Harish Singla | National Institute of Construction Management and Research (original) (raw)

Papers by Harish Singla

International Journal of Productivity and Performance Management

PurposeThe purpose of the study is to examine the value-based performance of firms in constructio... more PurposeThe purpose of the study is to examine the value-based performance of firms in construction sector in India using Tobin's Q and Market Capitalization (MCAP) and then determine their significant financial drivers.Design/methodology/approachThe study is based on data from 87 firms engaged in infrastructure, real estate, industrial construction and allied areas in India over a study period of 10 years. Three distinct forms of panel regression models have been developed using Tobin's Q and MCAP as dependent variables. The models developed are using Baltagi's (1981) Error Component 2SLS, Varadharajan-Krishnakumar's (1987) Generalized 2SLS and Arellano – Bower/Blundell – Bond's (1991) dynamic panel.FindingsThe study found that MCAP is a better suited value-based performance measure for construction sector firms in India. The study further reports that the age of the firm, profit after tax, investment in research and development, dividends, leverage and net fixed...

Engineering, Construction and Architectural Management

PurposePrevious studies have highlighted that overheads form a critical part of the total project... more PurposePrevious studies have highlighted that overheads form a critical part of the total project cost. However, despite this knowledge, the precise estimation of overheads is often neglected in construction projects. This paper aims to examine the reasons for the lack of effort in estimation of overheads.Design/methodology/approachThe study is carried out in three stages. In stage one, an introductory survey is carried to understand the importance of overheads in total project cost. In stage two, a detailed survey is carried out to understand the factors that affect the level of accuracy and compromise made in estimation of overheads using partial least squares structural equation modeling (PLS-SEM). In the final stage, two cases are examined in form of interviews to validate the findings. The model is tested for its reliability, validity and goodness of fit.FindingsThe findings of the study suggest that the time and cost spent is a critical issue. Therefore, if the projects feel t...

Journal of Financial Management of Property and Construction

Purpose This study aims to compare the short-run performance of construction and non-construction... more Purpose This study aims to compare the short-run performance of construction and non-construction initial public offerings (IPOs) that are offered in India during 2006–2015. The study also attempts to investigate the impact of ownership structure (i.e. concentrated ownership in the hand of promoters and institutional ownership) and market sentiment on the performance of construction sector IPOs in short run. Design/methodology/approach A total of 281 IPOs were listed at National Stock Exchange, India, during the study period, and 44 of those were from construction sector. The short-run performance of these construction and non-construction IPOs was compared using two indicators, i.e. monthly stock return (SR) and excess return over market benchmark (MAR). To examine the effect of concentrated ownership in the hand of promoters, institutional ownership and market sentiment on IPO performance, systematic dynamic panel regression model was developed. Findings The IPOs of construction f...

The Indian Economic Journal

The purpose of the article is to find the effect of public expenditure (GI) and private project e... more The purpose of the article is to find the effect of public expenditure (GI) and private project expenditure (PI) in different states on state gross domestic product (SGDP) and national gross domestic product (NDGP). The study also attempts to examine the sectors that contribute the most in growth of state and nation. The selected sectors in the study include manufacturing, mining, services, power, construction and infrastructure and irrigation. Data of all states and four union territories (UTs) for GI and PI in selected sectors are collected and a panel is formed. Four different regression equations are developed. The estimation is done using two-step Arellano–Bover/Blundell–Bond’s dynamic panel data to account for endogeneity and heteroscedasticity. The results suggest there exist two clusters of states in India. First cluster is of 13 states, which contributes towards the economic growth of nation and the other cluster is 16 states and UTs that do not contribute towards the econo...

Journal of Financial Management of Property and Construction

Purpose The paper aims to identify the critical success factors (CSFs) at an individual level for... more Purpose The paper aims to identify the critical success factors (CSFs) at an individual level for real estate developers (REDs) in India. Design/methodology/approach Fifteen individual-level CSFs are identified from literature review. These CSFs are moderated through expert opinion, and they are customized for the real-estate sector. Five-point scale questionnaire is developed and furnished to REDs to understand the importance of these 15 CSFs. Fifty-six REDs responded to the survey. Using the responses from the survey, relative importance index is created for all 15 factors. These factors are also grouped in broad categories using exploratory factor analysis and the groups are further validated through confirmatory factor analysis. Findings The study finds that leadership quality, man-management skill, disputes resolution skill, ability to take risk and knowledge about construction and finance are the top five CSFs for REDs in India. The exploratory factor analysis resulted in five...

