Indian Growth and Development ReviewTable of Contents for Indian Growth and Development Review. List of articles from the current issue, including Just Accepted (EarlyCite)https://www.emerald.com/insight/publication/issn/1753-8254/vol/17/iss/1?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestIndian Growth and Development ReviewEmerald Publishing LimitedIndian Growth and Development ReviewIndian Growth and Development Reviewhttps://www.emerald.com/insight/proxy/containerImg?link=/resource/publication/journal/9dbddf0ec50d8fe40814ab22564e6e4c/urn:emeraldgroup.com:asset:id:binary:igdr.cover.jpghttps://www.emerald.com/insight/publication/issn/1753-8254/vol/17/iss/1?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestSpillover effect of foreign direct investment on wage-inequality in Indian manufacturing industrieshttps://www.emerald.com/insight/content/doi/10.1108/IGDR-03-2023-0041/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this paper is to study the spillover effects of foreign direct investment (FDI) on skilled–unskilled wage inequality in the Indian manufacturing industries. The authors show theoretically with a model of spillover that if foreign firms (receiving FDI) have a negative spillover effect on domestic firms (not receiving FDI), then the level of capital and skilled workers in the domestic firms falls down. Consequently, the authors conduct an empirical analysis by using system GMM estimation technique on the firm-level data of the Indian organised manufacturing sector. The authors show that wage inequality worsens when there is negative spillover effects like competition spillover or skill spillover effect of FDI in India. To the best of the authors’ knowledge, this is the first attempt to measure the various spillover effects of FDI on the wage inequality in the Indian manufacturing industries by using firm-level data.Spillover effect of foreign direct investment on wage-inequality in Indian manufacturing industries
Arpit Gupta, Arya Kumar Srustidhar Chand
Indian Growth and Development Review, Vol. 17, No. 1, pp.1-25

The purpose of this paper is to study the spillover effects of foreign direct investment (FDI) on skilled–unskilled wage inequality in the Indian manufacturing industries.

The authors show theoretically with a model of spillover that if foreign firms (receiving FDI) have a negative spillover effect on domestic firms (not receiving FDI), then the level of capital and skilled workers in the domestic firms falls down. Consequently, the authors conduct an empirical analysis by using system GMM estimation technique on the firm-level data of the Indian organised manufacturing sector.

The authors show that wage inequality worsens when there is negative spillover effects like competition spillover or skill spillover effect of FDI in India.

To the best of the authors’ knowledge, this is the first attempt to measure the various spillover effects of FDI on the wage inequality in the Indian manufacturing industries by using firm-level data.

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Spillover effect of foreign direct investment on wage-inequality in Indian manufacturing industries10.1108/IGDR-03-2023-0041Indian Growth and Development Review2023-12-18© 2023 Emerald Publishing LimitedArpit GuptaArya Kumar Srustidhar ChandIndian Growth and Development Review1712023-12-1810.1108/IGDR-03-2023-0041https://www.emerald.com/insight/content/doi/10.1108/IGDR-03-2023-0041/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
DAY NRLM scheme and its impact on women empowerment: a case of Morigaon district of Assam, Indiahttps://www.emerald.com/insight/content/doi/10.1108/IGDR-08-2022-0103/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to examine the political, economic, social and technological (PEST) factors of women empowerment in the context of rural development under the initiatives of the National Rural Livelihood Mission (NRLM). The unit of analysis for this study is 459 samples. Non-probability sampling technique has been used for this study. Schedule/questionnaires have been circulated among the women in each block cluster. Frequencies have been used to represent the data against each statement. Non-parametric chi-square test has been used to examine the relationship between empowerment and political, economic, social, technological factors and interpersonal skills. Statistical analysis shows that the Deendayal Antayodaya Yojana (DAY)-NRLM scheme has brought significant changes and development to women in political, social, economic and technological areas. It was observed that women are economically empowered and contribute to the economic upliftment of the family. Most of the respondents strongly felt that after being associated with DAY-NRLM, they were empowered to contribute efficiently to the social development process and activities. The findings of this study highlight the impact of DAY-NRLM implementation at block levels of a district in India. Subsequent research may be carried to measure the effectiveness of the capacity-building program conducted under the banner of DAY-NRLM. Women empowerment is not limited to awareness, whereas it needs a complete set of initiatives backed with support systems. Few critical interventions could be building strong networks, enhancing financial management, encouraging the spirit of entrepreneurship among self-help group workers, providing easy access to credit, mentoring, handholding, continuous monitoring and evaluation. This study focuses on the impact of the DAY-NRLM scheme on women’s empowerment in the Morigaon district. The inferences from the study throw light on the empowerment of women vis-à-vis political, economic, social and technological factors. This study is a primary study conducted in the Morigaon District of Assam. This is a new line of policy research that approaches the women empowerment with the PEST parameters.DAY NRLM scheme and its impact on women empowerment: a case of Morigaon district of Assam, India
Sanjeev Kumar Ningombam, Sudeshna Bordoloi
Indian Growth and Development Review, Vol. 17, No. 1, pp.26-42

