SCHOLEDGE INTERNATIONAL JOURNAL OF MANAGEMENT & DEVELOPMENT VOL. 2, ISSUE 6 (JUNE2015) ISSN-2394-3378 www.thescholedge.org ------------------------------------------------------------------------------------------------------ A STUDY ON STOCK MARKETS OF DEVELOPING COUNTRIES INTEGRATION & RELEVANCE WITH DEVELOPED COUNTRIES STOCK MARKETS 1Dr. Yvone Wong Li , 2Aurora Ho & 3Prof. Polly Yau 1 Visiting Professor & Director at Private Educational Institute, TIANJIN, CHINA. 2 Research Scholar of Accounting, TIANJIN, CHINA. 3 Research Fellow & University Professor, TIANJIN, CHINA. ABSTRACT Globalization and liberalization has made investors to invest and earn more in international stock markets. The trade relationship between the stock markets of developed counties and developing countries are increasing extensively. However, stock markets of those countries have some little concern and thats where the domestic investors have diversification opportunity in international stock markets. So the present study examines the co-integration of stock prices of developed and developing counties and also identifies diversification opportunity for Indian investors. To investigate the relationships, researcher has examined the stock indices of developed counties like United States (S & P 500), United Kingdom (FTSE) and Japan (Nikkei) and developing countries like Brazil (BOVESPA), Russia (RTS), Chine (SSE) and India (NSE). Further, the study employs monthly closing price data which is ranging from 1st January, 2008 to 31st June, 2014. Stock price linkages were examined through Johansen co-integration test to study the long term equilibrium relationships and further tested for VAR (Vector Autoregression). The result shows there is no long term relationship exists among developed and developing markets and further VAR (1) indicates all independent variables are insignificant. However, it is good news for Indian international investor that they will benefit from international diversification. KEY WORDS: BRIC Stock Markets, Stationary and Non stationary, Correlation and Co-integration INTRODUCTION Financial markets have drastically accelerated during the last decades in terms of global business. Further liberalization and deregulation of stock markets across countries has lead to increasing co-movements of financial assets like equity, mutual funds, debt funds and many more. This process requires investors who possess the stocks of some country and bear the risk attached to political and economic environment of that state to rebalance their portfolios. However, due to the enormous increase of integration of stock markets, the possibility to diversify internationally has decreased significantly. Researcher tries to deal with problem by analyzing the possibility of diversification opportunity across emerging markets and emerged markets through Co-integration analysis. So now let us understand the concept of co-integration. The concept of co-integration was first introduced by Granger (1981) and elaborated further by Engle and Granger (1987), Engle and Yoo (1987), Phillips and Ouliaris (1990), Stock and Watson (1988), Phillips (1986 and 1987) and Johansen (1988, 1991, 1995), among others. Working in the context of a bivariate system with at most one co-integrating vector, Engle and Granger (1987) give the formal definition of co-integration among two variables as follows: When two time series that have unit roots co-integrate, meaning that there is a stationary linear combination between them; and this is a nice property to have because it allows us to find equilibrium relationships between two series that have trend behavior. Katrina Juselius (The Co-integrated VAR model, 2006) defines the role of co-integration analysis in the following way: co-integration identifies stationary linear combinations between non stationary variables so that an I (1) model can be reformulated exclusively in stationary variables. In economics, we are always trying to find equilibrium relationships, and that is exactly what co-integration allow us to do with two series that otherwise could not be modeled because of the individual non stationary properties on them. The remainder of paper is organized as follow. In Chapter 2 represents the literature concerning the problems of integration in line of various international stock markets. Chapter 3 describes the data and methodology for investigating co-integration relation. Chapter 4 dedicated to methodological estimation of empirical co-integration model. Results and their implications are posted in Chapter 5. Finally, conclusion is in Chapter 6. LITERATURE REVIEW It was found few studies that have analyzed the co-integration of developed and developing counties stock market for Indian investors. Thus further literature is extended towards co-integration methodology to identify the international diversification opportunity with special reference to Indian investors. Research conducted by Bose S., Mukherjee P., (2005) on A Study of Inter linkages between The Indian Stock Market and Some Other Emerging and Developed Markets. They tried to examine the co-movement of the Indian stock market with developed markets like US, Japan and other Asian market. The degree of integration that is found to be not very high implies that the nature of integration with emerging Asian markets does not yet warranty any immediate concern for India regarding possible contagion and also shows that there is still much scope for reaping benefits of portfolio diversification, by investing in Indian markets. Further research was conducted by Seshaiah, S. Venkata, (2006) on Indian Capital Market Integration with Selected Developed and Developing Countries. This paper empirically investigates into the long-run equilibrium relationship and short run dynamic linkage between the Indian stock market indices and the stock markets of seven developed and developing countries. it is concluded that Indian stock market get influenced by most of the developed countries stock markets as well as by most of developing countries stock markets under study barring Japan and Taiwan. Further Raj J. and Dhal S, (2008) analyzed Integration of Indias stock market with global and major regional markets. The lack of evidence of integration of stock markets in terms of local currency gives rise to a concern that Indias stock market integration may not be complete, a finding attributable to the inadequate role of domestic investors. B J Queensly Jeyanthi & Punithavathy Pandian (2008) analyzed an Empirical Study of Cointegration and Correlation among Indian, Emerging and Developed Markets. The findings suggest that the stock prices in major Asian markets and the United States are weak-form of efficiency, individually and collectively, in the long run. It also implies that international investors can achieve substantial risk diversification benefits in Indian markets. However most of this research idea was taken from master thesis by Jose Balarezo (2010) on international diversification using co-integration and modern portfolio theory. They argue that investors looking to diversify internationally need to be very selective in reference to which countries they invest into since international diversification will benefit the investor only in the cases that the home country does not co-integrate with the foreign market. The study was also concluded that they did not find any indication that BRIC counties share a long run equilibrium relationship which is excellent news for investors they could invest in any or all of these markets and rip the benefits of being exposed to these emerging economies while being fully diversified. Lian an and Dean Brown (2010) examined the co-movement and indicate that there is some cointegration between the United States and China, while there is no cointegration between the US and the other emerging markets by themselves. Therefore, all of the BRIC stock markets, with the exception of China provide attractive portfolio diversification opportunities for global investors. Further research idea regarding phase wise study was drawn from the research conducted by Norasyikin Abdullah Fahami (2011) on the structure of linkages and causal relationships between BRIC and developed equity markets. He examined structure of linkages and causal relationship worlds fastest emerging BRIC economies and other developed countries. The period of study under analysis was in three different samples as pre-crisis period, crisis period and post crisis period. The results show that all the stock markets under study are co-integrated in pre-crisis, during crisis and post crisis period. Dr. S. Vanitha, P. Srinivasan and V. Karpagam, An attempt has been made in this study to analyse the integration between different BRIC countries and developed countries. The test results revealed that the returns of the BRIC Countries were higher during the period, which gives better place for investment by consistent returns. Further they have concluded that investing in BRIC Countries for the long-run will be beneficial. OBJECTIVES & DATA The study examines co-integration of Indian stock market with other developing countries (Brazil, Russia and China) and developed countries (USA, UK and Japan) through Johansen co-integration test. However, selected indices for each developing country are BOVESPA - Brazilian market, RTS - Russian Trading System, SSE - Shanghai Stock Exchange for china and NSE - National Stock Exchange for Indian market. For developed country are S&P 500 United States, FTSE United Kingdom and Nikkie Japan. To conclude upon mentioned objectives, the sample is taken from 1st January, 2008 to 31st June, 2014. Some of adjustments have made in monthly data because different holidays were found in different countries stock market. The necessary monthly closing price data have been sourced from yahoo finance. METHODOLOGY To satisfy the above objectives and data collected, various time series econometrics models were applied to study the long term equilibrium relationship between India and other developed and developing nations. The whole analysis was carried out in EVIEWS 6. Following are some tools used for the analysis of the study. Unit Root Test (ADF Test) Johansen Co-integration Test VAR Model UNIT ROOT TEST The first step in the co-integration analysis is to check whether the series considered are stationary or not at level and if it is non-stationary then to find out the order in which they are integrated. Augmented Dickey Fuller (ADF) test is widely used in literature, so the present study also revealed ADF test statistics. However, a series is said to be stationary if the mean and auto-covariance of the series do not depend on time. While performing ADF test we proceed by considering the constant and deterministic trend in the data. The null hypothesis Ho: ?=0 i.e. presence of unit roots for each of these equations is been tested. The test statistics against the critical values are checked and the null hypothesis is accepted or rejected if t-statistics is greater or less than the critical value respectively. Once we get the order of integration using the ADF test, we proceed with the method of co-integration to test the presence of co movement between the different stock market indices. The Johansen co-integration test: The Johansen method is used to determine the presence of co-integrating vectors in non stationary time series; it can be applied in a bi-variate or multivariate setting. In the case of a multivariate setting, it has the advantage of finding and providing estimates for all the co-integrating vectors within a Vector Autoregressive model (VAR). Before we move forward, it is important to define what a Vector Autoregressive Model is. A VAR (k) model is simply an extension of the AR (p) model where there is more than one dependent variable under study and thus more than one equation. In the model, each equation has as explanatory variables lagged values of all variables under study. A deterministic trend could also be included in the model. The model is used to find the evolution and interdependences between several time series, therefore, it is a theory free model because economic theory is simply limited to selecting the equations in the model, and we let the VAR find any relationship between the variables. A (??) order VAR has the following representation: ???? = ??0 + ??0?? + ??1????-1 + + ????????-?? + ???? (1) Where ???? is a (nx1) vector of variables, d a deterministic trend and ?t is a white noise process. The Johansen method is based on the error correction representation of the VAR, the so called Vector Equilibrium Correction Model (VECM) that reformulates in terms of differences, lagged differences and levels of the process to obtain: ????? = ?? 1?????-1 + ??????-1 + ????. (2) We can see that the left hand side is stationary. Since a stationary variable cannot be equal to a non stationary expression, the only option is that the right hand side also has to be stationary. For this to happen, either p = 0, or it must have a reduced rank. To test the restrictions in p, Johansen defines two matrices a and , both of dimensions n x r where r is the rank of p and n the number of variables. The properties of a and are such that: ?? = ????' so above formula revised as follows: ????? = ?? 1?????-1 + ????'????-1 + ???? (3) Generally, there are three cases of interest in the p matrix. If r = n, then Xt is stationary and there is no need to express the system as VECM, standard inferences apply. If r = 0, there are not co-integrating relationships between the variables, that is the variables have no stochastic trends in common and do not move together over time. If n > r > 0, there are r co-integrating relationship among the n variables. In contrast with the Engle Granger method, the Johansen method can find more than 1 co-integrating relationship between the variables. VAR MODEL: Sims (1980) first introduced VAR models as an option to the large scale macro econometric models. Since then the methodology has gained wider application in applied macroeconomic research. Vector autoregressive models (VARs) are widely used further for understanding the effects of monetary policy on the economy. The VAR can be estimated through single equation methods like OLS and here researcher has used NSE as a dependent variables after checking the normality of the errors. The reduced form of final VAR equation is follows: Zt = ?? + ?? * zt-1 + ?? * zt-2.... + ?? * zt-p + e... (4) Finally if the variables are not co-integrated, we cant use VECM, so further research has been concluded on the basis of VAR model by taking lag values of Indian Stock Market and other developed and developing countries stock markets. EMPIRICAL RESULTS Results of Stationary ADF Unit Root Test: Ho: Unit Root exists (Non Stationary Data) Ha: Unit Root does not exist (Stationary Data) Table 1 ADF Unit Root Test Statistics ADF Test Statistics (With Constant and Trend) Variables Levels First Difference Lag (SIC) Test Stat Prob. Test Stat Prob. LBOVESPA 1 -2.5002 0.3273 -6.5216 0.0000 LRTS 1 -2.5224 0.3168 -5.7066 0.0000 LSSE 0 -1.7191 0.7333 -9.0708 0.0000 LNSE 0 -1.9873 0.5987 -8.0408 0.0000 LSP 0 -0.5805 0.9773 -7.1447 0.0000 LFTSE 0 -1.4635 0.8336 -8.4489 0.0000 LNIKKEI 0 -1.1956 0.9042 -7.3441 0.0000 Source: E - Views Output. The critical values for ADF test is -3.47, significant at 5% level. The table number 1shows all the market indices are non-stationary because all ADF test statistics are higher than ADF critical value at level. On the contrary, all probability values are also greater than 0.05. So we fail to reject null hypothesis and interpret that unit root presence in the series. However, unit root tests reject the same null hypothesis in the first-differenced form of the series which indicate that in first differenced form, all the series are stationary. Therefore, each stock market index is integrated in order one, or I (1). So the following is the result of multivariate Johansen co-integration test which strongly demands that all variables must be in same order. THE TEST RESULTS OF LAG SELECTION CRITERIA: To perform Co-integration test the issue of finding optimum lag length is very important because we have standard normal error terms. The most common procedure in choosing the optimal lag length is to estimate a VAR model including all variables in levels. Following is the VAR lag order selection criteria. Table 2 VAR Lag Order Selection Criteria Lag AIC SIC HQ 0 -12.76119 -12.53985 -12.67307 1 -23.16317 -21.39243* -22.45824* 2 -22.82934 -19.5092 -21.50758 3 -23.40819 -18.53865 -21.46961 4 -23.53912 -17.12018 -20.98372 5 -23.52111 -15.55278 -20.34889 6 -24.21606* -14.69833 -20.42702 * indicates lag order selected by the criterion AIC: Akaike information criterion SC: Schwarz information criterion HQ: Hannan-Quinn information criterion Source: E - Views Output. The table number 2 represents the VAR (2) model for optimal lag selection criteria. Maximum 6 lags to be selected where AIC value is minimum while SIC and HQ has selected 1 lag. Further to choose the optimal lag, AIC, SIC and HQ is widely used in literature. So looking to the above result, we can choose 1 lag length for further co-integration analysis which is suggested by SIC and HQ where both the values are minimum at lag one. So finally the further Co-integration test carried out with optimal lags one as follows. RESULTS OF CO-INTEGRATION TEST: Table 3 Co-Integration Test Statistics No. of CE(s) Eigen value Trace Statistics Critical Value (0.05) Prob. None 0.4164 114.0355 125.6154 0.2041 At most 1 0.2733 73.1085 95.7537 0.6133 At most 2 0.2663 48.8445 69.8189 0.6871 At most 3 0.1455 25.3117 47.8561 0.9101 At most 4 0.1016 13.3606 29.7971 0.8744 At most 5 0.0647 5.2174 15.4947 0.7853 At most 6 0.0018 0.1361 3.8415 0.7122 No. of CE(s) Eigen value Max-Eigen Statistics Critical Value (0.05) Prob. None 0.4164 40.9270 46.2314 0.1660 At most 1 0.2733 24.2640 40.0776 0.8115 At most 2 0.2663 23.5328 33.8769 0.4901 At most 3 0.1455 11.9511 27.5843 0.9347 At most 4 0.1016 8.1432 21.1316 0.8947 At most 5 0.0647 5.0813 14.2646 0.7315 At most 6 0.0018 0.1361 3.8415 0.7122 Trace test and Max-Eigen indicates NO co-integrating eqn(s) at the 0.05 * denotes rejection of the hypothesis at the 0.05 level **MacKinnon-Haug-Michelis (1999) p-values Source: E - Views Output. The table number 3 shows the results for co-integration and it reveals that there is no significant co-integrating relationship between stock markets under study. Both the Trace and Max-Eigen statistics indicate zero co-integrating ranks which can be seen from probability values. We fail to reject the null at any co-integrating equation where all probability values are greater than 0.05. Further we can prove it from trace statistics which is less than its critical value at 5% and also Max-Eigen Value is less than its critical value at all co-integrating equation. This shows the long run equilibrium relation does not exist between India, Brazil, Russia, China, USA, UK and Japan Stock markets. so further to perform Vector Error Correction Model, all variables needs to be co-integrated but we found from co-integration test that no co-integration exists. So further we can develop VAR Model as follows. Table 5 Vector Auto-regression Variable Coefficient t-Statistic Prob. C(1) 0.703583 6.36431 0.0000 C(2) -0.083067 -0.478616 0.6337 C(3) 0.130375 1.579396 0.1188 C(4) -0.05349 -0.537463 0.5927 C(5) 0.014561 0.06426 0.9489 C(6) 0.248629 0.754207 0.4533 C(7) -0.047716 -0.593521 0.5548 C(8) 1.102513 0.694283 0.4898 Source: E - Views Output R-squared 0.899658 Durbin-Watson stat 2.007381 Adjusted R-squared 0.889478 Jarque - Bera (P Value) 0.063266 F-statistic 88.37819 Prob. (F-statistic) 0.000000 LNSE = C(1)*LNSE(-1) + C(2)*LBOVESPA(-1) + C(3)*LRTS(-1) + C(4)*LSSE(-1) + C(5)*LS_P(-1) + C(6)*LFTSE(-1) + C(7)*LNIKKEI(-1) + C(8) The table number 5 represents the results of VAR (Vector Autoregression) model with one lag. Almost all variables are positive except C(2), C(4) and C(7). But all the variables are statistically insignificant as t statistics are very low and corresponding probability values are greater than 0.05 so here we fail to reject the null hypothesis at 