Journal of Intellectual Capital

PurposeThe previous researchers have identified human capital, relational capital and structural ... more PurposeThe previous researchers have identified human capital, relational capital and structural capital as knowledge assets in knowledge-driven organizations. The current study is an attempt to identify and validate the knowledge assets in construction projects. The study also aims to understand the interrelation of these knowledge assets and their impact on project performance through the development of a conceptual model.Design/methodology/approachThe study is divided into three phases. In phase I, the constructs of “knowledge assets” and “project performance” in construction projects are identified using the exploratory factor analysis. In phase II, these constructs are validated using confirmatory factor analysis. Two separate surveys are conducted for phase I and phase II, respectively. In phase III, the authors develop two conceptual models based on the literature review and two construction project cases in India. The models examine the inter-relationship of knowledge assets...

Journal of Financial Management of Property and Construction

Purpose The study aims to identify the most profitable segment of construction firms amongst real... more Purpose The study aims to identify the most profitable segment of construction firms amongst real estate, industrial construction and infrastructure. The paper also examines the determinants of profitability of real estate, industrial construction and infrastructure firms. Design/methodology/approach The data of 67 firms (20 real estate, 21 industrial construction and 26 infrastructure), is collected for a 15-year period (2003–2017). Two models are created using total return on assets (ROA) and return on invested capital (ROIC) as dependent variables. Leverage, liquidity, age, growth, size and efficiency of the firm are identified as firm-specific independent variables. Two economic variables, i.e. growth in GDP and inflation, are also used as independent variables. Initially, the models are tested for stationarity, multicollinearity and heteroscedasticity; and finally, the coefficients are estimated using Arellano–Bond dynamic panel data estimation to account for heteroscedasticity...

Construction Economics and Building

The objective of the paper is to develop a validated scale to measure the factors that cause dela... more The objective of the paper is to develop a validated scale to measure the factors that cause delays in infrastructure projects. The study employed a standard three phase scale development procedure of Churchill (1979) which was augmented subsequently by Nunnally, Bernstein and Berge (1994) and Prakash and Phadtare (2018). In phase one, 73 factors that cause delays were identified, which were reduced to 45 based on literature review and expert opinions. These 45 factors were subjected to an exploratory factor analysis (EFA) and confirmatory factor analysis (CFA) in phase two and three, respectively, to refine and establish convergent, discriminant and nomological validity of the scale. The study confirms that delays in infrastructure projects happen due to six factors, i.e., Contractor Related Factors (CON); Consultant Related Factors (CS); External Factors (EX); Labour Related Factors (LR); Material Related Factors (MT) and Design Related Factors (DJ). The study is particularly usef...

Journal of Intellectual Capital

PurposeThis study aims to investigate whether intellectual capital (IC) and its subcomponents enh... more PurposeThis study aims to investigate whether intellectual capital (IC) and its subcomponents enhance value and improve the profitability of real estate (RE) and infrastructure (INF) firms in India. In this study, IC is measured through the value-added intellectual coefficient (VAIC) model. The study further extends the VAIC model by incorporating an additional component of social welfare efficiency (SWE).Design/methodology/approachThe study uses the panel data investigation based on the data of 63 firms (22 RE and 41 INF firms), for a period of 10 years (2008–2017). The dependent variables in the study are return on assets (ROA) and market price to book value ratio (PB), whereas the independent variables are VAIC and its components. The panel is tested for stationarity, heteroscedasticity and multicollinearity problems. Finally, to account for heteroscedasticity and endogeneity, Arellano and Bond's (1991) panel regression estimator with robust estimates are used.FindingsThe fin...