This study aims to examine the political, economic, social and technological (PEST) factors of women empowerment in the context of rural development under the initiatives of the National Rural Livelihood Mission (NRLM).

The unit of analysis for this study is 459 samples. Non-probability sampling technique has been used for this study. Schedule/questionnaires have been circulated among the women in each block cluster. Frequencies have been used to represent the data against each statement. Non-parametric chi-square test has been used to examine the relationship between empowerment and political, economic, social, technological factors and interpersonal skills.

Statistical analysis shows that the Deendayal Antayodaya Yojana (DAY)-NRLM scheme has brought significant changes and development to women in political, social, economic and technological areas. It was observed that women are economically empowered and contribute to the economic upliftment of the family. Most of the respondents strongly felt that after being associated with DAY-NRLM, they were empowered to contribute efficiently to the social development process and activities.

The findings of this study highlight the impact of DAY-NRLM implementation at block levels of a district in India. Subsequent research may be carried to measure the effectiveness of the capacity-building program conducted under the banner of DAY-NRLM.

Women empowerment is not limited to awareness, whereas it needs a complete set of initiatives backed with support systems. Few critical interventions could be building strong networks, enhancing financial management, encouraging the spirit of entrepreneurship among self-help group workers, providing easy access to credit, mentoring, handholding, continuous monitoring and evaluation.

This study focuses on the impact of the DAY-NRLM scheme on women’s empowerment in the Morigaon district. The inferences from the study throw light on the empowerment of women vis-à-vis political, economic, social and technological factors.

This study is a primary study conducted in the Morigaon District of Assam. This is a new line of policy research that approaches the women empowerment with the PEST parameters.

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DAY NRLM scheme and its impact on women empowerment: a case of Morigaon district of Assam, India10.1108/IGDR-08-2022-0103Indian Growth and Development Review2024-01-16© 2023 Emerald Publishing LimitedSanjeev Kumar NingombamSudeshna BordoloiIndian Growth and Development Review1712024-01-1610.1108/IGDR-08-2022-0103https://www.emerald.com/insight/content/doi/10.1108/IGDR-08-2022-0103/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Does economic and policy uncertainty impact corporate policies? Evidence from Indiahttps://www.emerald.com/insight/content/doi/10.1108/IGDR-09-2022-0107/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to examine the role of economic political uncertainty (EPU) on various corporate policies, namely, cash reserves, investment, capital structure and operating activities of Indian listed firms. To assess the influence of policy-related uncertainties, the author uses the India-specific EPU news-based index constructed by Baker et al. (2016) as a proxy for policy uncertainties. This study uses data from listed Indian firms spanning the period 2003 to 2019. The author uses panel regression models with firm-fixed effects to analyze the impact of EPU on corporate policies, including cash reserves, leverage and CAPEX, while considering key control variables. In response to heightened EPU, firms tend to increase their cash reserves, curtail their investment activities and favour secured financing options. Notably, this study aligns with the “real options” framework, demonstrating that firms with substantial investment irreversibility significantly reduce their capital expenditures during periods of elevated EPU. Additionally, the results reveal that rising EPU corresponds to heightened borrowing costs and increased operating expenses for firms. In contrast to prior research that predominantly investigated the impact of EPU on the decisions of listed firms in developed markets, this study delves into the role of EPU on corporate policies among listed firms in India. This focus is particularly relevant, given the significant policy changes that have transpired in the Indian business landscape in recent years.Does economic and policy uncertainty impact corporate policies? Evidence from India
Vishnu K. Ramesh
Indian Growth and Development Review, Vol. 17, No. 1, pp.43-62

This study aims to examine the role of economic political uncertainty (EPU) on various corporate policies, namely, cash reserves, investment, capital structure and operating activities of Indian listed firms.

