Special Centennial Issue

No. 420

July 2025

Vol. CVI (Part-I)

ISSN: 0019-5170

Contents

Day-of-The-Week-Effect in Stock Market of India and
USA: An Empirical Analysis of Sectoral Indices

Dhanraj Sharma 1
RuchitaVerma 2
Heavendeep Singh 3

The main objective of the present study is to investigate the Day-of-the-Week-Effect (DOTW Effect) inthe stock markets of India and the United States of America for the study period of April 1, 2012, to March 31, 2022. The study period is further classified into Pre-Covid and Covid periods, and the daily closing values of the various sectorial indices of Indian and US stock markets have been used. The results show that the Indian stock market was more rational than the USA stock market during the pre-covid period. In Indian market the study's findings confirmed the presence of adverse and highly significant Monday effects that extend to 75% of all highly significant cases. The remaining were related to the Tuesday effect with a positive association the Indian stock market & in USA market strong effect found in IT sector only with negative association related to Wednesday, Thursday & Friday during Covid 19.

Keywords: Indian Stock Market, Day of the week effect, Anomalies, Sectoral indices, & Dummy Regression.
  1. Assistant Professor, Department of Financial Administration, Central University of Punjab
  2. Assistant Professor, Department of Financial Administration, Central University of Punjab
  3. Research Scholar, Department of Financial Administration, Central University of Punjab

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Population Control for Sustainable Development -
Navigating Operational Challenges in India’s Family
Planning Program Through ASHAs

Satyajit Roy1
Banatika Datta 2

While India was the first country to officially launch a nationwide family planning (FP) program, it surpassed China to have the largest population in the world by 2023. ASHA workers have been the key executioners of rural health campaigns, including the FP program. This mixed-method study delves into understanding the operational challenges hindering the adoption of reversible FP methods in rural India and whether ASHAs are being effective in increasing the adoption rate. It was found that in rural India, ASHAs' contribution is insignificant in spreading awareness and driving the adoption of spacing methods, except IUD. While on the demand side, social stigma and lack of counseling services create significant hindrances in adopting FP methods; the supply side inhibitors include heavy workload on ASHAs, lack of training, fear of being held accountable for adverse side effects, and inefficient flow of FP commodities.

Keywords: Family planning, Population control, Contraceptive, Sustainable development, ASHA, Operational challenge.

  1. Ph.D. Scholar, Indian Institute of Management, Bangalore-560076,
    Email: satyajit.roy21@iimb.ac.in
  2. Assistant Professor, Jagdish Sheth School of Management, Bangalore, Karnataka-560100,
    Email: banantika.datta@jagcom.edu.in

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Covid-19 and Interstate Mobility of Migrant Workers:
A Study of Jammu Region

Richa Sharma1
Kakali Majumdar2

Concept: Migration is considered as substantial option for employment in Jammu and Kashmir for both push as well as pull factors, due to which people move out to different places in order to look out for jobs and better salaries. Migration is influenced by the development patters as well as the social structure. The covid-19 pandemic has struck as a severe blow, causing many workers to suffer greatly. This study has tried to investigate the influence of corona virus on income profile, employment level and means of support of migrant population in Jammu and Kashmir. The report also looks at some of the options for supporting migrant workers' living after Covid-19.

Objectives: The objective is to examine the impact of covid- 19 on employment status, income level and livelihood of migrant workers in Jammu. To inquire possible measures taken by the government to provide livelihood to the migrant workers by redeveloping the rural sector after covid-19 epidemic in Jammu and Kashmir.

Methodology/statistical analysis: Both primary and secondary data have been used in the present study. Descriptive statistics, vulnerability index, multiple regression models etc. were used to assess migratory vulnerability during the time of covid-19.

Findings: The study discovered a rapid increase in the supply of labour in Jammu's rural economy after analyzing data. Income loss is considered as the biggest issue faced by the migrant workers followed by a loss of employment.

Policy suggestions: The study recommends targeted skill development, improved credit access, and integrated employment-industrial policies to support migrant resilience and promote inclusive recovery.

Keywords : Migration, employment, vulnerability index, job satisfaction, loss of income.

JEL Classification Codes: E24, J61, O15

  1. PhD scholar, School of Economics, Shri Mata Vaishno Devi University Katra, J&K, India
  2. Professor, School of Economics, Shri Mata Vaishno Devi University Katra, J&K, India

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Driving Change: Exploring the Sustainable Marketing
Mix for Electric Vehicles in Eastern Uttar Pradesh

Mayank Vashishth 1
Sanandan Mishra 2
A.K. Malviya 3

The emergence of modern electrical vehicles is a silver lining for human beings. Electric vehicles are the probable answers of various questions of climate change, air pollution in cities, greenhouse effect and global warming. By the definition electric vehicles run on electricity, so they are free from fossil fuel. They don’t not produce gases, and eventually not pollute the air. But after all such benefits, why not everyone is using an electric vehicle? Why people are still buying petrol/diesel- based vehicles? Customer’s perception depends on the overall value delivery. This research paper interrogates the sustainable marketing mix for electric vehicles. The consumer’s view on customer solution, cost, convenience and communication for electric vehicles. This research paper investigates the customer perception towards electric vehicles in eastern Uttar Pradesh. Through a combination of qualitative and quantitative methods, including surveys and market analysis, this research analyses the four Ps—product, price, place, and promotion—in the context of sustainability. Our findings reveal that consumer awareness, government incentives, infrastructure development, and affordability are crucial drivers of EV adoption. The research provides insights for policymakers, manufacturers, and marketers to foster a greener transportation ecosystem in Eastern Uttar Pradesh.

Keywords : Sustainability, Sustainable Marketing, Green Marketing, Consumer Behaviour, Electric Vehicles, Green Energy, Climate Change.

JEL Codes: M31, Q56, D12, P28

  1. Research Scholar (SRF), Department of Commerce and Business Administration, University of Allahabad, Prayagraj 211002 (Uttar Pradesh). Email Id:mayank.vashishth@yahoo.com
  2. Research Scholar, Department of Commerce and Business Administration, University of Allahabad, Prayagraj 211002 (Uttar Pradesh).
  3. Ex-Dean, Faculty of Commerce, University of Allahabad, Prayagraj-211002 (Uttar Pradesh)

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Technical Efficiency Analysis of Indian Dairy Processing
Firms: Data Envelopment Analysis Approach

Mahima Makkar 1
Asheref Illiyan2

The purpose of this paper is to evaluate the technical efficiency scores of fifty-two Indian dairy products manufacturing Companies. The present study uses data from Prowess of Center for Monitoring Indian Economy (CMIE) for the financial year 2022-2023. This study has utilized the Data Envelopment Analysis approach, taking raw materials, salaries and wages, Power and fuel expenses and capital as input variables and net sales revenue as output variable. The paper finds out that of the total fifty-two firms, twelve firms were highly efficient having the perfect score of Pure technical efficiency (PTE) as one. Twelve firms formed the moderately efficient Category where the pure technical efficiency score varied between (0.60 - 0.99). Fifty one percent of the firms were classified as inefficient firms forming the worst performer category. Further, firms were also classified as high, low and middle robust firms on the basis of peer count. Young firms were found to be more efficient than old firms. Small and medium firms were found to be more technically efficient than large sized firms. The empirical results are useful in assessing the relative efficiency of the Dairy processing firms in India. The managers and company owners can take the corrective actions by reducing the input values in appropriate amounts or by incorporating a better mix of inputs. The improvement in efficiency of the company would not only benefit the shareholders, but also the investors and other stakeholders of the company. Very limited number of studies have focused to measure the efficiency of Indian dairy products manufacturing companies. The present study aims to provide the latest insight to the efficiency of the companies operating in the dairy processing sector.

Keywords: Technical efficiency, Data Envelopment Analysis, Dairy Processing Sector

  1. Department of Economics, Jamia Millia Islamia, New Delhi, India
    Email: mahimajkps26@gmail.com
  2. Professor, Department of Economics, Jamia Millia Islamia, New Delhi, India

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Corporate Governance Mechanisms, Macro-Economic
Factor and Non-Performing Loans of Listed Banks
in Selected Sub-Saharan African Countries:
A Sectorial Analysis

Monday Osayande 1
Akunoma Onome 2

The non-performing loans of listed banks in six(6) chosen Sub-Saharan African nations were analyzed in this research, along with the influence of macroeconomic variables and corporate governance processes. Sub-Saharan African countries include Botswana, South Africa, Kenya, Tanzania, Nigeria and Ghana.

The study's population included all banks in the chosen SSA, whereas the sample included 36 specified banks from that SSA. Secondary data was compiled from the audited financial accounts of each year from 2011 to 2022. To ensure a reliable result in the relationships, we tweaked the dynamic estimating strategy and used the dynamic panel data (DPD) method to test for robustness. The "system GMM" method of estimating served as the basis for this process.

Non-performing loan (NPL) indicators were shown to be influenced by macroeconomic conditions, and corporate governance in a variety of ways, according to the study's results. While the corporate governance ownership index did not have a substantial influence on non-performing loans in sub-Saharan Africa, the corporate governance board effectiveness index did. In contrast, non-performing loans (NPLs) in sub-Saharan Africa were positively affected by carbon emissions and the currency rate, and negatively affected by economic growth, the only macroeconomic variable that significantly affected NPLs in the region. In light of this finding, the paper recommends that SSA banks use adaptive strategies to lessen the effect of macroeconomic shocks on lending policy. These steps may improve the institutions' hedging capability by creating diverse portfolio systems.

Keywords: Corporate Governance mechanisms, Macroeconomic Factors, Non-performing Loans.