5% significance level. Only first variable i.e. C(1) is statistically significant and it is nothing but one lag value of NSE. Looking to the diagnostic checks for the model, Adjusted R- Squared value is 0.8895 which means total variance explained by all independent variable to dependent variable is 88.95%. F statistic is 88.37819 with significance value of 0.000 which is less than 0.05 so we reject the null hypothesis and interpret that model can be fit with these independent variables. Moreover, Durbin-Watson statistic is 2.007381 which is almost 2 that indicates there is no auto-correlation among variables. And further Jerque Bera Probability value is 0.0632 which is greater than 0.05 that means we fail to reject the null hypothesis that error terms are normally distributed. CONCLUSION The study examines the co-integration between the stock prices of India and other developed and developing countries stock markets. Based on the multivariate co-integration results, the study concludes that the long term relationship among developed and developing countries stock markets does not exists at lag one chosen by SIC and HQ. So we can inferred that the absence of an equilibrium relationship does not the potential benefits from portfolio diversification of international investors aiming to share their investment among India and other stock markets considered here. It may also be added that the absence of equilibrium relationship may be due to weaken trade relations among India and the other countries considered in the present study. Further co-integration does not exist so VAR model has been developed by taking NSE as dependent variables with one lag but all independent variables are insignificant at 5% confidence level. So finally study concludes that there is long term diversification benefits exist for international investors as in the long run they will not converge and investors may have benefit in the long run by investing in these developed and developing markets. REFERENCES Agung Gusti Ngurah (2011) Time Series Data Analysis Using Eviews, John Wiley & Sons Pte. Ltd., New Delhi, Pp. 330, Pp. 331. Andreas Hellstrand And Eugenia Korobova (2010). Cointegration And Causality In International Stock Markets - A Study Of Long-Run Stochastic Trends In Oil & Gas And Financials Indices Thesis In Finance, Stockholm School Of Economics, M.Sc. Program In Economics And Business. (Unpublished Thesis) Balarezo, J. (2010). International Diversification Using Co-Integration And Modern Portfolio Theory. Master Thesis Applied Economics And Finance - Dep. Of Economics, Copenhagen Business School (Unpublished Thesis) Black Ken, (2004) Business Statistics, Wiley India Pvt. Ltd., New Delhi, Pp. 48-50, Pp. 76-78. Chittedi, Krishna Reddy (2009). Global Stock Markets Development And Integration: With Special Reference To BRIC Countries Munich Personal Repec Archive MRPA Paper No. 18602, Posted 13. November 2009 Dr. Reddy Sudhakara S., Wadhwa Kavita (2012). International Stock Market Integration: A Study Of The US And BRIC Markets, Research Journal Of Economics And Business Studies, Vol. 1, Issue 3, Pp. 56 To 67. Dr. Sr. B. J. Queensly Jeyanthi (2012), Are The BRIC Equity Markets More Interdependent After The Global Financial Crisis? Socio - Economic Voices, Indiastat.Com, Article/Report. Fahami, N. A. (2011). The Structure Of Linkages And Causal Relationships Between BRIC And Developed Equity Markets. International Conference On Information And Finance, IPEDR Vol.21, IACSIT Press, Singapore Pp. 72-77 Guha, P., Daga, S., Gulati, R., Bhupal, G., & Oak, H. (2004). International Financial Markets Integration Or Segmentation: A Case Study Of Equity Markets. Economics Working Paper, (0412013). Gujarati N. Damodar And Sangeetha (2007) Basic Econometrics, The Mcgraw-Hill Companies, New Delhi, Pp. 833-837, P. 841, P. 842. Gujarati N. Damodar, (2011) Econometrics By Example, Palgrave Macmillan Publishers Ltd., New Delhi, Pp. 224-235. HerJiun Sheu, ChunHuang And Liao (2011). Dynamics Of Stock Market Integration Between The US And The BRIC,African Journal Of Business Management - Vol. 5, Issue 9, Pp. 3674-3689. Lian An And Dean Brown (2010). Equity Market Integration Between The US And BRIC Countries: Evidence From Unit Root And Cointegration, Research Journal Of International Studies, Vol. 1, Issue 16, Pp. 15-24. Modi Ashwin, Patel Bhavesh, Patel Nikunj (2010). The Study On Co-Movement Of Selected Stock Markets. International Research Journal Of Finance And Economics, Vol. 1, Issue 47, Pp. 165-179. Sanjeet Singh And Gagan Deep Sharma (2012). Inter-Linkages Between Stock Exchanges: A Study On BRIC Nations. International Journal Of Marketing, Financial Services And Management Research, Vol. 1, No.2, Pp. 1 To 17. Schindler S Pamela And Cooper R Donald (2006) Business Research Methods, The Mcgraw-Hill Companies, New Delhi, Pp. 69-78. Scholedge Publishing Inc., 2015.

SCHOLEDGE INTERNATIONAL JOURNAL OF MANAGEMENT & DEVELOPMENT VOL. 2, ISSUE 5 (MAY 2015) ISSN-2394-3378 www.scholedge.org; www.journal.scholedge.org; www.library.scholedge.org --------------------------------------------------------------------------------------------------- LIFE INSURANCE INDUSTRY IN INDIA: A CONSUMER VALUE DERIVATION STUDY Dr. Vandana Sonwaney Director Symbiosis Institute of Operations management Symbiosis International University, Nashik, INDIA. Prof. Sunny Oswal Symbiosis International University Research Scholar, Pune, INDIA. ABSTRACT The concept of Consumer value is becoming increasingly used in strategy and marketing literature in recent years. Consumer value is considered central to competitive advantage and long-term success of business organizations. Consequently, a great importance attached to this concept. This review paper attempts to build an integrative configuration of the concept of Consumer value that reflects its richness and complexity. The proposed study aims at researching the end value that the consumer derives from his Life Insurance. Life insurance today, is a multifaceted industry. It comprises of a number of innovative combinations to lure the end consumer. For a country like India, Life Insurance is more than a financial product; it is a means of social security. In such a scenario, it becomes imperative that the consumers end objective is achieved. The aim of this paper is to evaluate the work in the area of consumer value for Life Insurance Products in India. It also aims at setting a base to propose a model that works in lieu of the claim settlement ratio and provide an exhaustive list of further research directions. In this paper I have used a systematic literature review to identify building blocks of the conceptual framework, which is the principal contribution of the paper. KEY WORDS: Life Insurance, Social Security, Value Delivery, Consumer buying decision, Promise Vs Delivery, Distribution Network, Financial Goal accomplishment. INTRODUCTION: Life Insurance is the fastest growing sector in India since 2000 as Government allowed Private players and FDI up to 26% and recently Cabinet approved a proposal to increase it to 49%. Life Insurance in India was nationalized by incorporating Life Insurance Corporation (LIC) in 1956. All private life insurance companies at that time were taken over by LIC. In 1993, the Government of India appointed RN Malhotra Committee to lay down a road map for privatization of the life insurance sector. With 36 crore policies, India's life insurance sector is the biggest in the world. The sector consists of 52 insurance companies, of which 24 are in life insurance business and 28 in non-life. The life insurance industry in the country is projected to increase at a compound annual growth rate (CAGR) of 12-15 per cent in the next five years. The industry plans to hike penetration levels to five per cent by 2020, and has the potential to top the US$ 1 trillion mark over the next seven years. The optimistic outlook is helped to a large degree by the Government of India's efforts to strengthen the sector. The Union Cabinet in July approved a proposal to relax foreign direct investment (FDI) limit in the domestic insurance sector to 49 per cent from 26 per cent, signaling the government's intent to draw capital and investment into the sector. Market size The total market size of the insurance sector in India was US$ 66.4 billion in FY 13. It is projected to touch US$ 350-400 billion by 2020. India was ranked 10th among 147 countries in the life insurance business in FY 13, with a share of 2.03 per cent. The life insurance premium market expanded at a CAGR of 16.6 per cent from US$ 11.5 billion to US$ 53.3 billion during FY 03-13. The non-life insurance premium market also grew at a CAGR of 15.4 per cent in the same period, from US$ 3.1 billion to US$ 13.1 billion. By 2020, by Boston Consulting Group (BCG) and Google India forecasts that insurance sales from online channels will grow 20 times from present day sales by 2020, and overall internet influenced sales will touch Rs 300,000-400,000 crore (US$ 49.63-66.18 billion). Investment corpus in India's pension sector is projected to cross US$ 1 trillion by 2025, following the passage of the Pension Fund Regulatory and Development Authority (PFRDA) Act 2013, as per a joint report by CII-EY on Pensions Business in India. (IBEF 2013) EXTANT LITERATURE: Many researchers have conducted researches in the field of Consumer Value and Consumer satisfaction such as Parasuraman et al. , (1985, 1988, 1991, 1993, 1994), Zeithaml et al., (1988, 1991, 1993, 1996), Cronin and Taylor (1992, 1994), Hartline and Jones (1996), Johnston (1997), Lassar, Chris Manolis, and Winsor (2000), Cronin, Brady, and Hult (2000), Caruana (2002), and Abdolreza Eshghi, Sanjit Kumar Roy, and Shirshendu Ganguly (2008).In the year 1985, pioneer research was conducted in the field of service quality by Parasuraman, Zeithaml, and Berry. In their research they came out with service quality dimensions, and succeed in developing five gaps of service quality model. Researchers defined service quality as gap between Consumers expectations and perceptions about quality of service offered by the service provider. With the help of this research, they were able to develop service quality scale to measure the quality of service quantitatively, and scale was named as SERVQUAL. In 1988, Pararsuraman et al. conceptualized the dimensions of SERVQUAL scale namely; Tangibility, Responsiveness, reliability, Assurance, and Empathy. For these five dimensions a total of 22 items were selected in the service quality instrument. After development of service quality instrument, many researches were conducted in different service set ups by using SERVQUAL. To examine the process of delivery of service quality, Consumer value and their impact on behavioral intentions of Consumers, Hartline and Jones 17(1996) developed a model, which included same theories and concepts as earlier taken by Bolton and Drew (1991); Boulding et al., (1993). In their research works, they came out with strong evidences that specific performance cues of employees have significant effect on overall quality and as a result, this quality had significant impact on overall Consumer value. Effect of overall Consumer value was found relatively more on behavioral intensions in compared to overall quality. Whereas, the effect of specific performance cues was mediated by overall Consumer value and overall quality. In the year 2000, Cronin, Brady, and Hult conducted research in various service industries by taking into consideration service quality, Consumer value, Consumer satisfaction, and behavioral intentions. They found in their study that service quality, Consumer value, and Consumer satisfaction have direct impact on behavioral intentions, if all these three are taken collectively, whereas indirect effects of service quality and Consumer value increased their impact on behavioral intentions. DEFINITIONS OF CONSUMER VALUE: In this section, I have made an effort to define Consumer Value based on past scholarly works. Below Table presents some of the definitions. REFERENCE DEFINITION Slywotzky (1996) Creating & Delivering Monetary Worth A Parsuraman (1997) Consumers perceived preference for and evaluation of those product attributes, attribute performances and consequences arising from use that facilitate (or block) achieving the Consumers goals and purposes in use situations. Gale (1994) Give Vs Get Consumer evaluation that occur during or after product use. Slater (2000) Consumer Value is created when the benefits to the Consumer associated with a product or a service exceed the offerings life cycle cost to the Consumer. Narver (2000) Consumer value is achieved when the seller creates more value for the Consumer than does the competitor. Daniels (2000) Consumer value is a measure of not just the value perception of your Consumers, but those of your competitors Consumers as well to arrive at comparative value assessments across the marketplace Normann and Ramirez (1993) Level of returns in the products benefits for a Consumers payment in a purchase exchange. Anderson and Narus (1998) Consumer value is a theoretical construct that captures the Consumers perspective of a product. Peter and Olson (1990) Consumer value represents desirability, usefulness or importance. Wilkie (1990) Consumer values refer to the important personal goals that consumers seek Olson and Reynolds (1983) Consumer value refers to overall direction, consequences , determine the selection of specific behaviors in specific situation and attributes convey the essence of the tangibles product or service that produce the consequences. Mahajan (2008) Value is what Consumers get from what they pay. Woodruff (1997) Consumers preference for and evaluation of attributes, attribute performance and consequences that are perceived through the consumption process. Smith and Colgate (2007) What Consumers get (benefits quality worth utility) from the purchase and use of a product versus what they pay (price costs sacrifices) resulting in attitude towards, or an emotional bond with the product. Gross (1997) Consumer value is the replacement of the satisfaction construct by the value construct as a better predictor of outcome variables in business markets. RESEARCH OBJECTIVES: To classify CV literature based on theories and models as building blocks of a conceptual framework. To propose a Modal framework using a pragmatic approach. To outline further research directions. METHODOLOGY: Literature Review has been identified as the strategy that summarizes existing research and helps collate various bodies of knowledge into a meaningful theory. Extensive and systematic literature review is the essence of a review paper. This paper aims at a systematic literature review to be done, deciphering the relevant CV theories and developing a theoretical framework that contributes to the extensive body of knowledge. The Structural Equation Modeling by way of AMOS 7 is used for Model Building. SERQUAL Scale is used for studying the derived Consumer value. EMANCIPATING AND IDENTIFYING THE MISSING LINKS: According to Kotler and Armstrong (2001), satisfaction is a persons feelings of pleasure or disappointment resulting from comparing a products perceived performance (or outcome) in relation to his or her expectations. It is a function of consumers belief that he or she was treated fairly. Satisfaction is determined by the discrepancy between perceived performance and cognitive standards such as expectations and desires. Consumer satisfaction is the fulfillment of Consumer requirements from certain goods and services. It is defined as the collective outcome of perception, evaluation and psychological reactions to the consumption experience with a product/service. Consumer satisfaction is the only mantra for banks for its sustainable growth and development. Quite some literature is available on the Consumer value and Consumer satisfaction. The major gap lies in a wholesome study with respect to the derivation levels of Consumer value in Life insurance industry. Life Insurance becomes especially important because it is not just a financial product in India; its also a social security means for the Indians since there is absence of a proper social security tool by the government. The scope of this paper limits itself to developing a model framework for Consumer value in Indian life Insurance Industry. IDENTIFIED GAPS: ? Distribution (agent) Network ? Gap Between Management perception & Consumer Expectation. ? Earning arising out of Charges rather than the concept of Risk Pooling BUILDING THE FRAMEWORK: 0.41 0.88 0.72 0.53 0.8 0.71 Consumers Final derived Value Consumer Value from the Insurer Consumer Value from Products Consumer Value from Distribution Channels The above model establishes a strong link between the Value that the Consumer derives from the Distribution channels (agents) and the products. After studying them on a SERQUAL scale, one can infer that they are the two primary reasons that cause the value to deteriorate. Deriving from the ACSI (American Consumer Satisfaction Index) one can imply the Value Index Model in lieu of the Claim Settlement Ratio Model that is currently prevalent in India. The Claim Settlement Ratio model might be misleading. It only tells us if the insurer has redeemed his promise of paying the claim as in the contract. It does not speak about whether the Consumer end objective is met by the product. The below mentioned framework depicts a flowchart for the process that encompasses every moment of truth for the consumer and thus derives his Consumer value. Consumers Consumers Quality Expectation Perception Expected Actual Value Gap End Product Repeat Purchase Consumers Derived Value Consumer Consumer Satisfaction Loyalty CONCLUSION: In summary, ``Consumer value'' normatively focuses on a buyer's evaluation at the time of a product purchase, while ``consumer values'' descriptively emphasize individuals' valuation of product consumption or possession. Consumer researchers will argue that consumers buy products not for the sake of its ``transactional value'' but for the product's benefits that will satisfy their needs or personal values. However, in an exchange environment, product benefits alone do not completely explain consumers' product choice. Often, consumers may find products desirable yet, in assuming that the Consumption of products consumer has adequate financial capacity, one must not equally assume that a purchase will follow. These cases imply that normative points of view are also necessary in consumer choice research. From an economics perspective, consumers may apply cost-benefit evaluation to a purchase decision, at least when the costs are considered ``significant'' (Olshavsky and Granbois, 1979). As a conclusion, we can suggest that while Consumer value has traditionally been considered an ``off the balance sheet'' asset, managers are realizing that modeling these issues is a necessary consideration in developing a coherent understanding of company activities and resources. Research on valuing consumers as assets, and on how managers become responsible for developing their value, has not, to our knowledge taken place. 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(1988), Consumer perceptions of price, quality, and value: a means-end model and synthesis of evidence, Journal of Marketing, Vol. 52 No. 3, pp. 2-22. LIV. Zeithaml, V.A., Berry, L.L. and Parasuraman, A. (1996), The behavioral consequences of service quality, Journal of Marketing, Vol. 60 No. 2, pp. 31-46. LV. Zhang, J. and Bloemer, J.M. (2008), The impact of value congruence on consumer-service brand relationships, Journal of Service Research, Vol. 11 No. 2, pp. 161-78. ACKNOWLEDGEMENTS The contributions of many individuals towards the successful completion of this piece need serious recognition. To the Almighty God for providing us with strength, good health, and the needed resources to complete this proposal cannot be overemphasized. I would thank the esteemed publishing house for giving me the opportunity to present my ideas. I also thank Mr. Pradeep Mathur from Kotak Life Insurance, Nitin Arora, Pratik Soni for their contribution. To my parents, I say am honoured by your support.

SCHOLEDGE INTERNATIONAL JOURNAL OF MANAGEMENT & DEVELOPMENT Vol.2, Issue 7 ISSN 2394-3378 Archives available at http://thescholedge.org THE SURVEYED LEVEL OF ADHERENCE OF PROFESSIONAL ETHICS BY BUSINESSES AND PROFESSIONALS IN INDIA PARDEEP MISHRA Corporate Consultant & Founder P Mishra & Associates Company Secretaries Gurgaon, India ABSTRACT The paper is an aftereffect of study which tries to quantify the level of consistence and adherence to the expert codes of behaviors and expert morals among others by Indian organizations and experts. The reactions are measures as far as adherence and additionally non-adherence to the expert morals and principles. The Study analyzes and evaluates the view of industry experts on the part of expert morals in the nature of industry and the adherence of expert morals by the players in the business. KEYWORDS: Professional Ethics, Corporate Social Responsibility, Business Ethics, Professional Codes of Ethics in India STUDY The outcomes show that the expert morals and industry quality are complimentary to each other. The outcomes additionally demonstrate that there is significant unlucky deficiency of expert moral practices by business players in India. The impression of respondents on expert moral benchmarks in Indian business is considerably low side and the respondents own business is demonstrating shade better. In the business human asset side both individual morals and expert morals and preparing of workers on moral behaviors are low. The respondent associations have their own moral implicit rules and offers significance to business morals and also individual morals. According to our study criticism report the rankings of moral guidelines being honed by Architects go ahead the top, venture supervisors took second, industry directors and others are in the base most positions. According to respondents' recognition about adequacy of good moral practices in business, conveyance of meeting calendars went ahead top with rating of 3.72 and nature of industry will be enhanced with rating of 3.63 against general rating of 3.6, higher appraisals indicates better circumstance. Because of inquiry of expert dishonest practices as delicate stage, 'prequalifying uncouth foremen and specialists' went ahead top with rating of 2.67 against general rating of 2.43. Higher rating indicates more antagonistic condition. Because of inquiry on measures to raise the level of expert moral behavior around 91% respondents saw pioneers as good example is the best strategy, with positioning at top with rating of 4.39, Improvement of value awareness at number 3 top position with rating of 4.25 and drafting prizes and discipline rules at number 4 top position 4.20 against general rating of 4.13, higher evaluations signifies better circumstance. The exploration discoveries show that different types of expert un-moral behavior have huge impact on the nature of industry. The examination discoveries additionally recommend method for development of value by teaching of expert morals in Indian business. As demonstrated in Figure, the normal rate of view of the respondents about the level of expert moral principles/codes being rehearsed in own association on the characteristics expert code of morals (3.85), preparation of workers on moral leads (3.56), individual morals (3.37), Transparency (3.14) and great attention hones (2.76). The outcomes gives the levels in dropping request of being honed, the most astounding worth means slightest honed. The properties are exploded as: a) Professional Code of Ethics, b) Training of Employees on Ethical Conducts, c) Personal Ethics, d) Transparency, e) Good Publicity Practices. Figure: Level of Professional Ethical Standards being Practiced in Own Organisation As indicated in Figure, the watched normal rating of every quality of moral measures/code being polished are abymisally poor both in Indian business and in the resondents' own association, yet the traits rehearsed in own association is better in correlation to the characteristics honed by the general Indian business. As indicated in Figure 3, the level of normal rate of inclusion of the respondents' association with Professional Bodies that have an Ethical Code of individual from Institute of Engineers/Indian Road Congress/Indian Building Congress/Project Management Institute/Council of Architecture ( 4.23); association has their Ethical Code of Conduct (3.68); designers and administrators rehearse individual morals (3.36); , officers and staff take after interior models/code of morals( 3.06); leading preparing projects on inward/measures/code of morals( 2.61). The outcomes gives the levels in plunging request of being honed, the higher worth means more involved. Level of Involvement of Respondents Organization with Professional bodies that has an Ethical Code of Conduct. As indicated in Figure, the level of normal rate of Ethical Standards being rehearsed/kept up by players in Indian Business - Architects(3.97); Project Managers speaking to proprietors/customers (3.47); Quantity Surveyors, who get ready task appraisals, Bill of Quantities (BOQ)s for the offer/delicate, measure amounts for installment (3.3); Constultants , who get ready definite venture report, auxiliary building configuration and usage for projects(3.28);site engineers , both from the proprietors and foremen's side for field execution of undertaking works(3.00); Others including material suppliers (2.74). The outcomes gives the levels in dropping request of being honed, the higher worth means more moral. Figure: The level of Ethical Standards being Practiced by in Indian Business Players As indicated in Figure, the normal rating of viability of good moral practices. in Indian Business change of nature of industry including change of benchmarks ,meeting conveyance plans, (4.40); change of consumer loyalty ( 4.16); better after of drawing, details and gauges/codes( 3.76); diminishment of expense of industry(3.49) and change of representative resolve and standards(3.16). The outcomes gives the levels in plunging request of being rehearsed, the higher worth means more successful. Figure:Rating of Effectiveness of Good Ethical Practices As demonstrated in Figure, the normal rating of winning dishonest behaviors of industry players at the delicate stage prequalifying clumsy builders and advisors notwithstanding fudging prequalification prerequisites( 4.08); deficient and erroneous offer records including Bill of Quantities and low quality reports including insufficient data stream and revealing delicate informations to particular bidders(3.77); conspiracy in the middle of customer and specialist and/or foreman( 3.45); delicate cartelling(3.28); opposite offering/retendering and offer shopping(3.00). The outcomes give the levels in diving request of pervasiveness of event, the higher worth means more predominant. Figure: Rating of Prevailing Unethical Conducts of Industry Players at the Tender Stage As indicated in Figure, the normal rating of winning exploitative behaviors of industry players at the execution stage giving/tolerating substandard materials and workmanship (4.06);falsifying test outcomes including concealing blemished works amid examination and testing by the contractors(3.66); asserting/paying expanded rates, including playing change request control diversions that is ~ substituting the misfortune making things with additional/extra/new things of works (3.45); charging and paying for things of works not performed( 3.30); lacking wellbeing gauges at work(3.02). The outcomes give the levels in plunging request of pervasiveness of event, the higher quality means more predominant. Figure: Rating of Prevailing Unethical Conducts of Industry Players at the Execution Stage As indicated in Figure, the normal rating of the measures to raise the level of Ethical Conduct of Indian Industry Players Leaders serving as part model (4.23); strict implementation of laws and rules (3.78); delegating educated and legitimate moral assessors (3.45); creating mindfulness about moral values and set of accepted rules and change of value cognizance (3.30); not reassuring benefit making underweight at the expense of moral conducts (3.07). The outcomes gives the measure to be taken in plummeting request of pervasiveness of event, the higher quality means more compelling measure. Figure: Rating of the Measures to Raise the Level of Ethical Conduct As indicated in Figure, the normal rating of the reasons of trouble to take after Professional Ethics in Indian Business check of certainties in prequalification records are exceptionally drawn out and cumbersome(3.92); venture industry contracts are substantially less in numbers than foremen and packing contracts are solid and in this manner builders/advisors attempt to wind up fruitful at any expense by falling back on every last professional unscrupulous practices(3.59); an excess of vulnerable joints exist in the task execution procedure affix beginning from initiation to finish, wherein proficient dishonest practices may be directed to acquire undue advantages/results(3.39); strict government guidelines to grant the work to the least bidder, unreasonable cost and time confinement and contracted cost is a great deal not as much as business cost, with no thought whether work can be executed by the foreman/foreman by reasonable means((3.30); responsibility of individual construction player is extremely powerless as work is executed as a group and isolating reserving individual obligation and responsibility is exceptionally troublesome and weak(2.97). The outcomes demonstrates the reasons of trouble to take after Professional Ethics in Indian Business in descending request, higher estimation of normal rating means more hard to take follow of. Figure: Reasons of Difficulty to Follow Professional Ethics in Indian Business As demonstrated in Figure, the normal rating of winning dishonest behaviors of industry players at the delicate stage prequalifying uncouth foremen and specialists notwithstanding fudging prequalification necessities( 4.08); deficient and incorrect offer archives including Bill of Quantities and low quality reports including insufficient data stream and unveiling delicate informations to particular bidders(3.77); conspiracy in the middle of customer and advisor and/or builder( 3.45); delicate cartelling(3.28); converse offering/retendering and offer shopping(3.00). The outcomes give the levels in dropping request of commonness of event, the higher worth means more pervasive. Figure: Rating of Unethical Factors which influence the quality of industry at tender stage As indicated in Figure, the normal rating of winning dishonest behaviors of industry players at the execution stage giving/tolerating substandard materials and workmanship (4.06);falsifying test outcomes including concealing amid assessment and testing by the contractors(3.66); asserting/paying swelled rates , including playing change request control amusements that is ~ not substituting so as to execute the loosing things of work the with additional/extra/new things of works (3.45); charging and paying for things of works not performed( 3.3); deficient security measures at work(3.02). The outcomes gives the levels in diving request of commonness of event, the higher quality means more predominant. The initial five in the positioning are: 1. winning unscrupulous behaviors of industry players at the execution stage giving/tolerating substandard materials and workmanship 2 adulterating test outcomes including concealing amid assessment and testing by the builders 3 guaranteeing/paying expanded rates , including playing change request control diversions that is ~ not substituting so as to execute the loosing things of work the with additional/extra/new things of works 4. charging and paying for things of works not performed 5. insufficient well-being guidelines at work places. SUGGESTIONS Suggestions emerging from the exploration that Project Managers, Industry Managers, Site Engineers, Consultants, Quantity Surveyors, Contractors and all other partners in Indian Business ought to embrace industry ventures with the QMS goal of inculcating so as to ace best Quality Management Systems and actualizing proficient morals in each procedure of the worth chain. ISO 9001: 2008 Quality Management System, Total Quality Management and ISO 14001:2004 Environment Management System, should must be executed at all levels all through the Business. All players in Indian business must create quality administration procedures and frameworks at their particular regions of operation inside of the business. It might be the point of all partners to meet every single contractual commitment, statutory and lawful prerequisites in straightforward and reasonable way in appreciation to industry quality and wellbeing. Foremen and experts ought to be utilized on the premise of estimations of expert morals to be specific, straightforward, reasonable and un-one-sided composed contracts. Builders and advisors should not make any ridiculous cases for extra installment or time or in laxity for adherence to particulars or drawings in the conviction and thought of 'nothing wandered, nothing picked up'. There ought to be consistent mindfulness preparing on expert moral qualities to be maintained by every single player in business. Authority quality is to be taught and sustained among industry players. Ecological wellbeing ought to be given satisfactory need. There ought to be normal trainings and workshops on Quality Management Systems according to ISO 9001:2008, Total Quality Management, Environ mental Management Systems according to ISO 14001:2004 and Safety Management. REFERENCES Kaur, R., & Chauhan, P. (2015). Review Of The Role Of The Corporate Boards In The Adoption Of Ethical Behavior. Scholedge International Journal Of Business Policy & Governance ISSN 2394-3351, 2(3), 17-22. Kristen, J. (2015). Stakeholders Theory-How They Influence The Business Policy. Scholedge International Journal Of Business Policy & Governance ISSN 2394-3351, 2(4), 14-17. Saha, B. (2015). Curators Plan To Business Ethical Dilemma-A Roadmap To Handle Ethical Behavior Of The Business Organizations. Scholedge International Journal Of Business Policy & Governance ISSN 2394-3351, 2(6), 1-4. Primary Data: On field respondents depositions. Survey Findings.

SCHOLEDGE INTERNATIONAL JOURNAL OF MANAGEMENT & DEVELOPMENT VOL. 2, ISSUE 6 (JUNE2015) ISSN-2394-3378 www.thescholedge.org ------------------------------------------------------------------------------------------------------ EQUITY INVESTMENT STRATEGIES: A STUDY ON RETAIL INVESTORS IN INDIA Dr. Surendar G Assistant Professor, Department of Business Management, SR Engineering College (Autonomous), Waranagal, Telangana, INDIA. ABSTRACT This paper discussed the strategies adopted by retail investors for taking a decision regarding investment in equity securities. In the process, the theoretical aspects of investment decision making, investor preferences and perception are presented as a prelude to the empirical analysis. It is found from the study that information on several aspects required for trading in equity investments can be obtained from various resources. Retail investors lack of expertise and competency to employ sophisticated analytical tools to take their investment decisions. They adopt very simple and less time consuming strategies for arriving at a decision of investment in equity securities. KEYWORDS: Retail Investors, Equity Investments and Investment strategies. Introduction: Retail investors require general information about the financial developments taking place in the economy, securities market behavior and specific information about the companies whose securities are under consideration for investment. They also require information relating to the new issues of the companies, investment advice and recommendation regarding the buying, holding and selling of certain security information about dividend, bonus, rights issues, record dates/book closures of their holdings etc. The information required is obtained from Financial Press, Stockbrokers literature, Companies publications and Advice and counseling by Investment advisers Investors have to analyze and interpret the information provided in the financial press, stockbrokers literature and companies publications for taking a wise decision. All the investors do not possess the requisite knowledge and expertise to understand the information made available to them. Investors may burn their fingers when the investment information contained is misleading. Unscrupulous promoters and stockbrokers distort the facts and use flowery language to inspire the investors. As such, the investors have to observe caution before they take a decision, otherwise, they fall a prey for the tricks played by the vested interests. Review of Literature: Studies conducted previously on capital market developments, their trends and related to retail investors are studied under separate headings. Studies related to general financial behavior investors like SEBI-NCAER Survey (2000) was carried out to estimate the number of households and the population of retail investors, Shanmugham (2001) studied their perception on various investment strategies, Rajeshwari T.R and Rama Moorthy V.E (2002) studied financial behavior and factors influencing fund/scheme selection investors, Manas Pandey (2004) examined the contribution of domestic saving in the growth of new issue market. NCAER and Max New York Life (2005) survey conducted on How India Earns, Spends and Saves was for 2004-05, Louies M. Thompson Jr. (2007) focused on the importance of communicating with the individual investors, RBI Bulletin (2009) chapter VI examined the feasibility of directly estimating household savings through integrated income and expenditure surveys. S.Saravana Kumar (2010) studied investor preference of future and equity (cash) market. Studies related various reforms taken place in the capital market like, Prof. V. Gangadhar & Yadagiri (1993) concluded that for the balanced and sound economic development a sound and strong capital market is a must, R. Nagaraj (1996) examined trends of the capital mobilization during the 1960-61 to 1992-93, L.M. Bhole & Shreeya Pattanaik (2002) discussed the working of Indian Stock Market (ISM) from both quantitative and qualitative perspectives, R. N. Agrawal (2003) supported the Levine and Zevos argument that well developed stock markets may be able to offer different kinds of financial services, M.T. Raju (2004) presented the SEBIs role over the past one decade in the strengthening and active functioning of stock exchanges and Hussein A. Hassan Al-Tamimi (2006) studied Factors Influencing Individual Investor Behavior Objective of the Study: To review the strategies adopted by retail investors for taking a decision regarding investment in equity securities. Methodology: Sources of Data: This study is based entirely on primary data collected through a well designed structured questionnaire. The data was collected from investors spread over five selected major cities in the country viz., Bangalore, Chennai, Hyderabad, Mumbai and Warangal. Warangal is one of the rapidly growing city and my native place; hence I have selected Warangal as one of the cities to study. Admittedly, the sample does not represent the countrys entire population but only the universe of potential investors. Secondary data is also used to supplement the findings drawn from the primary data. The secondary data is collected from the various sources available like websites mainly SEBI, RBI, BSE and NSE, Magazines, Journals etc. wherever necessary. Sample Design: Retail investors from five cities namely Bangalore, Chennai, Hyderabad, Mumbai and Warangal, who have been operating for a period of two years or more are still performing during the period of the study are selected on the basis of convenient sample method. For an in depth study 100 literate retail investors have been selected from each city. And these retail investors are identified from the selected cities with the help of stock broking houses like Kotak Securities Ltd., ICICI Securities Pvt. Ltd., India Bulls Securities Ltd and Share Khan, etc Data Analysis: The data is analyzed by employing simple statistical tools like averages, mean standard deviation. Pie-charts and bar charts are also used to present the data wherever required. Further standard deviation is also used to judge the homogeneity of the mean. Investment Decision Making Process: Generally an investment decision making process involves the following steps: a. Specification of investment objective b. Determination of investor risk tolerance c. Evaluation of investment avenues d. Execution of the investment decision a) Specification of Investment Objective: Any investor having investable surplus contemplates to employ the funds for investment in different kinds of assets. The asset to be acquired depends upon the investment objective of the investor. The objective varies from investor to investor and from time to time. It is largely influenced by a number of factors like the investors age, education, income, preferences, perception of risk and liquidity, cash flow requirements, control desired over the asset transaction costs etc. Investor objectives in respect of his investment in equity securities can be stated as follows. i. Fall of interest in other investment avenues ii. To get quick and higher returns iii. To make speculative profits iv. To ensure liquidity for the investment v. To ensure capital appreciation Investors were asked to give the rankings for the reasons which are motivated to invest in capital market particularly equity. Five reasons are given to the investors and asked to give the ranks for the given reasons. The results are mentioned in the following Table 1 TABLE 1 Investors Ranking of Reasons for Investment in Stocks Reasons Number of investors giving ranks I II III IV V Reasonable Rate of Interest 235 47 59 126 33 capital appreciation 105 148 97 96 54 Speculative Profits 86 122 111 37 144 Pride of ownership 43 56 123 134 144 Quick and Higher returns 31 127 110 107 125 Source: Primary Data From the Table 1observed that, of the 500 respondents, I rank given the investors, nearly 50 percent were for Reasonable rate of interest and 21 percent for capital appreciation and 17 percent for Speculative Profits of the stock market. Only around 9 percent of the investors invested in stocks for Pride of ownership of blue chip stocks and 6 percent invested to Quick and Higher returns. Further, the ranks given by investors for various reasons were analyzed. The mean value of ranks and standard of deviation of the values from mean value were computed. Based on the mean value of the ranks the most preferred and least preferred reasons were identified. Table 2 presents the mean value and standard of deviation of the ranks. TABLE 3.2 Mean and Standard Deviation of Investors Ranking Of Reasons for Investment in Stocks Reasons Mean Standard Deviation Reasonable Rate of Interest 3.97 1.249 Capital appreciation 3.39 1.090 Speculative Profits 3.03 1.205 Pride of Ownership 2.10 1.162 Quick and Higher returns 2.47 1.512 Source: Primary Data Table reveals that the fall in interest rates for deposits to be the driving reasons for many investors to invest in the stock market. Investors investing to get quick and higher returns and pride of ownership are the least preferred reasons. In addition, it was found the second important reason is capital appreciation comparison to other forms of investments. Thus, it can be concluded that the overall fall in interest rates has forced the investors to invest in stock market to earn quick and higher returns. The standard deviation of investors reasons for investment in stocks from mean value is less than one for first two reasons indicating the high degree of uniformity in the investors ranking as well as the homogeneity of the investors with respect to their reasons for investment in stocks. b) Determination of Risk Tolerance: The risk tolerance of investors differs from investor to investor. An investor may be a risk averter or a risk neutral or a risk taker. Risk averting investor does not accept risk associated with the investment and prefers investments carrying low degree of risk. Risk neutral investor assumes moderate risk and prefers diversification to neutralize the risks associated with his investments. Risk taking investor accepts higher risk and displays his preference for risky investments. The behavior of investors towards acceptance of risk is not consistent. As such, an investor has to assess his own ability to bear the risk of the proposed investment, before he attempts the evaluation of different investment avenues. c) Evaluation of investment avenues: The investors have wide choice of financial instruments to select from and invest. Financial investment is one which is held as equity shares, preference shares, debentures, fixed deposits, tax saving bonds, Insurance, small savings, mutual fund schemes etc. These investments vary in terms of risk and return associated with them. For this study, Equity shares are considered as pre- requisite. Apart from Equity Shares, Mutual fund schemes, Tax saving bonds and other Bonds and debentures are considered as investment types. These vary widely in terms of risk and return, in that equity shares at one extreme are of high risk and uncertain returns and tax saving bonds and debentures at the other extreme are with low risk and assured return. The investors present holdings of the four listed types of investments are given in Figure 1 FIGURE 1 Investors Preference for Financial Assets Source: Primary Data Figure 1 throws light on the investments of investors. 100 percent of the investors hold equity shares, 43.8 percent of them have invested in Insurance products, and 37.4% in mutual funds and 4.8% of the investors have invested in tax saving bonds and debentures. This shows that this group of investors is primarily equity investors with some of them having invested in insurance products and mutual fund schemes. However, it seems that they are not that much interested in investing in tax saving bonds and debentures as only 4.8 percent of them have invested in those so far. The above analysis explains that equity shares and mutual funds are largely attracted by the retail investors. They are remaining aloof from investing in other investment avenues. As such, measures have to be initiated to make these savings instruments more popular among the investing people by removing the legal constraints. The return, risk and liquidity are more important among all the investment characteristics for evaluation of investment avenues. The larger the return an investor expects from an investment, the greater will be the risk and the lower the return he desires there from, the lower will be the magnitude of risk he assumes. Investor has to assess the risk at which the benefits accrue to him are maximum form the investment. d) Execution of the Investment Decision: The investment decision applicable to the present study refers to a) The decision to purchase equity securities, or/and b) The decision to sell equity securities These decisions involve two aspects viz., a) what to purchase/sell? b) When to purchase /sell? The former aspect is about the selection of a security to be purchased or sold, and the latter is about the timing of affecting the particular deal. After arriving at an investment decision, the investor places an order directly with the stock broker or through the sub-broker, with necessary instructions to purchase/sell certain security. The stock broker executes the investors order as per the instructions for commission. The perceptions of investors on these questions have been answered in the coming discussions under the head of investment strategies. Investment Strategies of Retail Investors: A number of Theories, Models and Approaches like Fundamental Analysis, Technical Analysis, Random Walk and Efficient Market Theory are there in financial and investment literature, which help in taking profitable investment decisions. Analytical tools are largely used by institutional investors, professional investment advisers, large-size stock broking firms, security analysts and technical investors in arriving at investment decisions. Retail investors cannot take investment decisions by employing such sophisticated analytical tools because a majority of them are impatient, incompetent and they cannot spare sufficient time and funds for the purpose. The size of the investment they make in equity securities by each of the investors also does not demand for a lot of effort on their part. They spend more time for making money, but spend little time to manage their earnings and investments. A few of such investors evince interest Endeavour to perform the analyses required for taking investment decisions. Investment decisions of retail investors are also influenced by the mood of the securities market. Investment decision making is becoming more complicated and complex because of growth in the number of companies, non-availability of reliable information of their activities and manipulations and frauds that are taking place in the securities market. Retail investors adopt different, simple and less time consuming strategies for taking investment decisions, so that they can make at least satisfiable returns on their investments. They are described hereunder. Strategy I: Comparison of the Estimated Share Value with Its Current Market Price: When an investor adopts this strategy to take an investment decision, a comparison of the estimated value of the share and its market price will be made. He estimates the value of the share on the basis of the P/E multiple and the EPS[1]. The P/E multiple of the industry or a predetermined standard P/E multiple is considered. Current EPS is collected from the financial publications. The estimated value of the share is obtained by multiplying the P/E multiple and the EPS. Estimated Value of Share = P/E multiple X EPS The current market price of the share is collected from the price quotations published in daily newspapers. Investor may consider either the high or the low or the weighted average price according to the investment decision he desires to make. If the investor intends to arrive at a buy decision, he considers high market price of the share. In case he wants to take a sell decision low market price of the share is considered. Investor can also consider the weighted average price in case there is a significant daily price range and different volumes of scrips are traded at different floor prices. Now the estimated share value is compared with the current market price and investment decision is taken as mentioned below. a) If the estimated share value is less than the current market price to a market price to a marked extent, investor takes a decision to sell the share. b) If the estimated share value is greater than the current market price significantly, investor takes a decision to buy the share. c) If the estimated share value is hovering around the current market price closely, investor adopts wait and see attitude and decides to hold the security. Strategy II: Averaging the Cost Price of Shares: An investor expecting a fixed amount of investable surplus at different period of time utilizes the funds for the purchases of the shares of a company of his choice. The share is identified by observing the yearly price range published in daily newspapers. The company preferred depends upon the fancy he has taken A the market price of the share fluctuates from day to day on account of demand, supply and other factors the investor acquires the shares at different times. More number of shares are acquired when the market price is low and less number of shares are acquired when the market price is high. In this manner, the cost price of all the shares together is kept at the average level. When the market price rises beyond the average cost price markedly, the investor takes a sell decision to realize profit on his investment in the security. Similarly, when the market price is moving up and down around the average cost price, the investor decides to hold the shares. Strategy III: Buying at Low and Selling at High: The investor who adopts this strategy establishes price indicators to arrive at an investment decision. The strategy involves. a) Obtaining the standard P/E multiple of the industry concerned, and b) Determining two P/E multiples, one below and another above the standard P/E as price indicators. These P/E multiples have to be determined in accordance with the investment objective of the investor. They work as signals for taking investment decision. When the current P/E multiple of the share of his choice falls to the predetermined, smaller P/E multiple, the investor takes a buy decision, and when it raises to the predetermined greater P/E multiple, he takes a sell decision. This strategy is preferred by the investors making short-term investments. Strategy IV: Application of Beta Coefficient: Investment decisions can be taken by employing Beta Coefficient. It measures the sensitivity of a share to the market movements. In other words, it describes the amount of change in the return on a share corresponding to a unit change in the market return. Beta coefficient is interpreted in the following manner. Beta Coefficient Interpretation 0 Indicates that the return on share is insensitive to market return 1 Indicates that the return on the share is same as that of the market return. Greater than 1 Implies that the return on the share is greater than that of the market return by the number of times of the coefficient. Less than 1 Describes that the return on the share is less than that of the market return by the number of times of the coefficient. Positive Indicates increase in the return Negative Indicates decrease in the return a) When the market is bullish: i. Investor takes a buy decision in respect of shares with larger beta coefficients. ii. Investor takes a sell decision in respect of shares with smaller beta coefficients. b) When the market is bearish: i. Investor takes a buy decision in respect of shares with smaller beta co-efficient. ii. Investor takes a sell decision in respect of shares with greater beta coefficients. Strategy V: Investor Perception of share Prices: When an investor adopts this strategy to take his investment decision, he takes his own perception of the share price. In a