Kalpataru Bandopadhyay | Vidyasagar University (original) (raw)

Papers by Kalpataru Bandopadhyay

Allied Publishers Pvt. Ltd., 2024

Management Accountant, 2022

Evidence-based Management (EBM) is a contemporary thought in management. The decisions of the man... more Evidence-based Management (EBM) is a contemporary thought in management. The decisions of the management under EBM are taken based on informal or formal evidences. Thus, the decision would be free from subjectivity and free from personal bias. The decisions under EBM are more objective. As a result of that, chance of being successful under EBM is higher than that of traditional management. In this study, the successful application of a particular type of Evidence-based Management has been demonstrated.

Key Words: Evidence-based Management, EBM, Bajaj Finance, Consumer Finance
Jel Classification: M10

Institute of Cost & Management Accountant, 2022

To encourage and promote the food processing industry (FPI), the Central government has brought t... more To encourage and promote the food processing industry (FPI), the Central government has brought the industry under Production Linked Incentive (PLI) scheme. This step would not only inspire the food processing industry but also bene it the agriculture sector and dairy industry. The government has earmarked mozzarella cheese for PLI scheme under food processing industry. This institutional support towards an import substitute industry showcases how governments can guide the industrial environment for leading the economic development of the country.

The Institute of Cost Accountants of India Knowledge Pack, 2022

The Management Accountant, Apr 10, 2022

Evidence-based Management (EBM) is a contemporary thought in management. The decisions of the man... more Evidence-based Management (EBM) is a contemporary thought in management. The decisions of the management under EBM are taken based on informal or formal evidence. Thus, the decision would be free from subjectivity and personal bias. In this study, with the help of the decision-making process of Bajaj Finance, the successful application of evidence-based management has been demonstrated.

This study attempts to investigate the change, if any, in the volatility observed in the Indian s... more This study attempts to investigate the change, if any, in the volatility observed in the Indian stock market due to the introduction of futures trading. The change in the volatility is compared in terms of the structure of the volatility. This is done to give insights into the way the futures market is influencing the Indian spot market's volatility. The main objective of the study is to investigate whether there has been significant change in relative volatility of the underlying spot return and futures return. The period of study is from 1 st January 1997 to ...

Vidushi 11(2); 15-29, 2019

The issue of dividend policy and its effect on firm value is being debated upon for a long time b... more The issue of dividend policy and its effect on firm value is being debated upon for a long time but still the incongruence continues. Depending upon the intrinsic unique nature of the industry, the dividend policy may have varying impact on firm value. In this context, the present investigates to asses the industry related effect of dividend payout ratio on Tobin's Q and price-to-earnings ratio. For the purpose, three industries viz. pharmaceutical, software and automobile have been considered. The application of dynamic panel regression using Generalised Method of Moments on data for the period 2007-2017 finds mixed results. The dividend policy has relevance for the software industry but not for the other industries.

Vidyasagar University, 2020

It is well known that finance managers need to take three vital decisions which include financing... more It is well known that finance managers need to take three vital decisions which include financing, investing and dividend decisions. This research article deals with the last decision. It has been an area of interest for researchers over a long period of time. But, whether dividend decisions have any impact of firm value still remains a puzzle which is yet to be solved. With this complexity in the background, the present study aims to find out whether dividend decisions have any impact on firm value. For the purpose, the investigation is made on BSE 100 companies for the year 2001 to 2018. The banking and non-banking finance companies have however not been considered in the data sample because of their different way of presenting their income statement. The researchers consider Tobin's Q and Price-earnings ratio as proxies for firm value which is the dependent variable. The dividend policy is proxied using different variables which include dividend yield and dividend payout. The other variables which are the proxy variables include age, size, leverage, liquidity and growth opportunities available to the firm. It is interesting to see that there is a lack of consistency in the findings. In some cases, the dividend policy is seen to have a statistically significant positive impact and in the others the impact is insignificant. Similar inconsistency is also observed in the effect of the control variables.