To assess the influence of policy-related uncertainties, the author uses the India-specific EPU news-based index constructed by Baker et al. (2016) as a proxy for policy uncertainties. This study uses data from listed Indian firms spanning the period 2003 to 2019. The author uses panel regression models with firm-fixed effects to analyze the impact of EPU on corporate policies, including cash reserves, leverage and CAPEX, while considering key control variables.

In response to heightened EPU, firms tend to increase their cash reserves, curtail their investment activities and favour secured financing options. Notably, this study aligns with the “real options” framework, demonstrating that firms with substantial investment irreversibility significantly reduce their capital expenditures during periods of elevated EPU. Additionally, the results reveal that rising EPU corresponds to heightened borrowing costs and increased operating expenses for firms.

In contrast to prior research that predominantly investigated the impact of EPU on the decisions of listed firms in developed markets, this study delves into the role of EPU on corporate policies among listed firms in India. This focus is particularly relevant, given the significant policy changes that have transpired in the Indian business landscape in recent years.

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Does economic and policy uncertainty impact corporate policies? Evidence from India10.1108/IGDR-09-2022-0107Indian Growth and Development Review2024-02-05© 2024 Emerald Publishing LimitedVishnu K. RameshIndian Growth and Development Review1712024-02-0510.1108/IGDR-09-2022-0107https://www.emerald.com/insight/content/doi/10.1108/IGDR-09-2022-0107/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
Does bankruptcy law affect the relation between leverage and firm performance?https://www.emerald.com/insight/content/doi/10.1108/IGDR-10-2022-0122/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this paper is to examine the impact of bankruptcy reform in the year 2016 on the relation between leverage and firm performance for Indian firms, separately for business group and standalone firms. Fixed effects panel regression is used to understand the role of bankruptcy reform on firm-level data to examine the relationship between leverage and firm performance after controlling for size, growth, age, liquidity and promoter shareholding. The authors also apply the generalized method of moments (GMM) to control for the endogeneity concerns. The authors show that the introduction of the insolvency and bankruptcy code (IBC) positively moderates the relation between leverage and firm performance such that the extent of negative relation between leverage and firm performance is less in the post-IBC period. The positive impact of IBC on the relation between leverage and firm performance holds only for firms not affiliated to business groups and for firms with higher debt in their capital structure. The study’s findings will help the regulators appreciate the effectiveness of bankruptcy reforms resulting from IBC implementation in terms of sound bankruptcy process and leading to safeguard the interests of minority shareholders. The authors provide the only study to examine the role of bankruptcy law in moderating the relation between leverage and firm performance across a sample of business group and standalone firms.Does bankruptcy law affect the relation between leverage and firm performance?
Nikhil Rastogi, Satish Kumar
Indian Growth and Development Review, Vol. 17, No. 1, pp.63-85

The purpose of this paper is to examine the impact of bankruptcy reform in the year 2016 on the relation between leverage and firm performance for Indian firms, separately for business group and standalone firms.

Fixed effects panel regression is used to understand the role of bankruptcy reform on firm-level data to examine the relationship between leverage and firm performance after controlling for size, growth, age, liquidity and promoter shareholding. The authors also apply the generalized method of moments (GMM) to control for the endogeneity concerns.

The authors show that the introduction of the insolvency and bankruptcy code (IBC) positively moderates the relation between leverage and firm performance such that the extent of negative relation between leverage and firm performance is less in the post-IBC period. The positive impact of IBC on the relation between leverage and firm performance holds only for firms not affiliated to business groups and for firms with higher debt in their capital structure.

The study’s findings will help the regulators appreciate the effectiveness of bankruptcy reforms resulting from IBC implementation in terms of sound bankruptcy process and leading to safeguard the interests of minority shareholders.

The authors provide the only study to examine the role of bankruptcy law in moderating the relation between leverage and firm performance across a sample of business group and standalone firms.

