Volume-3 Issue-2, November 2023 – Indian Journal of Economics and Finance (IJEF)

B258204021124

IJEF Journal — Mon, 15 Jul 2024 13:55:52 +0000

The Indian Journal of Economics and Finance (IJEF) has ISSN 2582-9378 (online), an open-access, peer-reviewed, periodical half-yearly international journal, which is published by Lattice Science Publication (LSP) in May and November. The journal aims to publish high-quality peer–reviewed original articles in the area of Economics and Finance that covers International and Financial Accounting, Management and Cost Accounting, Tax, Auditing, Accounting Information Systems, Accounting Education, Environmental and Social Accounting, Accounting for Non-Profit Organisations, Public Sector Accounting, Corporate Governance: Accounting/Finance, Ethical Issues in Accounting and Financial Reporting, Corporate Finance, Investments, Derivatives, Banking and Capital Markets in Emerging Economies. #International and Financial Accounting #Management and Cost Accounting #Tax #Auditing #Accounting Information Systems #Accounting Education #Environmental and Social Accounting #Accounting for Non-Profit Organisations #Public Sector Accounting #Corporate Governance: Accounting/Finance #Ethical Issues in Accounting and Financial Reporting #Corporate Finance #Investments, Derivatives #Banking #Capital Markets in Emerging Economies #PhD ademic #Scopus #SCI #LatticeScience #Springer, #ScienceDirect #IEEE #Mendeley #Research #Scholarship #UGC #SSRN #LatticeScience #ESCI #Science #Journal #Conference #SSRN #PubLons #PhD #Academic #Scopus #SCI #LatticeScience #Springer, #ScienceDirect #IEEE #Mendeley #Research #Scholarship #UGC #SSRN #LatticeScience #ESCI #Science #Journal #Conference #SSRN #PubLons

Training and Development Programs: Vital in Augmenting Competencies and Abilities among Workforce
Radhika Kapur

Dr. Radhika Kapur, Pedagogy and Organizational Culture in Nursery Schools, Delhi University, New Delhi, India.

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© The Authors. Published by Lattice Science Publication (LSP). This is an open-access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)

Abstract: Within different types of organizations, i.e. production, manufacturing and services, individuals are encouraged to get enrolled in training and development programs. The primary objective of these programs is to impart information to trainees regarding various aspects of the organisation. Furthermore, there is a need for recruiting well-qualified and competent trainers. In addition, they are required to utilise appropriate training methods, which would be beneficial to the trainees on a comprehensive basis. In other words, they should be able to augment their information and learn through the utilisation of different types of training methods and materials. To carry out one’s job duties effectively and achieve desired goals and objectives, individuals need to augment their knowledge in terms of departments, personnel, job duties, responsibilities, goals, objectives, mission, purpose, organisational structure, and so forth. Hence, imparting of information is facilitated through training and development programs. Within the course of performing their job duties, one also needs to attend these programs to acquire information on modern, scientific, and innovative methods and materials. Therefore, it is widely understood that upgrading training and development programs is crucial in enhancing the competencies and abilities of the workforce. The main concepts considered in this research paper are understanding the significance of training and development programs, measures to be implemented in leading to the upgradation of training and development programs, and the advantages of such upgradation.

Keywords: Abilities, Competencies, Organizations, Trainees, Trainers, Training and Development Programs, Up-gradation
Scope of the Article: Economics

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B2551113223

IJEF Journal — Mon, 15 Jul 2024 11:31:25 +0000

Effect of Related Party Transaction and Tax Haven Utilization on Tax Avoidance Moderated by Country-by-country Reporting
Cesar Samuel Romulo¹, Zuliani Dalimunthe²

¹Cesar Samuel Romulo, Department Management, University of Indonesia, Central Jakarta, Indonesia.

²Zuliani Dalimunthe, Department Management, University of Indonesia, Central Jakarta, Indonesia.