rising market, the investor takes a buy decision with the expectation that the price will further rise and the scrip acquired can be sold at a higher price at which profit can be booked. In a falling market, the investor takes a sell decision with the hope that the price will further fall and the scrip on hand can be sold at a price at which potential loss can be reduced. Strategy VI: Average Up and Average Down of Price Decision: The investors strategy of this kind for taking investment decision is as follows. i. In a rising market, the investor sells his share holdings in small quantities, so as to bring up the average price of all the shares put together. ii. In a falling market, the investor buys shares in small quantities, so as to bring down the average price of all the shares taken together. Strategy VII: Following Financial Publications: Retail investors do not perform any kind of technical analysis for investment decision making. But, the investment guidance provided by the technical analysts in financial publications is taken as basis for making investment decision. The following criteria are followed: a) Investor takes a buy decision if the price rises above the neckline incase of inverse head and shoulders top formation on the line chart. b) Investor takes a sell decision if the price falls below the neckline incase of head and shoulders top formation on the line chart. When moving average analysis is used in the technical analysis a) Investor takes a buy decision on perceiving the following trends i) Stock price line rises through the moving average line when the graph of the moving average line is flattening out. ii) Stock price line falls below the moving average line which is rising. iii) Stock price line which is above the moving average line, fall but begins to rise again before reaching the moving average line. b) Investor takes a sell decision on perceiving the following trends. Stock price line falls through the moving average line when the graph of the moving average line is flattening out. Stock price line rises above the moving average line which is falling. Stock price line, which is below the moving average line, rises but begins to fall again before reaching the moving average line[2] Other Strategies of the Investors: When the investor has perception of the return and risk characteristics of securities he takes a buy decision in respect of the security known for high return and low risk. A sell decision is taken in respect of the security known for low return and high risk. Investor collects the ratings assigned for new issues of the companies from financial publication of choice. Then he takes a buy decision of the securities assigned with the highest score. In case of new issues of the companies, the information supplied in Memorandum accompanied with the application for the securities is analyzed and the quality of the issue is judged by the investor and decides himself either to subscribe for the issue or not. Cautious and prudent investor takes investment decision on his own by judging the quality of a particular security. He collects the necessary information from the financial publications and discussions held with investor friends and sub-broker. Lay and gullible investors take their investment decision on the basis of sub-brokers advice, market news, rumors and hearsay in the market. Some investors take buy decisions in respect of shares which are available at a very low price, with the hope that their prices are doubled or tripled in due course. The investment decisions of some investors are influenced by their sentiments and temperaments. If the investor is an optimist, he takes a buy decision irrespective of the market movements. Similarly, if he is a pessimist, he takes a sell decision. Now a day, investors are depending more on internet where he can get updated information from time to time. There are number of articles, analysis, columns and advices available on investment in securities in internet. Investors are taking this source as one of the important source to take decision. An attempt is made to know what source of information they are following to invest in securities and to frame their own strategy. The following Table 3 presents the results. TABLE 3 Source of Information Used by Investors With Regard to Investment Strategy Source No. of Investors % of Investors Annual Reports including CG reports of the company 316 63.2 Advertisement of public issue of the company 297 59.4 Prospectus of the company 241 48.2 Interim financial results of the company 140 28 Analysis of New Issues by financial magazines 275 55 Share price quotations and volume of scrip of the company traded in a stock exchange 173 34.6 Brochures, pamphlets, booklets containing highlights of the issue and future prospects of the company and industry 40 8 Source: Primary Data It is revealed from the table that investors have opted more than one source, majority of the investors are going with Annual Reports including Corporate Governance Reports of the company, next Advertisement of public issue, Analysis by financial magazines and Prospectus of the company were second, third and fourth places respectively. Twenty eight percent of the respondents are going through interim reports and only two percent of the respondents are going through brochures pamphlets, booklets containing highlights of the issue and future prospects of the company and industry. The phase / stages of industry life cycle also influence the investment decision of the investors. As such, the investors perception of the stages of the lifecycle of an industry in the purchase of equity securities has been examined. Results are mentioned in the following table 4 TABLE 4 Investors Preference of the Phase of the Life Cycle of the Industry for Taking Investment Decision Stage No. of Investors % of Investors Pioneer 98 19.6 Expansion 157 31.4 Growth 166 33.2 Decline 69 13.8 Revival 10 2.0 Total 500 100.0 Source:Primary Data Table reveals that nearly two third of the respondents are investing when the company is in expansion stage or in growth stage, nearly one fifth of the investors were shown to invest at pioneer stage, about 14% of the investors are investing at decline stage, this category of people may hope that the company will turnaround with good profits and only two percent of the respondents are investing at revival stage. TABLE 5 Investors Strategy on Selling Securities Investment Strategy Options No. of Investors % of investors Sell the shares within the same day/few/days/months/ or in a year 60 12.0 As soon as price reaches my target 168 33.6 Keep revising the target as prices rises 129 25.8 Not interested in selling (Capital appreciation) 143 28.6 Total 500 100.0 Source: Primary Data As part of knowing investment strategies it is required to know the time the investors wants to dispose the securities. The investment strategy of the investors in this regard is quite interesting. Table 5 shows, nearly one third have said that they sell the shares as soon as the price reaches their target. For them the period of holding is immaterial. One fourth of investors said they keep revising the target as price level rises. It is any bodys guess at what time or price they will sell and these are the investors who usually get trapped in times of unexpected turn of events. 28.6 percent of the investors were not interested in selling. They can be said to be the long-term investors. Only twelve percent of the investors have said they sell within a year and they are short-term investors or speculators. Expected period of return is also one the important factor which influence investment strategy and it may differ among the investors. The investors expectation on the period of return from stock market is given in the following Figure 2. FIGURE 2: Expected Period of Returns on Investment In Stock Market Source: Primary Data Figure brings out that nearly two fifth of investors expect stock markets to gives higher returns over other forms of investments over a period of 1 to 3 years. Nearly 18 percent of investors expect it to give higher returns over a period of above three years and nearly 23 percent expect it to give within a year and nearly one fifth of the investors unable to express period of return. Thus, it can be said that investors on an overall basis expect the stock market to give higher returns in the long term spreading over a period of three years and above. The investors expectations regarding the period of returns were further classified and the basis of their age to know the impact of age on expectation about period of returns. The results are presented in the following table 6. TABLE 6 Age -Wise Classification of Investors Expectation about Period Returns Age (in Years) Period of Returns in Investment in Stock Market Total Less than a Year 1 to 3 Years More than 3 Years Cant Say Up to35 53 75 24 59 211 36 to 50 39 55 40 16 150 51 to 60 10 50 14 24 98 61 and above 10 0 10 21 41 Total 112 180 88 120 500 Source: Primary Data It can be seen from the table that the investors expecting the stock market to give better returns within a year and over a period of 1-3 years are dominated by the up to 35 year age group and investors group expecting better returns over a period of more than 3 years is dominated by age group of 36-45 years. Thus it can be concluded that investors of above 35 years have long term orientation in their stock market investment Conclusion: Information on several aspects required for trading in equity investments can be obtained from various resources. Retail investors lack of expertise and competency to employ sophisticated analytical tools to take their investment decisions. They adopt very simple and less time consuming strategies for arriving at a decision of investment in equity securities. All the investors enquired being educated and aged, their personal judgment is found to be main inducement for taking an investment decision. References: Rajesh Shukla, The Growing Indian Middle Class, The Economic Times, April 3, 2006.p.10 Economic Survey 2008-09, PP M.S.Sahoo, An Overview of the Securities Markets in India, SEBI Bulletin, March, 2005, p.8 See Meir Statman, "What Do Investors Want?" Journal of Portfolio Management, 30th Anniversary Issue, 153-161, 2004 Bhagwati Prasad, Equity Cult The Role of a Small Investor, Emerging Trends in the Capital Market of India, Global Business Press, New Delhi,1991, pp.97-118. SEBI News, TIA Investor Digest, Vol.8-4, April 2006, p.7 Gupta L.C., Naveen Jain & Utpal Choudhury, Stock Market & Corporate Governance Reforms in India, Society for Capital Market Research & Development, New Delhim June 2003, p.30. Kahneman, Daniel and Amos Tversky, "Prospect Theory: An Analysis of Decision Making Under Risk", Econometrica, 1979 Raja Rajan V, Investment size based segmentation of individual investors , Management Researcher, 1997,Pp 21-28; Manas Panday, Contribution of Domestic Saving in the Growth of New Issue Market, The Indian Journal of Commerce, Vol.57, No.4, Oct-Dec. 2004, Pp. 93 Louies M. Thompson, Jr., The Individual Investor: A Potential Swing Voter, Compliance Week, May 22, 2007 Report of the High Level Committee on Estimation of Savings and Investment, Chapter VI, RBI Bulletin, April 2009. S. Saravana Kumar, An Analysis of Investor Preference towards Equity and Derivatives, The Indian Journal of Commerce, Vol.63, No.3, 2010, Pp 71-78 Dhivya R and Dr. C. Sekar, Investors preferences towards financial investments some survey evidence, Indian Journal of Finance, Vol 4, No.3. V. Gangadhar & Yadagiri, Capital Market Reforms in India, The Indian Journal of Commerce, December, 1993 Nagaraju, Indias Capital Market Growth: Trends, Explanations and Evidence, Economic and Political Weekly, September, 1996. LM Bhole and Shreeya Pattnaik, The State of Indian Stock Market under Liberlization, Finance India, Vol.XVI No.1, March 2002, Pp.159 M.T. Raju, Capital Market Reforms in India An Evaluation, The Indian Journal of Commerce, Vol. 57, No.4, Oct-Dec 2004, P1 Hussein A. Hassan Al-Tamimi, Factors Influencing Individual Investor Behavior: An Empirical Study of the UAE Financial Markets, Business Review, Vol.5, Issue 2, 2006, Pp 225-233. V.Gangadhar & G. Naresh Redddy, Book Building Process: An Efficient Mechanism for Management of Mass Public Issue in India, Research Bulletin of the Institute of Costs and Works Accountants of India, Vol. XXVII, July 2005, Pp31-45 Scholedge Publishing Inc., 2015. [1] Price-Earnings Ratio = Market Price of the Share/ Earnings per Share, Where EPS = Earnings available to equity share holders/ Number of outstanding equity shares. [2] Prasanna Chandra, The investment Game- How toWin- Tata Mc Graw Hill Publishing Company Ltd. New Delhi, 1994, p.246

SCHOLEDGE INTERNATIONAL JOURNAL OF MANAGEMENT & DEVELOPMENT VOL. 2, ISSUE 5 (MAY 2015) ISSN-2394-3378 www.scholedge.org; www.journal.scholedge.org; www.library.scholedge.org --------------------------------------------------------------------------------------------------- HUMAN RESOURCE ACCOUNTING: IMPLICATIONS & ADOPTION Henry Chao Affiliated Faculty Universiti Sains Malaysia Palau Pinang, MALAYSIA. ABSTRACT HR are really the most significant assets a firm can have on the grounds that compelling usage of physical and monetary assets rely on nature of HR. Viable Human Resource Management is imperative as individuals produce benefit though machines and capital simply upgrade the benefit making ability. Human Resource Accounting is the procedure of recognizing and measuring information about HR and conveying this data to invested individuals. Fundamentally HRA is a data framework that tells administration what changes after some time are jumping out at the HR of the association. In spite of the fact that HRA is exceptionally helpful in choice making and, after its all said and done not very many organizations are approaching to esteem this critical resource. Numerous organizations in India and abroad began reporting HRA yet later on they quit doing it. It was seen that certain issues were connected with the utilization of human asset bookkeeping framework. The present paper condenses the aftereffect of a review directed to know the impression of chiefs with respect to issue regions in creating and initiating the HRA framework. Keywords: HR, Human Resource Accounting, Human Resource Management, Probable issues, Decision-Making Presentation Human Resource Accounting will be representing individuals as a hierarchical asset. It includes measuring the expense caused by business firms and associations to enroll, select, contract, prepare and create human resources. It likewise includes measuring the financial estimation of individuals to the association. Human asset bookkeeping gives money related information with respect to the HR of the association that is of high importance not just for the administration in taking different choices additionally for the expert and the representatives. It can be valuable for the administration in ranges of enrollment, arranging, choice (Flamholtz 1971), assignment of money related assets, preservation of HR, use of HR (Gupta 1990), formation of a helpful hierarchical atmosphere, better worker executive relations and so on. For the investigator it not just gives data with respect to the inward quality of the association additionally helps in settling on choices in regards to the long haul interest in that association. This additionally influences dealing force and execution of representatives. In spite of this significance of HRA the investigation of HR of an association has not got the consideration it merits. In India numerous associations presented the framework however inspite of the advantages of HRA numerous associations quit reporting HRA data. BHEL was pioneer in the presentation of HRA in India and R.G. Barry Corporation in the USA yet both quit esteeming HR. It was seen that certain issues were connected with the utilization of human asset bookkeeping framework. Survey OF LITERATURE Human Resource Accounting data can be helpful for administrative choice making in diverse regions. Numerous examination studies were led to demonstrate this. Tomassini (1977) completed a lab study to inspect the impacts of HRA expense information in work force cutback choice connection. He reasoned that HRA expense assessments created distinctive administrative inclinations in the faculty lay off choice setting. Gul (1984) endeavored to study the handiness of HR turnover cost data for work turnover choice making in an example of Australian Accounting Firms. Bayes (1984) led an experimental examination of the impacts of HRA data on choice making. Malik (1993) completed an experimental examination to know the effect of HRA data on choice making. Sen et.al (2008) in their study make a logical examination concerning whether HR data has any effect on inside choice making i.e. in the connection of staff administration choice making identified with worker enlistment and representative turnover control in keeping money industry of Bangladesh. There are such a large number of studies that bolster the theorized handiness of HRA during the time spent choice making by inner and outer clients. Muniramappa, C.M (1988), in his paper "Human Resource Accounting: Problems in Application and Adoption" tosses light on some theoretical issues in the method for HRA. Gupta D.K (1992) did an overview on "Plausible Problem Areas Confronting Human Resource Accounting". He with the assistance of poll tries to recognize the significant issues that restrain the development of HRA regardless of its utility. There has additionally been an expanding acknowledgment of the idea of HRA, as confirm by the stream of writing on different parts of HRA. Yet, there are not very many associations included in the methodical estimation and reporting of HRA data. Numerous organizations began the framework and quit reporting following couple of years. In spite of the fact that the clients of the data are intrigued and welcome HRA reporting however they neglect to toss light on the vacuum made by the resistance of the associations to embrace an arrangement of human asset bookkeeping. It is vital to know the impression of the administration concerning why the organizations are not approaching to receive the framework inspite of the utility of the framework to the administration for choice making. It is the administration to choose with respect to reception of arrangement of HRA and the structure in which it ought to be made accessible to the interior and outer clients. The proposed work is a stage forward in the course that on the off chance that it is so helpful what are the issue territories defying the development of the HRA. Goals OF THE STUDY Human Resource Accounting helps the administration in taking choices. Inspite of the employments of HRA not very many organizations are approaching to report HRA data in their yearly reports and numerous organizations both in India and abroad quit reporting this important data in their yearly reports. It was seen that potentially certain issues were connected with the outline and the utilization of HRA framework. Remembering this the present paper is arranged with the goal to have direct data of such issues from the chiefs who were particularly connected with the planning of such frameworks in chose Indian organizations. RESEARCH METHODOLOGY For the present study, beat one hundred organizations from open division with an equivalent number of associations from the private area (according to the Economic Times rating for 2007-08 on the premise of aggregate capital utilized) were chosen. These associations had been chosen on the supposition that human asset bookkeeping being a rising field in bookkeeping in India huge associations may present it in their yearly reports. The yearly reports of two hundred associations were gotten to from the sites of the separate organizations and the Stock Exchange. These reports were filtered to recognize the organizations reporting human asset bookkeeping. It was found that numerous associations included in their yearly reports some data about HR like expenses acquired on employing, preparing HR, representative remuneration and so forth. However just ten associations, seven in broad daylight part and four in the private segment, reported human asset bookkeeping in their yearly reports. To comprehend the view of directors in regards to the issue territories a poll was outlined and sent to twenty four associations that are in no time uncovering HRA data in their yearly reports and others that began HRA framework however had now ceased revelation in their yearly reports with a demand that just those administrators ought to react who have learning of the human asset bookkeeping framework and were connected with the planning of such a framework. The organizations that neglected to react to the sent poll were reached in individual to look for their reaction to the survey. Through mail and individual contact a sum of nineteen reactions could be gathered for investigation that worked out to be 79.16 percent of the 24 organizations chose for the study. RESEARCH TECHNIQUE APPLIED Likert Five-Point scale was applied in order to analyze the results. The percentage response for each category was calculated and the various weights assigned to different opinions as per Likert Five Point scale i.e. Strongly agree =5, Agree= 4, Neutral = 3, Disagree = 2, Strongly disagree = 1.The mean scores and standard deviation scores were calculated for the same. The result of the study is summarized in Table I. PERCEPTION OF MANAGERS REGARDING PROBLEM AREAS The results of managers perception regarding the problem areas in developing and instituting the HRA system are summarized in the following Table I. Table I Perception of the Respondents to Various Problem Areas Sl. No Response Questions 5 4 3 2 1 Mean Standard Deviation Ranks 1 It is the organizational system and not the individual human element that is the prime determinant of the value of human resources 15.79% 73.69% 5.26% 5.26% 0.00% 4.00 0.58 1 2 Lack of symmetry with traditional accounting procedures 0.00% 78.95% 5.26% 15.79% 0.00% 3.36 0.76 8 3 Lack of agreement concerning the procedure of accounting 0.00% 89.74% 10.53% 0.00% 0.00% 3.89 0.50 2 4 Difficulty in determining the norms for amortization 0.00% 73.69% 21.05% 5.26% 0.00% 3.68 0.58 6 5 Calculation of Discount Rate 15.78% 42.11% 42.11% 0.00% 0.00% 3.74 0.73 4 6 Non preparation of Employee Career Growth Plan 10.53% 42.10% 47.37% 0.00% 0.00% 3.63 0.68 7 7 Disastrous impact on the attitude of employees whose values are declining 0.00% 68.42% 31.58% 0.00% 0.00% 3.68 0.48 5 8 Unwillingness of the organizations to introduce system at huge cost 21.05% 47.37% 31.58% 0.00% 0.00% 3.89 0.54 3 Applied Problem HRA has the ability to give the expense and the worth measures of workers relying upon the outline of the framework. On account of quality based estimation of HRA it is accepted that an individual or a gathering of people is the prime determinant of worth. The main inquiry tended to the directors was that it is the hierarchical framework and not the individual human component that is the prime determinant of the estimation of HR. HRA, as opposed to this, expected that it is the individual or a gathering of people that is the prime determinant of quality. To this announcement 89.48 percent of the respondents concurred (it incorporates 15.79% that firmly concurred), 5.26 percent stayed unbiased and same rate indicated contradiction. This applied issue scored mean 4.00 with the standard deviation 0.58. Absence of Symmetry with conventional bookkeeping framework The idea of imperviousness to change is additionally one of the issues. Customary bookkeeping framework that has been taken after from quite a while needs a few progressions if human asset bookkeeping is to be connected in the genuine sense. Therefore the customary bookkeeping framework needs adjustments as it neglects to acknowledge HR as resources. The second question to the supervisors focuses on the issue that absence of symmetry of HRA with conventional bookkeeping methods hinders the development of the idea. To this view 78.95 percent of the respondents concurred with the issue and 15.79 percent oppose this idea. The mean score against this was 3.63 with the standard deviation of 0.76. Absence of assention concerning the methodology Numerous associations who propose to present human asset bookkeeping think that it hard to touch base at a for the most part pleasant technique for valuation and reporting of HR. There is an expansive arrangement of expense and worth methodologies. All valuation routines are in view of specific suppositions that could conceivably be valid. The third question was identified with the issue of understanding concerning the method of representing HR. Most of the respondents conceded to this issue i.e. 89.74 percent conceded to this issue while the others stayed unbiased. The mean score was 3.89 with the standard deviation 0.50. Amortization Rate According to the recorded expense approach for estimation of the HR amortization rate gives the figure of amortization. This sum must be charged to the benefit and misfortune account consistently. It is exceptionally hard to create fitting standards in such manner. It is ascribed to the trouble in deciding the standards for amortization under unique expense approach that antagonistically influences the development of HR bookkeeping. The fourth question was concerned with this issue. Of the aggregate respondents 73.69 percent concurred, 5.26 percent differ though others stayed impartial. The mean score was 3.68 with standard deviation of 0.73. Figuring of Discount Rate Another issue that has not been settled so far is about the figuring of the rebate rate in light of the fact that so as to locate the present estimation of future profit of a representative the income must be reduced at a specific markdown rate. Various alternatives are accessible to the associations for utilizing distinctive rebate rates. In light of the fifth question that focuses on figuring of markdown rate, 42.11 percent of the respondents stayed unbiased though all the others concurred that estimation of rebate rate was likewise one of the issues. Vocation arrangement The development of human asset bookkeeping has been antagonistically influenced because of the non-planning of the worker's profession development anticipate which the worth based models depend. It is hard to make a representative's vocation arrangement. Around 63 percent of the respondents concurred while 37 percent stayed nonpartisan. The mean score was 3.63 percent with the standard deviation of 0.68. Behavioral part of HR Another issue identified with the utilization of human asset bookkeeping is concerned with the behavioral part of HR. It is conceivable that worries with respect to the impact of the HRA on human conduct may have constrained the associations to be hesitant to utilize this framework. The HRA data may have a grievous effect on the mentality of representatives whose qualities are declining. Question seven looks for the impression of directors with respect to conduct sway. Of the aggregate respondents 47.37 percent stayed impartial though the staying communicated their assention. Expense included in outlining the framework Certain fundamental prerequisites are essential for the reception of human asset bookkeeping. Notwithstanding the limit of the association to plan a suitable framework and proceed with it more than a drawn out stretch of time sufficiently adequate to bring the craved results is additionally critical. The expense included in outlining a framework and its reception is a noteworthy restricting consider an endeavor to present HRA in modern circumstance in India. The unwillingness of the association to present the framework at a gigantic expense has unfavorably influenced the development of HRA. 68.42 percent of the respondents concurred with this while others stayed nonpartisan. The mean score was 3.89 with standard deviation of 0.54. Different issues None of the respondents gave their feeling to some other issue related with the use of human asset bookkeeping. CONCLUSION On the premise of the mean score and standard deviation earned by every announcement we can infer that the administrators connected with the outline of the arrangement of human asset bookkeeping feel that the reasonable issues is the most imperative issue territory. The powerlessness of the joining of human asset bookkeeping framework with the customary bookkeeping is additionally one of the significant issues as it picked up the second most astounding mean score. The eighth inquiry concerned with unwillingness of the associations to present the framework at a gigantic expense picked up the third rank. This issue emerges in light of the fact that it is not mandatory to unveil the HRA data and associations take their own particular freedom. They would prefer not to present the framework as it includes tremendous expense. The minimum weightage was allocated to the issue of absence of symmetry with conventional bookkeeping techniques. Count of the rebate rate is likewise one of the issues and it was positioned at fourth position according to its mean score and standard deviation. At long last we can reason that the view of the administrators gives distinctive weightage to diverse parts of the employments of human asset bookkeeping and their issue zones. With the time and improvement of the human asset bookkeeping idea, the weightage appointed to a few viewpoints vary according to the overview directed by Dinesh Gupta. To discover an answer for the issue the analysts ought to approach and concentrate on the different particular issue zones in light of positioning and ought to give a doable answer for the same to make the idea generally worthy and practicable on the grounds that HRA data is exceptionally helpful in administrative choice making. REFERENCES I. Bayes, Paul Eugene. 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OF MARKET DEVELOPMENT ASSISTANCE SCHEME IN HANDLOOM AND GEMS AND JEWELLERY SECTORS IN INDIADr. S JEEVANANDAAssociate Professor & Campus CoordinatorInstitute of Management (MBA Department), Christ University, Bengaluru, IndiaABSTRACTIndia is continuously experiencing trade deficit for many decades. It is trying hard to improve its exports. Government of India under the Ministry of Commerce has designed several export promotional measures to give thrust to the export various sectors. Market development assistance (MDA) is one such scheme designed by the government of India to give impetus in  developing and promoting exports. This study try to examine how this scheme has helped in reaching the exporters and is it successful in helping them for finding new export markets, buyers, attending more exhibitions, trade fairs, opening new outlets, and increasing variety of products. Also, intend to understand the perception of MDA beneficiaries under handloom and gems & jewellery sectors. Primarily the study is focused on MDA and its impact on gems and jewellery, and  handloom exports. The analysis of MDA beneficiaries has shown how both gems and jewellery, and  handloom sectors are benefited by availing the MDA scheme. They state that, after availing the MDA, it has helped to improve their performance. They were benefited by attending exhibitions, trade fairs, buyer-seller meet and visiting number of listed countries. This has helped them to increase in sales, up-gradation, finding new markets and improved customer acceptance.    KEYWORDS:  Market development assistance scheme, exporters, MDA beneficiaries, handloom, gems and jewellery.JEL CLASSIFICATION: M38111100.0Source - field surveyHYPOTHESIS STATEDOn the basis of objectives, alternative hypothesis were stated.H1: There is a significant association between number of times exhibition attended and number of times MDA availed to attend exhibition with respect to handloom and gems and jewellery sectors. H2: There is a significant association between number of times trade delegation attended and number of times MDA availed to attend trade delegation with respect to handloom and gems and jewellery sectors. H3: There is a significant association between number of times BSM attended and number of times MDA availed with respect to handloom and gems and jewellery sectors. H4: There is a significant association between activity and amount required with respect to handloom and gems and jewellery sectors. ANALYSIS AND RESULTSTESTING OF HYPOTHESIS:H1: There is a significant association between number of times exhibition attended and number of times MDA availed to attend exhibition with respect to handloom and gems and jewellery sectors. Table 2 Chi-Square tests for number of times exhibition attended * MDA availed * sectorSectorValuedfAsymp. Sig. (2-sided)HandloomPearson Chi-Square30.0316.000Likelihood Ratio39.2766.000Linear-by-Linear Association21.9761.000N of Valid Cases92Gems & jewelleryPearson Chi-Square11.6334.020Likelihood Ratio13.5254.009Linear-by-Linear Association7.7121.005N of Valid Cases19The Chi-square test from table 2 reveals that there is a significant association between number of times exhibition attended and number of times MDA availed to attend exhibition in both handloom and gems and jewellery sector with the p-values  for both the sectors showing .000 and .020 which is less than significance level .05. Hence null hypothesis rejected. The same has been supported with the table 3 of symmetric measures.Table 3 Symmetric measures of number of times exhibition attended * MDA availed * sectorSectorValueApprox. Sig.HandloomNominal by NominalPhi.571.000Cramer's V.404.000Contingency Coefficient.496.000N of Valid Cases92Gems & jewelleryNominal by NominalPhi.782.020Cramer's V.553.020Contingency Coefficient.616.020N of Valid Cases19Total111The symmetric measures show the strength of association. It helps us to compare sectors and says which sector is more strongly associated in attending exhibition and availing MDA. All the gems and jewellery exporters who have attended exhibitions have availed MDA compare to handloom (table 3). HYPOTHESIS H2H2: There is a significant association between number of times trade delegation attended and number of times MDA availed to attend trade delegation with respect to handloom and gems and jewellery sectors. Table 4 Chi-Square tests for number of times trade delegation attended * MDA availed for trade delegation * sectorSectorValuedfAsymp. Sig. (2-sided)HandloomPearson Chi-Square56.0593.000Likelihood Ratio52.5823.000Linear-by-Linear Association2.4231.120N of Valid Cases92Gems & jewelleryPearson Chi-Square8.2742.016Likelihood Ratio9.0442.011Linear-by-Linear Association6.5821.010N of Valid Cases19Total111The Chi-square test from the table 4 reveals that there is a significant association between number of times trade delegation attended and number of times MDA availed to attend trade delegation in both handloom and gems and jewellery sector with the p-values for both the sectors showing .000 and .016 which is less than the significance level .05. Hence null hypothesis rejected. The same has been supported with the table 5 of symmetric measures.Table 5 Symmetric measures of number of times trade delegation attended * MDA availed for trade delegation * sectorSectorValueApprox. Sig.HandloomNominal by NominalPhi.781.000Cramer's V.781.000Contingency Coefficient.615.000N of Valid Cases92Gems & jewelleryNominal by NominalPhi.660.016Cramer's V.660.016Contingency Coefficient.551.016N of Valid Cases19Total 111The symmetric measures show the strength of association. It helps us to compare sectors and states which sector is more strongly associated in attending trade delegation and availing MDA. All the gems and jewellery exporters have attended trade delegation where as few handloom exporters have not attended. The gems and jewellery exporters have shown greater association in availing MDA compare to handloom exporters (table 5).HYPOTHESIS H3H3: There is a significant association between number of times BSM attended and number of times MDA availed with respect to handloom and gems and jewellery sectors. Table 6 Chi-Square tests for number of times BSM attended * MDA availed for BSM * sector SectorValueDfAsymp. Sig. (2-sided)HandloomPearson Chi-Square8.344b2.015Likelihood Ratio10.5442.005Linear-by-Linear Association.3591.549N of Valid Cases92Gems & jewelleryPearson Chi-Square14.488c2.001Likelihood Ratio15.8722.000Linear-by-Linear Association10.6471.001N of Valid Cases19Total 111The Chi-square test from table 6 reveals that there is a significant association between number of times BSM attended and number of times MDA availed to attend BSM in both handloom and gems and jewellery sector. With p-values for both the sectors showing .015 and .001 which is less than the significance level .05. Hence null hypothesis rejected. HYPOTHESIS H4H4: There is a significant association between activity and amount required with respect to handloom and gems and jewellery sectors. Table 7 Chi-Square test of Activity * Amount Required * SectorSectorValueDfAsymp. Sig. (2-sided)Gems & jewelleryPearson Chi-Square13.986c4.007Likelihood Ratio19.0164.001For up-gradation923.894.11Improved customer acceptance of product923.894.11Increase in sales923.843.89More publicity923.774.05Getting better price923.654.05 For innovative marketing strategies923.653.84Expansion of market923.393.68From the table 8, it is evident that, gems and jewellery sector exporters with the low and high mean scores of 3.68 to 4.11 are more benefited by the MDA scheme than the handloom sector with the mean score of 3.39 (low) to 3.89 (high). Table 9 Descriptive statistics of sector wise difficulties involved in availing MDADifficulties in availing MDANMean of Handloom Mean of Gems & jewelleryLess clarity on documentation924.114.05Cannot visit the same country to avail MDA924.104.21Courteousness of government staff923.673.47Coordination with council members923.553.47Cumbersome procedure923.493.47Takes more time923.493.47Less number of countries listed to visit923.483.32No proper financial assistance923.423.11The table 9 states the difficulties faced by handloom exporters are different from the gems and jewellery exporters. Cannot visit the same country to avail MDA and less clarity on documentation with the mean scores of 4.10 (handloom) & 4.21 (G&J), 4.11 and 4.05 tops the list. While others are courteousness of government staff  with mean scores of 3.67 & 3.47, coordination with council members 3.55 & 3.47, cumbersome procedure 3.49 & 3.47, takes more time 3.49 & 3.47, less number of countries listed to visit 3.48 & 3.32 and no proper financial assistance 3.42 & 3.11. The government agencies have to look at each sector and address these issues on priority basis will certainly help the exporters. Table 10 Descriptive statistics of increase in exports by participation ParticipationNMeanStd. DeviationTrade delegation1114.43.655Exhibition1114.33.665Buyer-seller meet1114.08.764Exporters taking part in trade delegation are able to increase exports with mean score of 4.43 more than taking part in exhibition (4.33) and buyer-seller meet (4.08). From the table 10, it is evident that, there was an increase in exports by taking part in all three participations.  DISCUSSIONS BASED ON EXHIBITION ANALYSIS:Gems and jewellery exporters have found to be more aware of exhibitions taking place at different international markets. They are better organized than handloom sector exporters. All the gems and jewellery exporters who have attended exhibitions have availed financial assistance (MDA) compare to handloom exporters. BASED ON TRADE DELEGATION ANALYSIS:Handloom and gems and jewellery sector show less interest in availing MDA to attend trade delegation. Comparatively, gems and jewellery sector is better than handloom in availing MDA . The Chi-square test proves the same. Exporters attend trade delegations with specific purpose. The concentrated efforts of the government officials and agencies in providing required assistance for the exporters have helped greatly. This has evinced more interest in exporters to look forward to take part in trade delegations than exhibitions and buyer-seller meet. The exporters stated that the hit rates are high in trade delegations than other two.   The reason for not availing financial assistance MDA is, many foreign trade delegations were held in India and they can avail assistance only 3 times under various categories. Exporters are interested to avail financial assistance when trade delegations are held in foreign countries. BASED ON BUYER-SELLER MEETRahul Khullar., (2010). Commerce secretary aims to double exports by 2014, The Financial Express, Friday, Oct 01, 2010RBI annual report 2013-14, www.rbi.org.inRBI annual report 2014-15, www.rbi.org.inRNCOS report titled 'Indian Gems and Jewellery Market Forecast to 2013, http://www.rncos.com/Report/IM284.htmSharma, K (2000). Export Growth in India: Has FDI Played a Role, Centre discussion paper no. 816, Charles Stuart University, Australia, Sep/2000.Trends in India’s Foreign Trade, www.commerce.nic.inwww.fieo.org www.gjepc.orgwww.ibef.orgWorldWide Indexing, Abstracting and Readership. Peer Reviewed- Refereed International Publication       available at http://thescholedge.org                                                                       ©Scholedge R&D Center  

SCHOLEDGE INTERNATIONAL JOURNAL OF MANAGEMENT & DEVELOPMENT VOL. 2, ISSUE 6 (JUNE2015) ISSN-2394-3378 www.thescholedge.org ------------------------------------------------------------------------------------------------------ RECENT EVIDENCES- SIGNIFICANCE OF FRANCHISING TO BUSINESS GROWTH AND EXPANSION Vinod Chawla Research Scholar JNU Campus, Jawaharlal Nehru University, Delhi, INDIA. ABSTRACT Franchising has increased much prevalence in present day business environment throughout the years, as a result of its accomplishment in adding to business development and extension all inclusive which is the essential point of this examination. This can be seen from the point of view of the franchisee and franchisor separately. KEYWORDS: Franchising Management, Business Planning, Marketing, Growth, Corporate Sustainability INTRODUCTION Sherman (2003) recognizes the development of a business by means of business-configuration franchising in the United States. He looks after that "The capacity to acquire working efficiencies and economies of scale are among the explanations behind franchising and one of the key segments of a mindful franchising technique is a demonstrated kind of area that will serve as a premise for a franchising method", (p.411). In the course of recent decades, franchising has developed as a mainstream extension methodology for a mixed bag of item and administration organizations. Sherman,(2003), focuses to the significance of franchising, he expresses that "late worldwide establishment affiliation (IFA) measurements exhibits that retail deals from franchised outlets contain about half of all retail deals in the U.S, evaluated at more than $900 billion and utilizing in the range of nine million individuals in 2000". (p.411) Additionally in his perspective, Sherman,( 2003,p 411), focuses out to what has made franchising so well known in the U.S. furthermore, all inclusive as a business advancement and extension system, from the franchisors perspective, franchising speaks to a proficient technique for quick market infiltration and item dissemination, without the run of the mill capital expenses connected with inside expansion.On the other hand, from the franchisees point of view, franchising is viewed as a strategy for owning a business yet with a less serious possibility of disappointment because of the starting and progressing preparing and bolster administrations offered by the franchisor. As indicated by Shay (2009, p.6) "franchising is the way to Global Economic Recovery and that establishment organizations speak to a portion of the world's best brands". He went ahead to clarify the rate at which establishment business are growing universally. "Establishment organizations around the globe have seen enduring development in the previous decade especially in most rising economies, and all the more regularly International Franchise Association individuals are looking at abroad extension as an imperative approach to differentiate their portfolios". (p.6) HSBC (2009, p.1), distinguished a few reasons why business visionaries (franchisee) will be willing to receive franchising as a key business alternative as opposed to setting up claimed business and the parts of franchising to business development and extension including, Proven Format, the franchisee appreciate the upsides of a set up business, for example, an attempted and tried item/administration, set of set up operational rules et cetera, exchange name, especially where an establishment operation is settled, clients will be commonplace and OK with the item or administration that are been offered, preparing and backing, the franchisee is prepared in all parts of the operation including item information, client administration principles, VAT returns, and any lawful matters, for example, wellbeing and security, publicizing and limited time backing, embraced by the franchisor both by regional standards and broadly, mass buy and arranging Power, where the buy typically originate from the franchisor, where huge markdown may be arranged. Aboud (2009) likewise recognizes the significance of franchising in business advancement internationally. He said that "Franchising is a business arrange that has no limits to achievement, anybody from any stroll of life can turn into a business person and go into a beneficial business endeavor and the model is in a perfect world suited to little and medium-sized undertakings. It energizes little business development in every possible business division and is an incredible impetus for employment creation, aptitudes preparing and riches creation", (Aboud, 2009). In their perspectives, Shook & Shook (2008, p.56), additionally demonstrated franchising is a little business advancement and a reasonable development technique for little firms. It is both a method for raising capital for little association's advancement and of saddling inspiration and responsibility. As a rule the issues experienced by franchisors are not establishment particular and a large number of the issues connected with little firm development remain. Norman, (2006, p.3) clarifies that as franchising has developed and succeeded for a huge number of organizations, thousands more have investigated this street for development all inclusive. She additionally recognizes a few attributes of a business where franchising can be viewed as development vehicle. The business needs to demonstrate its idea with a fruitful, beneficial model store and office, the business must have frameworks for doing each part of the business, the business must be fit for being recreated in different markets, and the business ought to have an unmistakable specialty and brand to separate it from contenders. (Norman, 2006, p.3) At last, Aboud (2009), finishes up "that little business that join an establishment, appreciate moment perceivability in the business sector, better brand acknowledgment, pooling of promoting and showcasing assets and ability to help enhance the business operations and frameworks, in this way instead of re-concocting the wheel, they can ride on the accomplishment of the franchisor". THE SOCIO-ECONOMIC IMPACT OF FRANCHISING ON THE ECONOMY Aboud, (2009), tosses all the more light on the financial effect by reasoning that "franchising is without uncertainty, the response to unemployment and has turned out to be the employment inventor without bounds", and throughout the years, franchising has indicated striking qualities in weathering the monetary good and bad times and even notwithstanding the late worldwide log jam, the establishment segments has stayed perky and a critical worldwide power, (Aboud, 2009). The effect of franchising on the financial development has increased much ubiquity by creators and this impact in many examples has dependably been sure. Case in point, to clarify the effects of franchising on the financial improvement, Kotler &Keller (2006, p508), showed that "franchising records for more than $1 trillion of yearly U.S deals and about 33% of all retail exchanges". They went further to expresses that more than 320,000 little organizations are establishments; utilizing one in every 16 specialists in the U.S. Franchising gives work to more than 9 million Americans. This is the situation in the U.K and most EU nations and different parts of the world where franchising is progressively creating. As indicated by a study led by PriceWaterhouseCoopers in the U.S, there were 767,483 foundations in establishment frameworks in the United States In 2001 which gave 9,797,117 immediate occupations. (Teixeira, 2005, p19) Franchising assumes a critical part in giving occupation to people without an advanced education or specific aptitudes. It additionally gives first-time work seekers with a passage into the business world and gives the jobless people a chance to supplement their tote. (Shook &Shook, 1993, p258). Because of worldwide financial downturn(economic retreat), for case in the United Kingdom, where most associations were setting out on mass conservations, there has been prominent job recorded in McDonalds eateries and most retail segment in the economy, this as indicated by record has helped people out of occupation in returning to employment.(Sky News, April,2009). In his article, Shay (2009,) repeated that "franchising industry can make occupations, and build the nature of products and administrations to enhance the personal satisfaction on a quicker calendar". (p.6) This figure had dependably been expand yearly and this is the situation all inclusive. Since franchising is a business arrange that has no hindrances and no limits to achievement, anybody from any stroll of life can turn into a fruitful business person and go into a gainful business wander. Additionally, the retreat has contributed emphatically to retail franchising all around, as a result of the diminishment in people (customer's) extra cash, subsequently clients now settle on low evaluated and modest sustenance universally. Case in point, McDonald's reported deals increment in the year finished 2008 notwithstanding the financial flimsiness. In the last organization money related income distribution for the year finished 2008, the organization recorded incomes has expanded to $23,522.4 million, an increment of 3.2% more than 2007. For FY2008, the US, the organization's biggest geographic business, represented 34.3% of the aggregate incomes. The organization recognizes every portions based upon topographical locales of operations. The organization produces incomes through four business fragments: Europe (42.2% of the aggregate incomes FY2008), the US (34.3%), APMEA (18.0%), and different nations and corporate (5.5%), (McDonalds Corporation Company profile, (Data screen) June 2009, p.16) INCOMES BY GEOGRAPHIC BUSINESS SEGMENTS Europe represented 42.2% of the aggregate incomes in FY2008. Incomes from Europe came to $9,922.9 million in 2008, an increment of 11.2% more than 2007. The US, McDonald's biggest land business, represented 34.3% of the aggregate incomes in FY2008. Incomes from the US came to $8,078.3 million in 2008, an increment of 2.2% more than 2007. APMEA represented 18% of the aggregate incomes in FY2008. Incomes from APMEA came to $4,230.8 million in 2008, an increment of 17.6% more than 2007. Different nations and Corporate represented 5.5% of the aggregate incomes in FY2008. Incomes from different nations and corporate came to $1,290.4 million in 2008, an abatement of 45.2% contrasted with 2007. (McDonalds Corporation Company profile, (Data screen) June 2009, p.16) The above investigation has demonstrated proof of the expanded deals and accomplishment in franchising at McDonalds regardless of the retreat, particularly in the European nations, in this way supporting the commitment of franchising to the monetary development and security of the operation's nation's economy. McDonald's contribution in group speculation projects concentrate on instruction, wellbeing, fighting neediness, philanthropy sponsorship and so on, which differs as indicated by neighborhood needs far and wide. For example, in the U.K, McDonalds has been supporting grassroots group football by supporting 4500 neighborhood clubs, preparing mentors, supporting the F.A group shield football and sponsorship of the Ronald McDonalds House of Charities in backing of the families in the clinics and destitute people et cetera. In view of the ubiquity in franchising these days, business people likes to receive franchising as a result of less dangers included as opposed to setting out on individual business set up, and as indicated by the written works and perceptions, the biggest establishment divisions are spoken to inside of the friendliness business (nourishment, eateries, and cabin segments). Hoy& Stanworth (2003), additionally argued``that "Business arrangement franchising has been the essential driver of the uncommon development experienced in the eatery, lodging and entertainment areas of the friendliness business". Aboud, (2009), keeps up that franchising has yielded uncommon results all around. Case in point in the United States, which drives the field in franchising accomplishment, around half of all retail business is led by franchised systems. The U.S establishment industry has over $1.5 trillion in deals every year, while 80% of private organizations will in the end come up short, under 5% of the countries establishments come up short yearly. He focused on further, that with more than 760,000 franchised organizations, another establishment opens some place in the U.S in at regular intervals, utilizing around 9.7 million individuals. Aboud(2009), additionally investigates other economy outside the U.S that is truly doing admirably with franchising division, he demonstrated that, Canada is another economy that is doing extraordinary with the impact of franchising organizations, with 45% of its retail business in establishment segment, Australia has 26%, far east nations( Taiwan, Japan) with 12-13% figure. As franchising now getting to be soaked in the created world, the developing markets including Far East, South America, Eastern Europe, Caribbean, and Africa is currently getting to be rich justification for franchising to flourish. South Africa is right now representing an expected 7% of franchised organizations in its economy, despite the fact that it falls behind most nations, the economy demonstrates that the potential for development is boundless in Africa, (Aboud, 2009). Throughout the years, the created countries have demonstrated that franchising assumes a crucial part in the monetary development and advancement of most nations, this accordingly, should be stretched out to the new developing markets and new regions all around keeping in mind the end goal to maintain development and expanded turnover. Developing markets subsequently assume a basic part in the worldwide extension of franchising, albeit confronting some social issues, regardless of this adding to the monetary advancement. The establishment business exercises have added liveliness to the neighborhood business scene of most worldwide economies and their solid personality and high business productivity have prodded numerous nearby business people to embrace franchising as a key business alternative, in this way adding to the business and monetary development. He in this manner infers that with franchising, business people get entrance to a demonstrated plan of action and still appreciate the adaptability and opportunity of being their own supervisor. What's more, that "effective franchisors and franchisees have it all worked out". (Aboud, 2009). Aboud(2009), refered to Trinidad and Tobago, and most creating economies are currently recording high effect of franchised business, with KFC, Papa john's, Subway, Burger King, Beni Hanna, Ruby Tuesdays, Dominos, Church's Chicken thus on now specking the business scene of Trinidad and Tobago. Franchising assumes a critical part in giving livelihood to people without an advanced education or particular abilities. It additionally gives first-time work seekers with a section into the business world and furnishes the elderly with a chance to supplement their retirement advantages, and jobless people with a chance to supplement their satchel. (Shook & Shook, 1993, p258). At last, Shay, (2009), presumes that "worldwide development of business arrangement franchising is not just essential for the proceeded with development of the franchising business and the specific part, yet it is a critical segment of financial recuperation all inclusive". FRANCHISING AS A STRATEGIC AND MUTUAL RELATIONSHIP (FRANCHISEE-FRANCHISOR RELATIONSHIP) Solid Relationship is the key variable of any effective business who receives franchising as a business alternative. This relationship is viewed as vital and shared between both sides, and the terms and conditions guarantees both sides going into a contractual association with one another, and its delegated the key fruitful business development which is generally long haul. As per Kotler &Keller, (2006, p.508) "Franchising is commonly gainful to both the franchisor and the franchisee", and the relationship has been a noteworthy development and achievement in most establishment business all around. Kotler &Keller, (2006, p.508), clarified a portion of the significance of shared relationship in any franchised business, and anxiety that among the advantages harvested by franchisors incorporates the inspiration and diligent work of representatives who are business people instead of "employed hands", the franchisees nature with nearby groups and conditions, and the tremendous acquiring force of the franchisor, furthermore, franchisees profits by getting tied up with a business with a no doubt understood and acknowledged brand name. They discover it less demanding to obtain cash from money related foundations, and get bolster in zones extending from promoting and publicizing to site determination and staffing et cetera. Despite the fact that, franchisee do walk a line between been autonomous and faithful to the franchisor, however the freedom can permit more adaptability. In many occasions, keeping up a genial franchisor-franchisee relationship assume a noteworthy part in establishment framework (business) development and achievement. Aboud,(2009), clarifies the idea of "feasible franchising", as a feature of keeping up the relationship existing between the two included gatherings( the franchisee and the franchisor). "Keeping the end goal to guarantee that the establishment idea is economical over the long haul, franchisors ought to outline and add to the plan of action in light of the end at the top of the priority list, which is go for the territorial and worldwide business, not simply the residential business. He showed that having the end as a main priority will guarantee that the frameworks put set up can be promptly upscaled as the business grows". As a major aspect of the shared relationship, franchisors give compelling backing in mass obtaining, deals advancement, business administration frameworks, promoting (counting national), preparing et cetera, to franchisees, as this is prove in McDonald's eateries franchising comprehensively. Sherman (2003, p.419), additionally tosses all the more light on the significance of the key relationship in franchising. He said that when a business visionary consider franchising as a development system, its generally imperative to recall franchising is about the foundation and continuation of key connections. Both sides are relying upon one another for achievement, purposely and intentionally concurring on a long haul relationship. Franchising for this situation, guarantees both sides settling on an intentional and two-sided choice to make a commonly advantageous relationship, with the point of nearing and cooperating for one another's advantage. Over the long haul, if the gatherings are to stay conferred with one another, then they both must regard each other, stay faithful and every day scan for approaches to reinforce their bond. By and large, it has been watched that most franchising connections wind up with the fancied point and destinations of meeting up. A decent relationship between both sides is recognized as been discriminating for the achievement of the entire framework. Beshel (2001) infers that "since franchising builds up a business relationship for a considerable length of time, the establishment must be precisely manufactured by having clear comprehension of the entire franchising framework, along these lines, there should be an in number assention between both sides" (p.7). Likewise, there has been expansion of the relationship to different franchising controlled bodies by regional standards and all around like the International Franchising Associations (IFA), the British franchising affiliation (BFA), and different nearby franchising bodies. Shay (2009,p6), focused on that in helping individuals take in the essentials of establishment laws in remote markets, the business sector capability of specific nations, and the activities expected to extend abroad and enhancing the current markets, IFA has a few instructive occasions, classes for its enlisted individuals. What's more, then again, advance franchising as a demonstrated system for monetary improvement, IFA likewise takes an interest in numerous establishment pieces and gatherings all around. An illustration of this was the late franchising course held in Birmingham, in November, 2009 composed by the British Franchising Association (BFA) where individuals visit IFA stand to make inquiries and make enquiries. This advances an extremely solid tie between the IFA and distinctive franchisees and franchisors from diverse segments all around. SURVEYING RISK IN BUSINESS FRANCHISING Franchising is broadly seen as a plan of action and technique. The reliable developments in the ideas over the previous years have confirmation generous that it can experience its suggested guarantee. In any case, this does not imply that each business endeavor named an establishment is consequently effective. (Cross, 2008 p.10). As per Murray (2006), "Franchising has the ability to guide new business people into the universe of business",(p.34). He keeps up that the achievement of any establishment framework relies on upon the accompanying: the establishment must be based on strong establishments, the nature of the business mode must be blameless, the system's bolster base must be completely created, and the franchisee must be ready and ready to take after the plan of action. Regardless of its prosperity as a universal section, promoting, business development and extension procedure, franchising is not without its issues/dangers, and "like all venture choices, there are business dangers included in franchising". (Aboud, 2009). The dangers in franchising are typically connected with both sides, despite the fact that the level of danger taken changes, where by and large the dangers confronted by franchisors are not noticeable when contrasted with that of the franchisees and in this way franchising is considered as "danger taken business alternative". The franchisee is for the most part seen as the daring individual, where the franchisor just confronts less dangers in the entire relationship, similar to the case with most McDonalds franchising. Slope & Jones (2008, p.15), distinguishes some of these dangers confronted by business people (franchisees) in receiving franchising. The eminence must be paid regardless of the fact that a misfortune is brought about which is frequently a rate of the gross deals. The franchisor has the ability to withdraw/crossed out the assention if a few procurements are not met. Oversaturation could happen if an excess of franchisees are situated in one topographical district. Because of exuberant offering by some franchisors, franchisees potential salary obliged administrative capacity, and speculation may be inaccurately expressed. The franchisees may be bolted into contracts obliging buys from the franchisors or certain merchants, for instance this is the situation with most McDonald's franchisees around the world. HSBC (2009, p.3), additionally recognized some conceivable dangers confronted by franchisees including, debasement of exchange name, for instance a far reaching episode of nourishment harming is followed back to one of the outlets of a no doubt understood establishment, if this increases media consideration, the specific outlet and every single different franchis may endure in like manner, disappointment of the franchisor may mean inability to the entire franchisees under the franchisor, this could make a noteworthy issue for the entire business, absence of Independence, etc. THE FRANCHISE AGREEMENT Beshel (2001), p.1 depicts franchising as the understanding or permit between two lawfully autonomous gatherings which gives: A man or gathering of individuals (franchisee) the privilege to market an item or administration utilizing the exchange stamp or exchange name of another business (franchisor). The franchisee the privilege to market an item or administrations utilizing the working techniques for the franchisor. The franchisor the commitment to give rights and backing to franchisees. An establishment assention is an agreement between two (legitimate) firms, the franchisor and the franchisee. (Rubin, 1978 p.224 in Stanworth &Hoy, 2003, p.22). It is the legitimate composed records that oversees the relationship and indicates the terms of the establishment buy and the assention additionally appreciates a "chilling" period. A decent relationship between both sides is recognized as been basic for the accomplishment of the entire framework as distinguished by Beshel (2001, p.7), that since franchising sets up a business relationship for quite a long time, the establishment must be deliberately constructed by having clear comprehension of the entire franchising framework. Thusly there must be an in number understanding between both sides. Beshel (2001, p.3), distinguished two sorts of the understanding. The single unit and the multi-unit establishment assention. She clarifies further, two courses in which the multi-unit establishment assention can be accomplished in any relationship. These incorporate through a region advancement and an expert franchising understanding. The establishment understanding more often than not contains informations on the establishment frameworks, including the trademarks and items, the domain, rights and the commitments of both sides, techniques, preparing, help, publicizing, terms of the establishment, installments course of action, and the end as well as the privilege to exchange the establishment. (Beshel, 2001) p. 8. At last, Morrison, (1996) in Hoy &Stanworth, (2003, p.198) expressed that " keeping up an amicable franchisor-franchisee relationship is a noteworthy determinant of establishment framework development and achievement, while Justis et al( 1993) in Hoy &Stanworth, (2003, p.198) contends that this is a standout amongst the most troublesome and baffling difficulties in franchising. THE CONCEPT OF PROPRIETARY ADVANTAGE Business people consider growing their business scope when they have the chance to do as such. Hymer (1976) in Shane (1996, p.76) contended that organizations grow in light of the fact that they have a restrictive point of preference that makes them ready to outcompete neighborhood business visionaries. By and large, franchising to franchisor can be viewed as a sample of restrictive point of interest, where the business framework is one of a kind to the franchisor (Calvet, (1981) in Shane (1996 p, 76). Exclusive point of preference is a key idea in any business utilizing franchising model as an extension methodology. Most organizations with restrictive point of interest have the chance to grow quick both by regional standards and abroad, the favorable position gets to be helpful in outside business sectors at almost no peripheral cost over the expense of adding to the point of preference in the residential market.(Caves,(1971) in Shane (1996 p.76). Case in point, McDonalds Corporation utilizes this idea as a part of their business establishment arranges all inclusive with the demonstrated organization framework and other operational systems one of a kind to the organization. CONCLUSION The significance and effect of franchising in financial development and advancement all around is imperative and it has contributed gigantically to the energy of numerous economies universally since its origin. 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SCHOLEDGE INTERNATIONAL JOURNAL OF MANAGEMENT & DEVELOPMENT VOL. 2, ISSUE 5 (MAY 2015) ISSN-2394-3378 www.scholedge.org; www.journal.scholedge.org; www.library.scholedge.org --------------------------------------------------------------------------------------------------- WORKING STRESS VIZ-A-VIZ QUALITY IN WORK AMONGST PRIVATE SECTOR BANKERS Rehan Mohammed Corporate Trainer & Independent Researcher Noida, INDIA. ABSTRACT Bankers are confronting high push on account of their employment, long meeting expectations hours, unreasonable work weight, absence of occupation self-sufficiency, hierarchical society, part clash, taking care of requesting clients in bank and because of the absence of administration backing. In this manner part stretch has turn into an inescapable piece of human life and it makes life additionally difficult, then the representatives can't focus on their work gently and will influence the nature of work life. Along these lines the present study looks at the impact of part weight on nature of work life of private division bank workers. A specimen size of 120 private area bank representatives from Kochi Municipal Corporation in Kerala was considered for the study, through proportionate arbitrary testing technique and the scientist chose these specimens from main 3 private part banks, for example, Federal bank, South Indian bank and Catholic Syrian bank which is having more than 100 branches in Kerala according to RBI positioning as to aggregate number of branches for every banks in Kerala. Essential information was gathered with the assistance of organized survey and hence the gathered information were dissected utilizing factual instruments to be specific spellbinding insights, chi-square examination, connection investigation and numerous relapse examination. It is likewise distinguished that the part stretch and its components are found to have a negative relationship on nature of work life where the part push is high; it eventually prompts low nature of work life among the bank representatives. The study has been reasoned that the components of part stretch is firmly related and has an impact 87.9% impact on the nature of work life among the private division bank representatives. KEYWORDS: Role stress, Quality of work life, Private division bank workers DISCUSSION Keeping money industry is an imperative constituent of general financial framework which assumes a pivotal part in the financial change and go about as an impetus for monetary development. The globalization of keeping money operations alongside mechanical headway and proceeding with deregulation have essentially adjusted the face and extent of managing an account. The developing environment postures both open doors and dangers to human asset in the keeping money industry. The managing an account industry in India has experienced gigantic changes and accordingly put a huge weight which makes burnout among the bank workers. The way of occupation among bank workers is exceptionally dull as it includes the immediate client collaboration in all levels. Bankers are confronting high stretch on account of their occupation, long meeting expectations hours, unnecessary work weight, absence of employment self-governance, authoritative society, part clash, taking care of requesting clients in bank and because of the absence of administration backing. Subsequently part stretch has turn into an inexorable piece of human life and it makes life additionally difficult. The way of life of the workers has turn out to be exceptionally intricate; because of which their psychological well-being gets influenced. Anxiety is described by over engagement and feelings are over responsive which prompts tension issue and makes physical harms and at last makes an awkwardness in the middle of work and life. Newman characterizes part stretch as, "a condition emerging from the cooperation of individuals and their occupations and portrayed by changes inside of individuals that drive them to go astray from their ordinary working." Thus push is a versatile reaction to an outer circumstance that outcomes in physical, mental and behavioral deviations for authoritative members (Stranks, 2005)1. Anxiety is characterized as a resentful in the body's funds owed to physical, mental or enthusiastic jolts. Anxiety shows itself in diverse ways including exhaustion, incessant cerebral pains, irritabilities, heart illnesses, low self regard and reduced sex drive and such unfavorable responses are seen to add to mental and physical ailment (Mulki et al., 2007)2. The variables of part stretch like part desire, part clash, part vagueness, part stagnation, part over-burden, monotonous work, work pressure and assets insufficiency makes an unpalatable circumstance during the time spent connection in the middle of representative and workplace that undermines the individual to go amiss from the typical working (Iacovides et al., 2003)3. During a time of exceedingly dynamic and focused world, bank workers are presented to a wide range of part stressors which can influence them on all parts of life. Compelling stretch and strain rolls out improvements in the representative's conduct, disposition, inspirations and insight that may make inexorable results with which they associate and can no more satisfy the dynamic parts that they were playing in the association. Therefore part push may decrease the level of work viability and contrarily impacts sound human relationship existing among representatives which at last makes an irregularity in the middle of work and their own life. LITERATURE REVIEWED Shilpa Sankpal et al. (2010)4 considered on the part stretch experienced by people in general and private segment bank workers. The study has highlighted that there is a huge contrast between the part stretch of open and private area bank representatives. They found that the private bank representatives experienced higher authoritative part stretch than people in general division bank workers. They additionally recognized that there was no distinction between general society and private division bank workers in specific perspectives like part desire, part clash, part confinement, individual deficiency and part uncertainty. Khattak et al. (2011)5 directed a study among bank representatives and watched that mechanical issue at work, working hours, insufficient compensation, work stresses at home, no time to go through with family and work burden are the real reasons for anxiety in the managing an account division and amazing tiredness, rest aggravation, cerebral pains and back agony are the significant donors towards the variable called burnout. Alireza Bolhari et al. (2012)6 they gauged the effect of word related weight on nature of work life among the staff of e-workspace. They found that part vagueness, part clash, part over-burden, work pace, work monotony and pressure have a negative effect on nature of work life. They recommended that fitting administration of word related anxiety, adaptability in work and actualizing occupation improvement projects will upgrade the nature of work life among the staff individuals. Subha Sachithanand and Raju (2013)7 thought about the nature of work life, work inspiration and word related anxiety of private and open division bank representatives. They considered aggregate of 80 workers where 40 from private bank and 40 from open bank. They gathered information utilizing personal satisfaction scale, work inspiration poll and word related anxiety stock. The outcomes demonstrated that there was no huge distinction between general society and private area bank workers on work inspiration and there was a noteworthy contrast between general society and private part bank representatives on nature of work life and word related anxiety. Tilottama Azad (2014)8 broke down the employment stress among the managing an account division workers in Bhopal. The study uncovered the circumstances and end results relationship between the components bringing on anxiety like long living up to expectations hours, shameful prize framework, absence of self-sufficiency, authoritative society, part clash and their effect on broker's close to home life and wellbeing. Creator distinguishes that 90% of bank workers confronts work life awkward nature because of the overburden of the work and may bring about physical, wellbeing, mental and behavioral issues which prompts lower efficiency and occupation disappointment. Kobranorouzian et al. (2014)9 they analyzed the impacts of anxiety administration on nature of work life through worker engagement among the workers in Iran. The study finds that the anxiety administration preparing system had a beneficial outcome on the nature of work life and it serves to lessen the anxiety, nervousness and gloom. Creators prescribed that push administration preparing project workshop went for occupation engagement and will upgrade the prosperity among workers furthermore control the level of anxiety. GOALS OF THE STUDY 1. To study the level of part push of private segment bank representatives. 2. To recognize the impact of part weight on nature of work life of private segment bank representatives. RESEARCH METHODOLOGY The present study analyzes the impact of part weight on nature of work life of private division bank representatives. Subsequently this study is unmistakable and observational in nature. An example size of 120 private area bank workers from Kochi Municipal Corporation in Kerala was considered for the study, through proportionate arbitrary examining system and the analyst chose these examples from main 3 private segment banks, for example, Federal bank, South Indian bank and Catholic Syrian bank which is having more than 100 branches in Kerala according to RBI positioning with respect to aggregate number of branches for every banks in Kerala. Essential information was gathered with the assistance of organized survey and the Cronbach's alpha for the nature of work life scale is 0.91 and it is 0.87 for the part push scale that shows a satisfactory unwavering quality of the poll. In this manner the gathered information were dissected utilizing factual apparatuses in particular distinct insights, chi-square examination, relationship investigation and different relapse examination. QUALITY OF WORK LIFE Role expectation Role conflict Role ambiguity Role stagnation Role overload Repetitive work Work tension Resource inadequacy MODEL OF THE RESEARCH ROLE STRESS RESULTS AND DISCUSSIONS Table 1: Descriptive Statistics relating to the factors of role stress Sl. No. Factors of role stress Mean S.D. Rank 1 Role expectation 2.85 .564 6 2 Role conflict 2.81 .569 8 3 Role ambiguity 2.90 .645 5 4 Role overload 3.15 .608 2 5 Role stagnation 2.82 .649 7 6 Repetitive work 2.97 .771 3 7 Work tension 3.17 .608 1 8 Resource inadequacy 2.94 .675 4 Source: Computed from primary data The mean scores on the factor Work tension (3.17) are higher than other factors of role stress. It is further interpreted that role stress is also caused due to the Role overload (3.15), Repetitive work (2.97), Resource inadequacy (2.94), Role ambiguity (2.90), Role expectation (2.85), Role stagnation (2.82) and low mean scores is observed on the dimension of Role conflict (2.81). Table -2: Chi-Square test H0: There is no association between the socio-demographic factors and role stress among the private sector bank employees. Socio Demographic Factors X Role Stress Chi-square value Sig* Pearson Chi-Square Gender 38.816 .019 Age 37.647 .000 Marital status 65.544 .003 Year of experience 48.228 .004 Designation 55.356 .000 Work timings 60.778 .001 Source: Computed from primary data * 5% level of significance It was found that there is an association between the factors of role stress to all socio-demographic factors like gender (p=0.019