Journal of Financial Management of Property and Construction

Purpose The study aims to find if family-owned construction and real estate firms in India are mo... more Purpose The study aims to find if family-owned construction and real estate firms in India are more profitable compared to non-family-owned construction and real estate firms. The study also examines if family ownership and institutional ownership are drivers of the firm profitability. Design/methodology/approach The study uses data of 199 construction and real estate firms listed on the National Stock Exchange (NSE), India. The data pertains to a period of 13 years (2006-2018). The family firm is defined on the basis on ownership criteria, and the sample is divided into two groups, namely, family firms and non-family firms. The data is analyzed using a two-sample t-test assuming unequal variance and Prais–Winsten panel regression using correlated panels with corrected standard errors (PCSEs) procedure. Findings The findings suggest that family-owned construction and real estate firms are slightly more profitable compared to non-family-owned construction and real estate firms; howev...

International Journal of Construction Management

Managerial Finance

Purpose The purpose of this paper is to find the effect of the hedonism value on the investment p... more Purpose The purpose of this paper is to find the effect of the hedonism value on the investment preference in India. Design/methodology/approach Based on the literature review, a measurement model is developed to measure hedonism. Further, the effect of hedonism on investment choices of an individual and the impact of age, gender and income level on investment choices and on hedonism are also measured through a structural equation model (SEM). Findings The study finds that the measurement model is reliable, and all five items, that is an exciting life, happiness, pleasure, social recognition and a comfortable life, are an appropriate measure of hedonism. The study finds that hedonists prefer to invest in stock market-related instruments and real estate. The study also ascertains that age and income affect the hedonism value negatively. The findings also indicate that women prefer to invest in fixed income instruments and men prefer to invest in stock market-related instruments. As p...

International Journal of Online Marketing

The authors attempted to understand the consumer behavior of fruit and vegetable shoppers in Indi... more The authors attempted to understand the consumer behavior of fruit and vegetable shoppers in India and identify whether companies offering convenience can break the jinx of orthodox/habitual shopping. The important motivators for online shoppers and orthodox shoppers are identified which was followed by a survey from India's two major cities, Delhi NCR and Pune. The authors observe that online shoppers are mostly driven by convenience in terms of travel time savings, to avoid crowds, queuing, home delivery, avoiding driving/ traffic situations, whereas orthodox shoppers are driven by freshness and quality of fruits and vegetables and give more importance in having a personal touch while purchasing. Orthodox shoppers do get hassled with crowding, queuing, but still they stick to their habitual buying behavior and do not go to the option of online shopping.

Engineering, Construction and Architectural Management

Purpose The purpose of this paper is to analyze the long-term performance of construction sector ... more Purpose The purpose of this paper is to analyze the long-term performance of construction sector initial public offers (IPO) made in India during 2006–2015. The study aims to compare the performance of the construction sector IPOs with the non-construction sector IPOs and finds the determinants of long-term performance of construction sector IPO with a time horizon of three years. The study also attempts to find out, if the long-term IPO underpricing that has been discussed in the literature, really exists or it is a myth. Design/methodology/approach The study uses data of IPOs listed on National stock exchange during 2006–2015. In total, 281 IPOs are considered for the study, among which 44 are construction sector IPOs. IPOs anniversary performance of three successive years is calculated from the date of listing, and a random effect panel regression model with clustered robust estimates using the maximum likelihood method is performed to find out the determinants of IPO performance...

International Journal of Housing Markets and Analysis

Purpose The purpose of this paper is to find out the factors affecting rentals of residential apa... more Purpose The purpose of this paper is to find out the factors affecting rentals of residential apartments in Pune, India. Design/methodology/approach Four regression models are developed, i.e. basic ordinary least square (OLS) regression model, OLS regression model with robust estimates, OLS regression model with clustered robust estimates and generalized least square (GLS) regression model with maximum likelihood (ML) robust estimates. Based on the Akaike information criterion and Bayesian information criterion criteria, OLS regression model with clustered robust estimates and GLS regression model with robust estimates are best fit. The data are tested for multicollinearity and the models are tested for heteroscedasticity. The study uses the expected rent value data collected from Web portals and the data on factors affecting the rental value of residential property are collected through the study of land use maps, Google earth software and field visits. Findings Total floor area an...

MUDRA : Journal of Finance and Accounting

In this paper, opinion of finance professors about market efficiency is identified in India. A qu... more In this paper, opinion of finance professors about market efficiency is identified in India. A questionnaire survey was distributed to more than 250 finance professors in India which was responded by 112 of them. The main finding of the survey was that most professors do not believe that markets are efficient in any form. They find that information at every level i.e. past, present and future (insider) is useful and can be used for profit making. The study is important because a finance professor is considered a specialist and they are the ones who will teach this to their students in theory as well as in practice.

Journal of Financial Management of Property and Construction

Purpose This paper aims to examine the determinants of the dividend policy of the construction co... more Purpose This paper aims to examine the determinants of the dividend policy of the construction companies in India. Design/methodology/approach Data from 2011 to 2016 (six years) of 45 listed construction companies in India are collected, and a strong balanced panel is created. Dividend per share is dependent variable, and profitability, unstable earnings, institutional holding, cash flow, tangibility, liquidity, growth opportunities, age of the firm, life cycle, leverage, size of firm and taxation are explanatory variables. The panel is tested for stationarity and finally fixed and random-effect panel regression model with robust estimation option is performed. Findings The random effect model is found fit with an R2 of 62 per cent, and profitability, life cycle and size of the firm show a significant positive effect on dividend payment. Cash flow shows a negative significant relationship, indicating the presence of agency problem. Rest of the variables indicated an insignificant re...

International Journal of Culture, Tourism and Hospitality Research

Purpose This paper aims to measure the satisfaction of religious tourists travelling to various d... more Purpose This paper aims to measure the satisfaction of religious tourists travelling to various destinations in the Himalayas to identify the expectation-experience gaps and understand the shift in motives of travel. Design/methodology/approach The satisfaction of religious tourists is examined using holiday satisfaction (HOLSAT) model developed by Tribe and Snaith (1998). The study analyzes the expectation-experience gap using mean scores on 47 destination specific attributes for a sample of 500 respondents. Findings The study finds a significant gap between the expectations and experience of religious tourists traveling to sacred destinations in the Himalayas. The study also finds that motives of religious tourists have shifted from purely religious to secular touristic motives. Practical implications The results of the study reinforce the value of HOLSAT model as a potential tool to measure and enhance the satisfaction of religious tourists, indicating the attributes that can con...

Public Affairs And Governance, 2016

Transportation Planning and Technology, 2016

International Journal of Productivity and Performance Management

PurposeThe purpose of the study is to examine the value-based performance of firms in constructio... more PurposeThe purpose of the study is to examine the value-based performance of firms in construction sector in India using Tobin's Q and Market Capitalization (MCAP) and then determine their significant financial drivers.Design/methodology/approachThe study is based on data from 87 firms engaged in infrastructure, real estate, industrial construction and allied areas in India over a study period of 10 years. Three distinct forms of panel regression models have been developed using Tobin's Q and MCAP as dependent variables. The models developed are using Baltagi's (1981) Error Component 2SLS, Varadharajan-Krishnakumar's (1987) Generalized 2SLS and Arellano – Bower/Blundell – Bond's (1991) dynamic panel.FindingsThe study found that MCAP is a better suited value-based performance measure for construction sector firms in India. The study further reports that the age of the firm, profit after tax, investment in research and development, dividends, leverage and net fixed...

Engineering, Construction and Architectural Management

PurposePrevious studies have highlighted that overheads form a critical part of the total project... more PurposePrevious studies have highlighted that overheads form a critical part of the total project cost. However, despite this knowledge, the precise estimation of overheads is often neglected in construction projects. This paper aims to examine the reasons for the lack of effort in estimation of overheads.Design/methodology/approachThe study is carried out in three stages. In stage one, an introductory survey is carried to understand the importance of overheads in total project cost. In stage two, a detailed survey is carried out to understand the factors that affect the level of accuracy and compromise made in estimation of overheads using partial least squares structural equation modeling (PLS-SEM). In the final stage, two cases are examined in form of interviews to validate the findings. The model is tested for its reliability, validity and goodness of fit.FindingsThe findings of the study suggest that the time and cost spent is a critical issue. Therefore, if the projects feel t...

Journal of Financial Management of Property and Construction

Purpose This study aims to compare the short-run performance of construction and non-construction... more Purpose This study aims to compare the short-run performance of construction and non-construction initial public offerings (IPOs) that are offered in India during 2006–2015. The study also attempts to investigate the impact of ownership structure (i.e. concentrated ownership in the hand of promoters and institutional ownership) and market sentiment on the performance of construction sector IPOs in short run. Design/methodology/approach A total of 281 IPOs were listed at National Stock Exchange, India, during the study period, and 44 of those were from construction sector. The short-run performance of these construction and non-construction IPOs was compared using two indicators, i.e. monthly stock return (SR) and excess return over market benchmark (MAR). To examine the effect of concentrated ownership in the hand of promoters, institutional ownership and market sentiment on IPO performance, systematic dynamic panel regression model was developed. Findings The IPOs of construction f...

The Indian Economic Journal

The purpose of the article is to find the effect of public expenditure (GI) and private project e... more The purpose of the article is to find the effect of public expenditure (GI) and private project expenditure (PI) in different states on state gross domestic product (SGDP) and national gross domestic product (NDGP). The study also attempts to examine the sectors that contribute the most in growth of state and nation. The selected sectors in the study include manufacturing, mining, services, power, construction and infrastructure and irrigation. Data of all states and four union territories (UTs) for GI and PI in selected sectors are collected and a panel is formed. Four different regression equations are developed. The estimation is done using two-step Arellano–Bover/Blundell–Bond’s dynamic panel data to account for endogeneity and heteroscedasticity. The results suggest there exist two clusters of states in India. First cluster is of 13 states, which contributes towards the economic growth of nation and the other cluster is 16 states and UTs that do not contribute towards the econo...

Journal of Financial Management of Property and Construction

Purpose The paper aims to identify the critical success factors (CSFs) at an individual level for... more Purpose The paper aims to identify the critical success factors (CSFs) at an individual level for real estate developers (REDs) in India. Design/methodology/approach Fifteen individual-level CSFs are identified from literature review. These CSFs are moderated through expert opinion, and they are customized for the real-estate sector. Five-point scale questionnaire is developed and furnished to REDs to understand the importance of these 15 CSFs. Fifty-six REDs responded to the survey. Using the responses from the survey, relative importance index is created for all 15 factors. These factors are also grouped in broad categories using exploratory factor analysis and the groups are further validated through confirmatory factor analysis. Findings The study finds that leadership quality, man-management skill, disputes resolution skill, ability to take risk and knowledge about construction and finance are the top five CSFs for REDs in India. The exploratory factor analysis resulted in five...

Journal of Intellectual Capital

PurposeThe previous researchers have identified human capital, relational capital and structural ... more PurposeThe previous researchers have identified human capital, relational capital and structural capital as knowledge assets in knowledge-driven organizations. The current study is an attempt to identify and validate the knowledge assets in construction projects. The study also aims to understand the interrelation of these knowledge assets and their impact on project performance through the development of a conceptual model.Design/methodology/approachThe study is divided into three phases. In phase I, the constructs of “knowledge assets” and “project performance” in construction projects are identified using the exploratory factor analysis. In phase II, these constructs are validated using confirmatory factor analysis. Two separate surveys are conducted for phase I and phase II, respectively. In phase III, the authors develop two conceptual models based on the literature review and two construction project cases in India. The models examine the inter-relationship of knowledge assets...

Journal of Financial Management of Property and Construction

Purpose The study aims to identify the most profitable segment of construction firms amongst real... more Purpose The study aims to identify the most profitable segment of construction firms amongst real estate, industrial construction and infrastructure. The paper also examines the determinants of profitability of real estate, industrial construction and infrastructure firms. Design/methodology/approach The data of 67 firms (20 real estate, 21 industrial construction and 26 infrastructure), is collected for a 15-year period (2003–2017). Two models are created using total return on assets (ROA) and return on invested capital (ROIC) as dependent variables. Leverage, liquidity, age, growth, size and efficiency of the firm are identified as firm-specific independent variables. Two economic variables, i.e. growth in GDP and inflation, are also used as independent variables. Initially, the models are tested for stationarity, multicollinearity and heteroscedasticity; and finally, the coefficients are estimated using Arellano–Bond dynamic panel data estimation to account for heteroscedasticity...