Abstract: In 2016, the Government of Indonesia introduced Country-by-Country Reporting through the Minister of Finance Regulation as an implementation of OECD/G20 BEPS Action Plan 13. This study investigates the influence of Related Party Transaction and Tax Haven Utilization on Tax Avoidance with and without Country-by-Country Reporting regulation as the moderating variable. This study employs a purposive sampling method for selecting the sample. Data in this study is collected from the financial statements of the 100 listed MNEs between 2012 and 2021. To test the hypothesis, this study uses pooled OLS regression. The results of this research were Tax Haven Utilization doesn’t have significant effects on Tax Avoidance and Related Party Transaction from Sales have positive and significant impact on Tax Avoidance, meanwhile Related Party Transaction from Assets and Liabilities doesn’t have substantial effect on Tax Avoidance. Other results show that Country-byCountry Reporting regulation can not moderate the impact of Related Party Transaction and Tax Haven Utilization on Tax Avoidance. The findings of this study provide recommendations for the government to evaluate the application of CbCR regulations in preventing tax evasion through the mechanisms of utilising tax havens and related party transactions, and to enhance the theoretical understanding of the application of CBCR.

Keywords: Related Party Transaction, Tax Haven Utilization, Tax Avoidance, Country-by-Country Reporting.
Scope of the Article: Accounting

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A257604010524

IJEF Journal — Wed, 29 May 2024 04:51:12 +0000

Understanding the Areas, Where Approaches to Rural Development are Implemented
Radhika Kapur

Dr. Radhika Kapur, Pedagogy and Organizational Culture in Nursery Schools, Delhi University, New Delhi, India.

Abstract: In India, more than 70 percent of the population resides in rural communities. In these communities, agriculture and farming practices are regarded as the primary occupations of the individuals. Furthermore, they are engaged in other types of tasks and activities, which facilitate the upgrading of their financial positions. Within rural communities, numerous areas are underdeveloped, including the education system, medical and healthcare services, infrastructure, amenities, and facilities. Hence, there is a need to formulate programs and measures that facilitate the upgradation of all essential areas. This will enable the upgradation of the overall standards of living for individuals belonging to rural communities. There is a need to develop approaches that promote the development of rural areas. One of the key aspects that needs to be considered is that these initiatives should promote well-being and goodwill among rural individuals. The rural individuals are overwhelmed by the social problems of poverty, illiteracy, unemployment and gender inequality. These social problems have unfavourable effects on the overall standards of living of individuals. Hence, approaches will facilitate the upgradation of one’s living conditions. The main concepts considered in this research paper are approaches to rural development that promote the progression of rural communities, as well as the objectives of rural areas and the areas where these approaches are to be implemented.

Keywords: Development, Capabilities, Enhancement, Information, Progression, Rural Communities, Strategies.
Scope of the Article: Accounting Information Systems

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B2558113223

IJEF Journal — Wed, 29 May 2024 04:40:39 +0000

Private Equity in India Fintech: A Lifecycle Analysis
Raviraj Gohil

Dr. Raviraj Karmvir Gohil, Department of Finance, Shanti busiess school, Ahmedabad (Gujarat), India.

Abstract: Over the past two and a half decades, India’s venture capital and private equity industry have undergone significant growth, driven by the liberalization of the Indian economy and the emergence of a dynamic start-up ecosystem. While the Fintech sector has been preferred for VCPE investments, research on private equity activity in this industry has been limited. This study aims to address this research gap by providing comprehensive insights into the lifecycle of private equity investments in the Fintech industry in India. The study examines private equity investment and exit activity in the Indian Fintech industry between 1998 and Q1 2023. Our research findings indicate that the Fintech industry in India has attracted considerable investments at notably higher entry valuation multiples. Moreover, a few sectors within the industry have garnered higher investments and valuation multiples. Private equity investors have generated significant returns from exits in the Fintech industry, with mergers and acquisitions (M&As) being the preferred exit route during the study period. However, our analysis indicates that exit valuation multiples were lower than entry multiples. This research provides valuable insights for investors and entrepreneurs seeking to understand the Indian Fintech industry and its potential for private equity investments. Three-item lists of highlights • Private equity investment in Fintech is significant, with the majority of investments occurring in the seed and early stages. • The software and apps, personal finance, and insurance sectors generated the highest cash flows for exited deals in Fintech. • Mergers and acquisitions were the most preferred exit routes for private equity investors in the Fintech space.

Keywords: Private Equity (G24), Fintech (G23).
Scope of the Article: Corporate Finance

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A257004010524

IJEF Journal — Tue, 30 Apr 2024 06:26:12 +0000

Exploring Volatility: Evolution, Advancements, Trends, and Applications
Amit Rohilla

Dr. Amit Rohilla, Department of Commerce, Gargi College (University of Delhi), Siri Fort Road, New Delhi, India.