The Management Accountant, 2021

After the popularization of the concept of Behavioral Finance, the informed investors started ide... more After the popularization of the concept of Behavioral Finance, the informed investors started identifying and avoiding human biasness while taking decisions. A trend has emerged to invest in the stock market without involving human at the decision process as far as practicable. Though the concept has been gaining interest among hedge funds in developed economies, it is yet at a nascent stage in India. The present paper is aimed at examining the modas operanadi of quantamental investment in general and case of DSP Quant Fund in particular to explore the scope of CMAs in this emerging field of finance.

SAGE, 2020

Abstract With around 30 per cent contribution towards GDP and 40 per cent export of the countr... more Abstract

With around 30 per cent contribution towards GDP and 40 per cent export of the country, the growth of the micro, small and medium enterprise (MSME) sector is an important driver of the Indian economy. This article seeks to identify the factors for export promotion from both the macro and micro point of view. Thus the study is to consider the factors of MSME sector as a whole with special reference to availability of raw materials. The linear regression model with the ordinary least square method has been applied after examining autocorrelation and multicollinearity in the data series. It has been concluded that foreign exchange rate, fixed investment and financial support from the government affect export performances of MSME. With the growth analysis and determination of Levene’s Test for Equality of Variances among coconut and coir production and the amount of export, it is observed that the poor growth in availability of raw material may have affected the export performances adversely.

Keywords: MSME, coir, export, small business, input constraint

SIT Journal of Management, 2020

The present study explores the relationship between dividend policy and firm value with respect t... more The present study explores the relationship between dividend policy and firm value with respect to financial crisis. The investigation is based on data of 500 companies listed on the BSE for the period 2001 to 2017. The dynamic panel regression with two-step system Generalised Method of Moments (GMM) is applied. The findings show that dividend policy does not affect firm value definitely. However, the study observes that financial crisis impacted the relationship between dividend behaviour and firm value. Furthermore, the higher dividend yield in post crisis period may indicate evidences of signalling hypothesis.

Interscience Management Review, 2011

Abstract - There were high rate of failure in mergers and acquisitions all over the world. Even a... more Abstract - There were high rate of failure in mergers and
acquisitions all over the world. Even after due diligence
conducted by own qualified staffs and by expert
consulting firm, the calculation may go wrong. Many
researchers observed behavioural biasness during the
decision making process of the deal as one of the causes
of such failure. Here, the paper makes an attempt to
identify human biasness in relation to decisions
regarding mergers with the help of analysing two cases
in Indian context. The said mergers could not succeed
apparently due to the underestimation of risk by the
acquirer probably arising out of the overconfidence
Keywords - Behavioural Finance, Merger,
Overconfidence, Attribution Bias, Anchoring Bias

SEDME, 2020

The micro, small and medium enterprises (MSME) have a huge role in the economic development of In... more The micro, small and medium enterprises (MSME) have a huge role in the economic development of India. To exploit the potential of MSME, the sector should not only focus on the domestic market but it should also provide due importance towards markets abroad. The national export of India along with its components oil-related export and non-oil related export has been demonstrated in Figure-1. The export by MSME and SSI has also been presented there. In the year 2006-07, the share of export in MSME in national export was as high as 71%. However, the share of export by MSME came down to 34% of total export in the year 2014-15. Further, the total export of goods and services from India in the year 2018-19 was over Rs. 23 lakh crore with an annual growth rate of 25% [Source: Directorate General of Commercial Intelligence and Statistics]. From 2006-07 to 2014-15 the growth rate of national export was over 28% per annum. However, during the same period, export growth by MSME was just over 7%. The data suggest the authors to enquire about the reason behind the below-par performance of export by the MSME sector.

The main focus of financial management is on growth, profitability and flow of funds. This focus ... more The main focus of financial management is on growth, profitability and flow of
funds. This focus helps management create enough wealth to achieve market
dominance. ln strategic financial management, the corporate strategy is dominated
by financial decisions; not the other way. This article illustrates how one component
of financial management-strategic working capital management-helps develop
corporate strategy and ultimately ensures the survival of the firm. It also highlights
how strategic current asset decisions and strategic current liabilities decisions
have multi-dimensional impact on the performance of a company.

