful to provide some special guidelines to the policy makers for improving local governance. In addition appropriate policy must be adapted and sound communication/information system would be developed.
Journal of Balkumari College, 2022
This study aims to examinecomponents of local government's development for improving local go... more This study aims to examinecomponents of local government's development for improving local governance in Nepal. Descriptive and analytical research design was used in this study. The data collected through a questionnaire from 150 respondents were used for analysis. The component of local government for improving local governance in Nepal was found satisfactory, but its implementation was found poor.The findings from this study provide information about Federalismpolicy in Nepal. It could be helpful to provide some particular guidelines to the policymakers for improving local governance. It suggests that appropriate policy must be adopted, and proper communication and information system should be developed.
Nepalese Journal of Management Research
The main focus of this study is to assess the status of local service delivery by the local gover... more The main focus of this study is to assess the status of local service delivery by the local government in Nepal. It has used descriptive and analytical research design. It focuses on the service delivered by local government. Service delivery of rural roads/bridges; livestock services; basic health services; primary education; small irrigation; and agriculture extension were found to be good, whereas the level of implementation of the sectoral functions of local government in community water supply and sanitation was found to be weak as per the collected data. The findings from this study can provide information about the status of services delivered by the local government in Nepal. It can be helpful to provide some special guidelines to the policy makers for improving local governance.
We compare acquisition activity, method of payment choice, and the long-run value implications of... more We compare acquisition activity, method of payment choice, and the long-run value implications of acquisitions by newly public single-class and dual-class US companies. Our results show that dual-class IPO firms make relatively more acquisitions in innovative industries and are less likely to pay with stock as compared to single-class IPO firms. We provide evidence that the reluctance of dual-class firms to pay with stock is not related to the insiders' cash-flow rights but it is significantly positively related to the insiders' voting rights and wedge between the insiders' voting rights and cash-flow rights. We also find that acquiring dual-class IPOs perform better in the long-run than acquiring single-class IPO firms, and the better performance is mainly due to acquisitions in innovative industries. The results suggest that insiders of dualclass IPOs try to retain control during subsequent M&A activities. The governance structure in such firms allows them to make investments in high risk projects that enhance shareholder value in the long-run. Next, we examine the acquisition performance of family and non-family firms in the S&P 500 universe. Using style-adjusted and market-adjusted buy-and-hold returns (BHAR) and controlling for firm and merger characteristics, we find that the post-merger performance of family firms is significantly better than that of non-family firms. In particular, the mean one-year style-adjusted buy-and hold abnormal return is around 18% higher for family acquirers than for non-family acquirers. Further, contrary to the argument that founding family members make value-destroying diversifying acquisitions to minimize the risk of their personal portfolio, we do v not find that family firms lose value in diversifying acquisitions. This result is consistent with Stein's model (1997) showing that diversification helps to reduce the cost of capital of the firm.
Bodhi: An Interdisciplinary Journal, 2012
DOI: http://dx.doi.org/10.3126/bodhi.v4i1.5812Bodhi 2010 4(1): 81-99
Nepalese Journal of Management Research
The main focus of this study is to investigate the extent of participation of the local people in... more The main focus of this study is to investigate the extent of participation of the local people in local development activities in Nepal. Descriptive and analytical research design is used in this study. The data collected through questionnaire from 70 respondents was used for the analysis. As per the data collected, the findings showed that the marginalized people were not sharing equitable benefit from the local development activities including governmental services. Similarly, the extent of implementing local projects was found to be weak. The findings from this study can provide information about the citizen’s involvement in local development activities in Nepal. It could be helpful to provide some special guidelines to the policy makers for improving local governance.
NUTA Journal, 2018
This study, descriptive and analytical in nature, aims to assess the appropriate policy goals of ... more This study, descriptive and analytical in nature, aims to assess the appropriate policy goals of federalism and decentralization focusing on providing local autonomy to meet the needs of local people, improving good governance, avoiding domination of elite group and promoting inclusive democracy, reducing ethnic and cultural conflict and promoting social harmony in Nepal. The data collected through questionnaire from 350 respondents was used for analysis. Federalism seemed to be an appropriate system that deals with providing local autonomy to meet the needs of local people. The findings from this study can provide information about policy goals of local governance in Nepal. It could be helpful to provide some special guidelines to the policy makers for improving local governance. In addition appropriate policy must be adapted and sound communication/information system would be developed.
Journal of Balkumari College, 2022
This study aims to examinecomponents of local government's development for improving local go... more This study aims to examinecomponents of local government's development for improving local governance in Nepal. Descriptive and analytical research design was used in this study. The data collected through a questionnaire from 150 respondents were used for analysis. The component of local government for improving local governance in Nepal was found satisfactory, but its implementation was found poor.The findings from this study provide information about Federalismpolicy in Nepal. It could be helpful to provide some particular guidelines to the policymakers for improving local governance. It suggests that appropriate policy must be adopted, and proper communication and information system should be developed.
Nepalese Journal of Management Research
The main focus of this study is to assess the status of local service delivery by the local gover... more The main focus of this study is to assess the status of local service delivery by the local government in Nepal. It has used descriptive and analytical research design. It focuses on the service delivered by local government. Service delivery of rural roads/bridges; livestock services; basic health services; primary education; small irrigation; and agriculture extension were found to be good, whereas the level of implementation of the sectoral functions of local government in community water supply and sanitation was found to be weak as per the collected data. The findings from this study can provide information about the status of services delivered by the local government in Nepal. It can be helpful to provide some special guidelines to the policy makers for improving local governance.
We compare acquisition activity, method of payment choice, and the long-run value implications of... more We compare acquisition activity, method of payment choice, and the long-run value implications of acquisitions by newly public single-class and dual-class US companies. Our results show that dual-class IPO firms make relatively more acquisitions in innovative industries and are less likely to pay with stock as compared to single-class IPO firms. We provide evidence that the reluctance of dual-class firms to pay with stock is not related to the insiders' cash-flow rights but it is significantly positively related to the insiders' voting rights and wedge between the insiders' voting rights and cash-flow rights. We also find that acquiring dual-class IPOs perform better in the long-run than acquiring single-class IPO firms, and the better performance is mainly due to acquisitions in innovative industries. The results suggest that insiders of dualclass IPOs try to retain control during subsequent M&A activities. The governance structure in such firms allows them to make investments in high risk projects that enhance shareholder value in the long-run. Next, we examine the acquisition performance of family and non-family firms in the S&P 500 universe. Using style-adjusted and market-adjusted buy-and-hold returns (BHAR) and controlling for firm and merger characteristics, we find that the post-merger performance of family firms is significantly better than that of non-family firms. In particular, the mean one-year style-adjusted buy-and hold abnormal return is around 18% higher for family acquirers than for non-family acquirers. Further, contrary to the argument that founding family members make value-destroying diversifying acquisitions to minimize the risk of their personal portfolio, we do v not find that family firms lose value in diversifying acquisitions. This result is consistent with Stein's model (1997) showing that diversification helps to reduce the cost of capital of the firm.