Construction Economics and Building

The objective of the paper is to develop a validated scale to measure the factors that cause dela... more The objective of the paper is to develop a validated scale to measure the factors that cause delays in infrastructure projects. The study employed a standard three phase scale development procedure of Churchill (1979) which was augmented subsequently by Nunnally, Bernstein and Berge (1994) and Prakash and Phadtare (2018). In phase one, 73 factors that cause delays were identified, which were reduced to 45 based on literature review and expert opinions. These 45 factors were subjected to an exploratory factor analysis (EFA) and confirmatory factor analysis (CFA) in phase two and three, respectively, to refine and establish convergent, discriminant and nomological validity of the scale. The study confirms that delays in infrastructure projects happen due to six factors, i.e., Contractor Related Factors (CON); Consultant Related Factors (CS); External Factors (EX); Labour Related Factors (LR); Material Related Factors (MT) and Design Related Factors (DJ). The study is particularly usef...

Journal of Intellectual Capital

PurposeThis study aims to investigate whether intellectual capital (IC) and its subcomponents enh... more PurposeThis study aims to investigate whether intellectual capital (IC) and its subcomponents enhance value and improve the profitability of real estate (RE) and infrastructure (INF) firms in India. In this study, IC is measured through the value-added intellectual coefficient (VAIC) model. The study further extends the VAIC model by incorporating an additional component of social welfare efficiency (SWE).Design/methodology/approachThe study uses the panel data investigation based on the data of 63 firms (22 RE and 41 INF firms), for a period of 10 years (2008–2017). The dependent variables in the study are return on assets (ROA) and market price to book value ratio (PB), whereas the independent variables are VAIC and its components. The panel is tested for stationarity, heteroscedasticity and multicollinearity problems. Finally, to account for heteroscedasticity and endogeneity, Arellano and Bond's (1991) panel regression estimator with robust estimates are used.FindingsThe fin...

Journal of Financial Management of Property and Construction

Purpose The study aims to find if family-owned construction and real estate firms in India are mo... more Purpose The study aims to find if family-owned construction and real estate firms in India are more profitable compared to non-family-owned construction and real estate firms. The study also examines if family ownership and institutional ownership are drivers of the firm profitability. Design/methodology/approach The study uses data of 199 construction and real estate firms listed on the National Stock Exchange (NSE), India. The data pertains to a period of 13 years (2006-2018). The family firm is defined on the basis on ownership criteria, and the sample is divided into two groups, namely, family firms and non-family firms. The data is analyzed using a two-sample t-test assuming unequal variance and Prais–Winsten panel regression using correlated panels with corrected standard errors (PCSEs) procedure. Findings The findings suggest that family-owned construction and real estate firms are slightly more profitable compared to non-family-owned construction and real estate firms; howev...

International Journal of Construction Management

Managerial Finance

Purpose The purpose of this paper is to find the effect of the hedonism value on the investment p... more Purpose The purpose of this paper is to find the effect of the hedonism value on the investment preference in India. Design/methodology/approach Based on the literature review, a measurement model is developed to measure hedonism. Further, the effect of hedonism on investment choices of an individual and the impact of age, gender and income level on investment choices and on hedonism are also measured through a structural equation model (SEM). Findings The study finds that the measurement model is reliable, and all five items, that is an exciting life, happiness, pleasure, social recognition and a comfortable life, are an appropriate measure of hedonism. The study finds that hedonists prefer to invest in stock market-related instruments and real estate. The study also ascertains that age and income affect the hedonism value negatively. The findings also indicate that women prefer to invest in fixed income instruments and men prefer to invest in stock market-related instruments. As p...

International Journal of Online Marketing

The authors attempted to understand the consumer behavior of fruit and vegetable shoppers in Indi... more The authors attempted to understand the consumer behavior of fruit and vegetable shoppers in India and identify whether companies offering convenience can break the jinx of orthodox/habitual shopping. The important motivators for online shoppers and orthodox shoppers are identified which was followed by a survey from India's two major cities, Delhi NCR and Pune. The authors observe that online shoppers are mostly driven by convenience in terms of travel time savings, to avoid crowds, queuing, home delivery, avoiding driving/ traffic situations, whereas orthodox shoppers are driven by freshness and quality of fruits and vegetables and give more importance in having a personal touch while purchasing. Orthodox shoppers do get hassled with crowding, queuing, but still they stick to their habitual buying behavior and do not go to the option of online shopping.

Engineering, Construction and Architectural Management

Purpose The purpose of this paper is to analyze the long-term performance of construction sector ... more Purpose The purpose of this paper is to analyze the long-term performance of construction sector initial public offers (IPO) made in India during 2006–2015. The study aims to compare the performance of the construction sector IPOs with the non-construction sector IPOs and finds the determinants of long-term performance of construction sector IPO with a time horizon of three years. The study also attempts to find out, if the long-term IPO underpricing that has been discussed in the literature, really exists or it is a myth. Design/methodology/approach The study uses data of IPOs listed on National stock exchange during 2006–2015. In total, 281 IPOs are considered for the study, among which 44 are construction sector IPOs. IPOs anniversary performance of three successive years is calculated from the date of listing, and a random effect panel regression model with clustered robust estimates using the maximum likelihood method is performed to find out the determinants of IPO performance...

International Journal of Housing Markets and Analysis

Purpose The purpose of this paper is to find out the factors affecting rentals of residential apa... more Purpose The purpose of this paper is to find out the factors affecting rentals of residential apartments in Pune, India. Design/methodology/approach Four regression models are developed, i.e. basic ordinary least square (OLS) regression model, OLS regression model with robust estimates, OLS regression model with clustered robust estimates and generalized least square (GLS) regression model with maximum likelihood (ML) robust estimates. Based on the Akaike information criterion and Bayesian information criterion criteria, OLS regression model with clustered robust estimates and GLS regression model with robust estimates are best fit. The data are tested for multicollinearity and the models are tested for heteroscedasticity. The study uses the expected rent value data collected from Web portals and the data on factors affecting the rental value of residential property are collected through the study of land use maps, Google earth software and field visits. Findings Total floor area an...

MUDRA : Journal of Finance and Accounting

In this paper, opinion of finance professors about market efficiency is identified in India. A qu... more In this paper, opinion of finance professors about market efficiency is identified in India. A questionnaire survey was distributed to more than 250 finance professors in India which was responded by 112 of them. The main finding of the survey was that most professors do not believe that markets are efficient in any form. They find that information at every level i.e. past, present and future (insider) is useful and can be used for profit making. The study is important because a finance professor is considered a specialist and they are the ones who will teach this to their students in theory as well as in practice.

Journal of Financial Management of Property and Construction

Purpose This paper aims to examine the determinants of the dividend policy of the construction co... more Purpose This paper aims to examine the determinants of the dividend policy of the construction companies in India. Design/methodology/approach Data from 2011 to 2016 (six years) of 45 listed construction companies in India are collected, and a strong balanced panel is created. Dividend per share is dependent variable, and profitability, unstable earnings, institutional holding, cash flow, tangibility, liquidity, growth opportunities, age of the firm, life cycle, leverage, size of firm and taxation are explanatory variables. The panel is tested for stationarity and finally fixed and random-effect panel regression model with robust estimation option is performed. Findings The random effect model is found fit with an R2 of 62 per cent, and profitability, life cycle and size of the firm show a significant positive effect on dividend payment. Cash flow shows a negative significant relationship, indicating the presence of agency problem. Rest of the variables indicated an insignificant re...

International Journal of Culture, Tourism and Hospitality Research

Purpose This paper aims to measure the satisfaction of religious tourists travelling to various d... more Purpose This paper aims to measure the satisfaction of religious tourists travelling to various destinations in the Himalayas to identify the expectation-experience gaps and understand the shift in motives of travel. Design/methodology/approach The satisfaction of religious tourists is examined using holiday satisfaction (HOLSAT) model developed by Tribe and Snaith (1998). The study analyzes the expectation-experience gap using mean scores on 47 destination specific attributes for a sample of 500 respondents. Findings The study finds a significant gap between the expectations and experience of religious tourists traveling to sacred destinations in the Himalayas. The study also finds that motives of religious tourists have shifted from purely religious to secular touristic motives. Practical implications The results of the study reinforce the value of HOLSAT model as a potential tool to measure and enhance the satisfaction of religious tourists, indicating the attributes that can con...

Public Affairs And Governance, 2016

Transportation Planning and Technology, 2016