ICFAI Reader, 2010

The aviation industry at present is characterized by high fuel charges, scarcity of l pilots, te... more The aviation industry at present is characterized by high fuel charges, scarcity of l
pilots, technical staff and infrastructure on one side and low fare, fierce competition
and entry of new players on the other. The industry has been witnessing stupendous
growth rate as well. So, the total cost has been increasing and revenue per
passenger has been decreasing. The higher growth rate and low fare has two
opposite effects on the profitability. The article examines the industry analytically 3
with respect to its cost structure and pricing policy. The financial analyses of some
major airliners have also been included. The higher amount of loss incurred on
consistency basis causes a sense of turbulence within the industry. in fact, the
industry has been caught in a vicious cycle that is negatively affecting the industry.
in this respect, the article seeks to check whether the present low airfare is
sustainable or not. It suggests that the airliners have no scope but to hike airfare in
the near future.

During the periods of globalization and deregulation, it is become very common for the equity mar... more During the periods of globalization and deregulation, it is become very common for the equity market of a country to respond to the movement of prices of some internationally traded goods. The effort, trying to achieve in this study, relates to how Indian equity market responds to the movement of Crude Oil Prices. BSE Sensex and S&P CNX Nifty have been taken as the indicator of stock market performance. Daily closing prices of the equity indices and the price of Crude Oil for a period of 11 years starting from July, 2001 to June, 2012 have been used to assess the co-movement of prices among them. The study applies the concept of Unit Root test, Johansen's Cointegration test, Vector Error Correction Model (VECM) and Granger causality test to establish the long-run and short-run causal relationship between them. From the Trace test statistics and Maximum Eigen statistics we conclude that there exists one cointegrating vector for each case i.e., there exist a long term relationship between oil price and stock indices. The coefficient of the cointegrating equation shows that the relationship is positive and statistically significant. The VECM result shows a long-run causality moves from Indian stock market to oil price and the results of the Granger Causality test confirms the same unidirectional movement in short-run also.

The price in general is determined by the demand and supply of a product or service in an open ma... more The price in general is determined by the demand and supply of a product or service in an open market system. The determination of share price is also no exception. Change in money supply and consequent change in demand should apparently make an impact on share prices. The higher money supply (M1) might lead to higher money flow into equity market. 2009. It was observed that money supply (M1) significantly influences share prices positively. However, further analysis demonstrates the significant relationship between stock index and money supply is due to M1's dependence on GDP.

The objective of the paper is to demonstrate how business strategy and corporate policy affects t... more The objective of the paper is to demonstrate how business strategy and corporate policy affects the capital structure decision of a company. In this context, capital structure of Reliance Industries Limited after liberalisation has been discussed.

The Management Accountant, 2017

A firm can try to achieve targeted growth by managing internal factors that help to grab opportun... more A firm can try to achieve targeted growth by managing internal factors that help to grab opportunities using traditional and also ‘out-of-the-box’ thinking. This empirical research studies two industries which experienced a spurt in growth in the recent past. The objective of this paper is to analyse the financing strategy adopted during this growth phase. The study is based on secondary data of leading companies under each of the two sectors for a period of ten years covering the growth period. It is observed that the management of capital structure is contrastingly different in the two industries. The software companies show their reluctance to assume debt in their capital structure which is considered to be prudent in the context of the nature of the industry. However, the companies engaged in the real estate sector show much aggression by adding huge amount of debt capital
which ultimately put them into severe problems and erosion of shareholders’ wealth.