Abstract: Volatility is a fundamental notion in financial markets, influencing investment decisions, risk management techniques, and market dynamics. This paper provides a thorough overview of the historical evolution and practical implications of volatility, focusing on essential works and key advancements in the field. The overview begins with early conceptions of volatility and the necessity for measurement prompted by market collapses, then progresses to advanced quantitative models and computer tools. The study encompasses key innovations, including the Black-Scholes model, which revolutionised options pricing and pioneered the concept of implied volatility. The Autoregressive Conditional Heteroskedasticity (ARCH) and Generalised Autoregressive Conditional Heteroskedasticity (GARCH) models introduced frameworks for modelling time-varying volatility, thereby paving the way for greater forecasting accuracy. Advancements in computing techniques have made it easier to analyze highfrequency data and estimate realized volatility, providing timely insights into market trends. The review also examines contemporary trends, including the application of machine learning algorithms and the challenges posed by cryptocurrency marketplaces. Furthermore, the article discusses the various characteristics and metrics of volatility, emphasising its multidimensional nature and diverse applications in risk management, portfolio optimisation, derivative pricing, and market analysis. Practical examples demonstrate how investors, traders, and financial professionals can utilise volatility to navigate complex market environments and make informed decisions. Finally, the study underscores the enduring significance of volatility in financial markets, emphasising the need for ongoing research and analysis to enhance our understanding of market behaviour. Acknowledging the complexities of volatility enables market participants to gain valuable insights for managing risks effectively and capitalising on market opportunities, thereby contributing to financial stability and optimal portfolio performance.

Keywords: Volatility, Financial Markets, Risk Management, Portfolio Optimization, Derivative Pricing, Market Analysis.
Scope of the Article: International and Financial Accounting

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D16711210423

IJEF Journal — Fri, 19 Jan 2024 11:29:55 +0000

Measuring Asymmetric Volatility of Bank Nifty Index using Egarch Model & Obstacle”
Ch. Naresh¹, Ravi Sankar Kummeta², N. Ramanjaneyulu³

¹Dr. Ch. Naresh, Assistant Professor, School of Management Studies, Gurunanak Institutions Technical Campus, Khanapur (V), Ibrahimpatnam (Telangana), India.

²Dr. Ravi Sankar Kummeta, Associate Professor, School of Management Studies, Guru Nanak Institutions Technical Campus, Hyderabad (Telangana) India.

³Dr. N. Ramanjaneyulu, Professor & Head, Department of MBA, Malla Reddy Engineering College (Autonomous), Secunderabad (Telangana). India.

Abstract: The paper examines the significance of volatility models in forecasting future volatility for effective portfolio allocation and risk reduction. It compares the performance of symmetric and asymmetric models in estimating conditional variance, as well as linear and non-linear GARCH models. Using secondary data from the National Stock Exchange’s Nifty Bank index, the study applies Exponential GARCH (1,1) to measure asymmetric volatility. It conducts various tests to confirm the suitability of the data for analysis. The results indicate clustering of volatility in Nifty Bank returns over four years, with the presence of asymmetrical effects and leverage constants. The study concludes that negative information has a greater impact on volatility than positive surprises, and that market fluctuations are inversely related to stock market performance. This research provides valuable insights for portfolio selection, risk management, and asset pricing in the context of increasing volatility across various markets and industries.

Keywords: National Stock Exchange’s, Clustering, Nifty Bank, volatility
Scope of the Article: Management and Cost Accounting

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B2560113223

IJEF Journal — Sat, 25 Nov 2023 11:15:50 +0000

Assessment on Distinct types of Crops in Kanchipuram District using Organic, Fertilizers, Pesticides and Plastic Mulching at Different Seasons
J. Sekar, N. Palaniraj

¹J. Sekar, Research Scholar, Pachaiyappa’s College for Men, Kanchipuram (Tamil Nadu), India.

²Dr. N. Palaniraj, Head & Associate, Pachaiyappa’s College for Men, Kanchipuram (Tamil Nadu), India.