  1. Department of Accounting, Banking and Finance, Michael and Cicilia Ibru Univiversity, Agbarha-Otor, Delta State, Nigeria. E-mail ID: osayandemonday26@gmail.com
  2. Department of Accountancy, Federal Polytechnic, Orogun, Delta State.
    E-mail ID: akunomaonome@gmail.com

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Modelling the Impact of Determinants of Manufacturing
Output in India: An ARDL Bounds Testing Approach

Krati Jain1
J. N. Sharma2

Using time series data for the period 1980-2019, this study investigates factors which determines manufacturing sector output in India using ARDL and ECM framework in long-run and short-run. Independent variable is Net Value added of manufacturing sector while dependent variables are number of workers, fixed capital, working capital, fuel consumed, material consumed, agriculture production, trade openness, service sector and economic reforms. Economic reforms is taken as dummy variable. Initially ADF and PP test were applied to variables to check the stationarity of the variables. The study also estimates FMOLS and DOLS model to check the robustness of the model. To check the suitability and appropriateness, this study also applies various diagnostic test. The result shows that in the long run variables like number of workers, fixed capital, working capital, trade openness and output of service sector have positive and significant impact on manufacturing sector while material consumed, agriculture production, fuel consumed and economic reforms has a negative and significant impact. In short run also we have similar results as in long-run.

Keywords: Manufacturing Output, ARDL, Capital, Economic Growth, Long-term Relationship.

JEL Classification: O040, L600

  1. Research Scholar, Department of Economics, IIS Deemed to be University, Jaipur.
    Email: kratijain157@gmail.com
  2. Professor, Department of Economics, IIS deemed to be University, Jaipur.
    Email: jns1956@gmail.com

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Financial Literacy in a Fragile Economy: Determinants
and Their Impact on Behavior and Attitudes Among
Yemeni Salaried Employees

Ebrahim Sulaiman Ebrahim Hassan Zaid1
A Ravi2

Given the ongoing economic fragility in Yemen, financial literacy becomes critically significant for improving individual well-being and fostering national sustainability. This study assesses the financial literacy levels of salaried employees in two economically and socially substantial cities in Yemen, Aden and Ibb, and explores how key socioeconomic determinants influence financial behavior and attitudes. The target group was salaried employees working in the public, private, and non-governmental sectors who were at least 18 years old. There were 131 participants, and to ensure representation from a range of demographic groups and employment sectors, we used a purposive sampling approach. We examined three main dimensions of financial literacy: knowledge, including applied knowledge and decision-making skills, behaviour, and attitude, aligning with OECD/INEF recommendations. We found a moderate level of financial literacy, with stronger financial attitudes compared to knowledge and behavior. In addition, we found a significant positive correlation between education level and financial literacy score (r=.16, p=.031), suggesting that higher education was associated with greater financial literacy. In contrast, other socioeconomic variables like gender, age, income, city, etc, were not statistically significant (all p> .05). Lastly, we found that financial literacy significantly influenced both financial behavior and attitudes. These findings highlight the necessity for targeted and tailored financial education programs and policy interventions, especially workplace-based initiatives and programs, to strengthen and improve the financial competencies and skills and promote financial stability and wellbeing among salaried individuals in the fragile economies.

Keywords : Financial Literacy, Socioeconomic Determinants, Salaried Employees, Yemen.

JEL Code: D14, G53, I25, O15, O53.

  1. Research Scholar, Department of Management Studies, Koshys Centre for Research and Excellence, Koshys Business School, University of Mysore, Karnataka, India.
    Email Id: ebrahimsulaimanzaid@gmail.com
  2. Director & Professor, Department of Management Studies, Koshys Centre for Research and Excellence, Koshys Business School, University of Mysore, Karnataka, India.
    Email Id: draravi65@gmail.com

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Threshold Inflation Rate in India: A Re-Estimation Using
Combined-Consumer Price Index

Ribhushankar Anand1
Vineeth M2

Inflation targeting is considered to be the primary policy rule of the RBI. The target range and threshold estimation are done through several techniques, along with the choice of index. In this paper, the threshold inflation is calculated using OLS estimates as an Extension of Sarel’s methodology, accounting for periodic structural breaks caused by the pandemic and ‘extra’ inflation along with a vector of control variables, to understand the growth-inflation nexus in India. CPI-Combined is used as the price index in this study, while observing the divergence in CPI and WPI indices in India, especially in recent times. The study suggests an inflection of non-linearity occurs at an inflation rate of 6.5%.

Keywords : Inflation Targeting, Threshold Inflation, OLS, CPI-Combined

  1. Masters in Applied Economics Student, CHRIST (Deemed to be University), Bangalore Yeshwanthpur Campus. Bangalore – 560073.
    Email: ribhu2001@gmail.com
  2. Head of Department, Department of Economics, CHRIST (Deemed to be University), Bangalore Yeshwanthpur Campus. Bangalore – 560073.
    Email: vineeth.m@christuniversity.in

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