The Management Accountant, 2017

The aim to grow and prosper is the sign of life. Every company targets to grow its shareholders’ ... more The aim to grow and prosper is the sign of life. Every company targets to grow its shareholders’ we a l t h . Howeve r, in a competitive environment the growth has to be ‘achieved’; it does not come automatically. Thus, management has to chalk out strategies to achieve growth. In management, the term ‘strategy’ goes hand in hand with the term ‘environment’ as it is about creating a fit between the two. The need of the hour is to monitor d e ve l o p m e n t s around the business and bring about s t r a t e g i c r e v i s i o n s as felt necessary. In this paper, the focus is on study of financing pattern for managing the expansion mode of two sample industries, software and real estate.

Allied Publishers Pvt. Ltd., 2024

Management Accountant, 2022

Key Words: Evidence-based Management, EBM, Bajaj Finance, Consumer Finance
Jel Classification: M10

Institute of Cost & Management Accountant, 2022

The Institute of Cost Accountants of India Knowledge Pack, 2022

The Management Accountant, Apr 10, 2022

Evidence-based Management (EBM) is a contemporary thought in management. The decisions of the man... more Evidence-based Management (EBM) is a contemporary thought in management. The decisions of the management under EBM are taken based on informal or formal evidence. Thus, the decision would be free from subjectivity and personal bias. In this study, with the help of the decision-making process of Bajaj Finance, the successful application of evidence-based management has been demonstrated.

Vidushi 11(2); 15-29, 2019

Vidyasagar University, 2020

The Management Accountant, 2021

SAGE, 2020

Abstract With around 30 per cent contribution towards GDP and 40 per cent export of the countr... more Abstract

Keywords: MSME, coir, export, small business, input constraint

SIT Journal of Management, 2020

Interscience Management Review, 2011

SEDME, 2020

ICFAI Reader, 2010

The Management Accountant, 2017

The Management Article, 2022

Evidence-based Management (EBM) is a contemporary thought in management. The decisions of the man... more Evidence-based Management (EBM) is a contemporary thought in management. The decisions of the management under EBM are taken based on informal or formal evidence. Thus, the decision would be free from subjectivity and personal bias. In this study, with the help of the decision-making process of Bajaj Finance, successful application of evidence-based management has been demonstrated.

The concept of microfinance has great scope in all developing countries including India. However,... more The concept of microfinance has great scope in all developing countries including India. However, microfinance is characterised by high interest rate. This phenomenon of charging exorbitantly high interest rate sometimes severely criticised for creating 'debt trap'. There are some alleged instances of suicides also. It is natural that many poor individuals did not dare to borrow ever. Government is well aware about the fact. The government appointed Malegam Committee recommended that cost of borrowing is allowed to be as high as 26% p.a. or even more. Thus the scope of microfinance gets restricted for its very nature. In this context, we reviewed the justification of such high interest rate. Unlike most other government schemes like MNEGRS and spending on subsidy which keeps the beneficiaries directly dependant on government for ever, microcredit could enable an individual self-reliant. So, naturally, government can step into microfinance programme more proactively and even grant soft loan for microfinance or provide interest subsidy to microfinance institutions. Further, the paper examined the riskiness of microcredit and found that there is ample scope to reduce interest rate. So, be it from social point of view or from commercial point of view the rate of interest in microfinance industry deserves review. _________________________________________________________________________________ MFIs have played a major role in drawing poor people into India's mainstream finance. The concept of microfinance has a great opportunity to the rural poor in India to attain reasonable economic, social and cultural empowerment, leading to better living standard and quality of life. The microfinance sector has grown up exponentially. As on 31 March 2010, based on returns filed with the National Bank for Agriculture and Rural Development (NABARD), there were 1659 MFIs availing a total credit of Rs. 13,955 crore from the banking system. MFIs are expanding at a compound rate of 50% p.a. for last 4-6 years There are approximately 30 million people throughout India who have been beneficiaries of MFI lending. The National Sample Survey (NSS) data of 59th Round (2003), reveal that the proportion of farm households excluded from accessing credit from institutional sources to total farm households is as high as 96 in some Indian States. The average national banking penetration is only around 35%. Crisil estimates that around 120 million household are financially excluded. On this basis, according to Crisil, total credit demand is Rs. 1.2 Trillion.