Abstract: Our nation is a major economic player, providing a significant source of revenue for more than half of India’s population. The country’s financial sector relies on rural activities that play a crucial role in the public’s well-being. The region selected for the review is Kanchipuram Locale in Tamil Nadu, which heavily relies on agricultural income from various crops. The contribution of farming to the economy, as well as the monetary state of the ranchers, has been overlooked in this period of innovation. With 47% of the population working in agriculture, it is the most common occupation. Paddy is the major crop developed in the Kanchipuram district. Other important crops include Millets like ragi, Maize, Cumbu, and samai; pulses like Black gram, Green gram, Red gram, horse gram, and cowpea; oilseeds like groundnut, Gingelly, sunflower, and Castor; and sugarcane. Brinjal and Watermelon Farmers started using plastic mulching, which yields a 3-4% profit in the Kanchipuram district. This assessment aims to study the major crops of Kanchipuram district’s agricultural sector in various climatic environments, including Navarai, Samba, and Sornawari. However, agricultural pollution has already begun as a result of contemporary farm practices, such as the use of plastic mulching. Comparisons between organic mulching and plastic mulching materials are challenging, as outcomes depend on the selected strategy, growth techniques, and environmental factors. Due to the current agricultural byproducts like plastic mulching, this process promotes damage to the ecology, land, and environment. To overcome agricultural pollution, organic mulching and greenhouse technology are suggested.

Keywords: Organic Mulching, Greenhouse technology, Plastic Mulching
Scope of the Article: Capital Markets in Emerging Economies

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B2556113223

IJEF Journal — Sat, 25 Nov 2023 11:10:04 +0000

Assessement of Risk Control Activities on Financial Performance: A Case of Diocesian Secondary Schools in Moshi, Tanzania
Audifas E. Said¹, Nyanjige Mayala², Ladis Komba³

¹Audifas E. Said Audifas Said, Masters Student, Department of Economics and Business Studies, Mwenge Catholic University, Moshi, Kilimanjaro, Tanzania.

²Dr. Nyanjige Mayala, Lecturer, Department of Economics and Business Studies, Mwenge Catholic University, Moshi, Kilimanjaro, Tanzania.

³Dr. Ladis Komba, Lecturer, Department of Economics and Business Studies, Mwenge Catholic University, Moshi, Kilimanjaro, Tanzania.

Abstract: The study was conducted to assess the Risk Control activities of external audit on the financial performance in a diocesan secondary school in Moshi, Tanzania. This study was guided by Stewardship Theory and employed a quantitative approach and cross-sectional survey design. Quantitative data were analysed using the Statistical Package for the Social Sciences (SPSS) version 22. The target population consisted of 256 individuals, and the sample size was 156. Tables were used to present the study findings. The findings of this study revealed that although training and seminars are given to those Senior Management Teams (SMTs); to the schools on matters related to financial risk control activities, little has been done to employ other strategies like dividing the schools in clusters and have specific time table to allow them to meet and share their ideas and knowledge. Subsequently, the findings revealed that most schools do not have current accounting software for their accounts departments. Additionally, the findings showed that most secondary schools in the diocese lack reliable internet systems. The findings, however, revealed that secondary schools in the diocese face several challenges in preparing financial statements. The study concludes that raising awareness of financial knowledge in other departments, beyond the Accounts department, is of paramount importance in these diocesan secondary schools. To minimizes financial risks which might occur in the future. The study therefore recommends that clusters conduct short-term training sessions on risk control activities to enhance financial performance.

Keywords: External Audit, Risk Management, Financial Performance, Secondary schools and Diocese of Moshi
Scope of the Article: Corporate Finance

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B2555113223

IJEF Journal — Sat, 25 Nov 2023 11:05:05 +0000

Contribution of Recording of Accounting Data on The Performance of the Selected Supermarkets in Moshi Municipality, Tanzania
Ephraim Lewis¹, Nyanjige Mayala², Evans Ogoti³

¹Ephraim Lewis, Masters Student, Department of Economics and Business Studies, Mwenge Catholic University, Moshi, Kilimanjaro, Tanzania.

²Dr. Nyanjige Mayala, Lecturer, Department of Economics and Business Studies, Mwenge Catholic University, Moshi, Kilimanjaro, Tanzania.

³Prof. Evans Ogoti, Lecturer and Associate Professor, Department of Economics and Business Studies, Mwenge Catholic University, Moshi, Kilimanjaro, Tanzania.

Abstract: This study aimed to assess the contribution of recording of accounting data on the performance of selected supermarkets in Moshi Municipality, Tanzania. This study was guided by the Records Continuum Theory (RCT), developed in the 1990s. The study employed a cross-sectional survey using a quantitative approach to assess accounting records in small and medium-sized enterprises (SMEs). It used a population of 150 small and medium-sized businesses, mainly supermarkets, which are registered to operate in the Moshi Municipality area. The sample size consisted of 100 small supermarkets, which was determined using Slovin’s formula. A simple random sampling technique was employed to select respondents, including managers, accountants/cashiers, and storekeepers, using two instruments: an interview schedule and questionnaires. The interview schedule was designed for managers, while the questionnaires were administered to accountants, cashiers, and storekeepers. To ensure the validity of the research instruments, the researcher presented the questionnaires and interview schedule to university experts for scrutiny and suggestions on their validity, relevance, clarity, and suitability of the information contained. To establish the reliability and internal consistency of the research instruments, pilot testing was conducted using Cronbach’s Alpha. The result of the Cronbach’s Alpha test was 0.749, indicating that the tool (questionnaires) was reliable for the study. The study collected only primary data, and the quantitative data generated were analysed using descriptive statistics, which included percentages, frequency counts, mean, and standard deviation. The data were presented using tables. The findings of the study showed that the recording of accounting data contributes to business performance among businesses (supermarkets). Based on the findings, it was concluded that business enterprises, especially supermarkets, perform highly when accounting data is properly recorded, as indicated by the grand mean value of 4.20, which is above the average of 3, and its standard deviation of 0.90. It was therefore recommended that SMEs should practice recording accounting and maintain their financial records simply and consistently, depending on the type of business. The educational background of accountants and storekeepers should be taken into consideration, as the more educated they are, the fewer recording errors they are likely to make, which will help maintain consistent financial performance. Authorities should establish and enforce rules and regulations for all businesses, regardless of size, to keep accurate records of their activities. Through the keeping of records, companies will be able to hold and increase their revenues and, consequently, their profits. This is because the authorities collect their taxes from the earnings of these business enterprises.

Keywords: Accounting, Accounting Practices, Small and Medium Enterprises, Business Performance, and Recording.
Scope of the Article: International and Financial Accounting

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B2060103223

IJEF Journal — Sat, 25 Nov 2023 10:58:46 +0000

Influence of Levels of Income on Micro and Small Business Operators’ Participation in Social Security Fund in Moshi Municipality
Kyolo Said Kalla¹, Amembah A. Lamu Amos²

¹Kyolo Said Kalla, Department of Economics and Business Studies, Mwenge Catholic University, 1226 Moshi, Kilimanjaro, Tanzania.

²Amembah A. Lamu Amos, Department of Economics and Business Studies, Mwenge Catholic University, 1226 Moshi, Kilimanjaro, Tanzania.

Abstract: This research was intended to assess the influence of income levels on micro and small business operators’ participation in the social security fund (SSF) in Moshi Municipality, Tanzania. This study was guided by the Social Protection Theory (SPT), which describes how Social Security Funds provide benefits to both individuals and households to mitigate losses of earnings caused by sickness, maternity, employment injury, invalidity, old age, or death. This research employed a concurrent mixedmethods design. The target population for the study consisted of business operators in Moshi Municipality, totalling 6,884. A sample size of 378 respondents was obtained using the Yamane (1964) formula, which employed both stratified random sampling and purposive Sampling. A structured questionnaire was administered as the primary data collection tool, and Key informant Interviews were conducted to gather additional qualitative data. Validity was ensured through discussions with experts regarding the instrument’s design and content. The reliability of the instruments was assessed using a Cronbach’s Alpha coefficient of 0.76. Ethical considerations were adhered to in conducting this study. Descriptive statistics and content analysis were used for quantitative and qualitative data, respectively. The study revealed that the level of income affects the way small or micro business operators perceive the value of social security funds in Moshi Municipality. This study recommends that social security funds establish a minimum income threshold for participation to ensure that micro and small business operators with low incomes are eligible to participate in the social security funds of the Moshi Municipal Council.

Keywords: Social Security, Income levels, Small and Micro Business Operators, Social Security Fund Participation and Social Protection Theory.
Scope of the Article: Financing Business and Accounting

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