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Does bankruptcy law affect the relation between leverage and firm performance?10.1108/IGDR-10-2022-0122Indian Growth and Development Review2024-03-14© 2024 Emerald Publishing LimitedNikhil RastogiSatish KumarIndian Growth and Development Review1712024-03-1410.1108/IGDR-10-2022-0122https://www.emerald.com/insight/content/doi/10.1108/IGDR-10-2022-0122/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
Reducing gender-based unemployment in India: the impact of social inclusion and foreign funds inflowshttps://www.emerald.com/insight/content/doi/10.1108/IGDR-07-2023-0103/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this paper is to empirically analyze the impact of social inclusion factors and foreign fund inflows on reducing gender-based unemployment in India. A time series data set for the period of 1991–2021 has been considered, and an autoregressive distributed lag methodology has been applied to measure the short- and long-run impact of social inclusion and foreign fund inflows on reducing gender-based unemployment in India. According to the study’s findings, both social inclusion and foreign fund inflows are critical factors for reducing male unemployment. However, in the case of female unemployment, only social inclusion factors play an important role, whereas foreign fund inflows have no role in it. Analyzing the factors that affect gender-based unemployment has always been a grey area in literature. There are very few studies that capture gender-based unemployment in India, making this study a novice contribution. Second, it examines the relationship between foreign fund inflows, social inclusion and unemployment, which is another novel area of investigation. Finally, this study provides comprehensive and distinct results for both male and female unemployment that can help policymakers devise gender-based unemployment policies.Reducing gender-based unemployment in India: the impact of social inclusion and foreign funds inflows
Imran Khan, Darshita Fulara Gunwant
Indian Growth and Development Review, Vol. 17, No. 1, pp.86-102

The purpose of this paper is to empirically analyze the impact of social inclusion factors and foreign fund inflows on reducing gender-based unemployment in India.

A time series data set for the period of 1991–2021 has been considered, and an autoregressive distributed lag methodology has been applied to measure the short- and long-run impact of social inclusion and foreign fund inflows on reducing gender-based unemployment in India.

According to the study’s findings, both social inclusion and foreign fund inflows are critical factors for reducing male unemployment. However, in the case of female unemployment, only social inclusion factors play an important role, whereas foreign fund inflows have no role in it.

Analyzing the factors that affect gender-based unemployment has always been a grey area in literature. There are very few studies that capture gender-based unemployment in India, making this study a novice contribution. Second, it examines the relationship between foreign fund inflows, social inclusion and unemployment, which is another novel area of investigation. Finally, this study provides comprehensive and distinct results for both male and female unemployment that can help policymakers devise gender-based unemployment policies.

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Reducing gender-based unemployment in India: the impact of social inclusion and foreign funds inflows10.1108/IGDR-07-2023-0103Indian Growth and Development Review2024-03-22© 2024 Emerald Publishing LimitedImran KhanDarshita Fulara GunwantIndian Growth and Development Review1712024-03-2210.1108/IGDR-07-2023-0103https://www.emerald.com/insight/content/doi/10.1108/IGDR-07-2023-0103/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
Cross ownership and merger under technology adoptionhttps://www.emerald.com/insight/content/doi/10.1108/IGDR-10-2023-0162/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper aims to consider the effects of a merger on technology adoption and welfare in the presence of passive cross ownership. Merger increases investments in process technology and may increase welfare. The results are important for antitrust policies and suggest that the antitrust authorities may not need to be too concerned about mergers in industries with cross ownership. Game-theoretic analysis. Merger increases investments in process technology and may increase welfare. To the best of the author’s knowledge, this study is original.Cross ownership and merger under technology adoption
Arijit Mukherjee
Indian Growth and Development Review, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper aims to consider the effects of a merger on technology adoption and welfare in the presence of passive cross ownership. Merger increases investments in process technology and may increase welfare. The results are important for antitrust policies and suggest that the antitrust authorities may not need to be too concerned about mergers in industries with cross ownership.

Game-theoretic analysis.

Merger increases investments in process technology and may increase welfare.

To the best of the author’s knowledge, this study is original.

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Cross ownership and merger under technology adoption10.1108/IGDR-10-2023-0162Indian Growth and Development Review2024-03-14© 2024 Emerald Publishing LimitedArijit MukherjeeIndian Growth and Development Reviewahead-of-printahead-of-print2024-03-1410.1108/IGDR-10-2023-0162https://www.emerald.com/insight/content/doi/10.1108/IGDR-10-2023-0162/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited