Anweshan - journal of Department of Commerce, Vol. 05, No. 01

Permanent URI for this collectionhttps://ir.nbu.ac.in/handle/123456789/2957

EDITORIAL

It is a matter of great satisfaction that despite of so many odds and hindrances finally we have become successful to publish our fifth volume of ANWESHAN at appropriate time. This time we have received huge response from the academic ambience of our country in the form of academic contribution to this journal. A lot of suggestions and constructive criticisms have been received from the learned academic personalities from all over the country. I am thankful to my departmental colleagues who have helped me a lot in connection with the publication of this issue on time. In this issue we have been able to accommodate research articles of varied nature and dimensions. A many of them are analytical in nature and some of them are highly conceptual in their character.

In the first article titled “Day-of-the-Week and other Market Anomalies in the Indian Stock Market” authored by Prof Abhijit Dutta has tried to understand the price behavior of the Indian stock market and find if the market prices of the calendar event such as day of the week and month of the year has any effect on the Indian stock market. The author has concluded that the variance in seasonality in the Indian market as compared to the other developed markets implies that this market is not yet integrated with the other world markets and can provide a good portfolio diversification opportunity.

In the second article titled “Community Based Tourism: An Analysis of consumer Behaviour” authored by Mr. Joydeep Mukherjee and Prof Sharmistha Banerjee have tried to throw some lights on the modified version of sustainable eco tourism , community based tourism with an ultimate focus on the protection of host communities’ socio cultural heritage. In this paper they have tried to diagnose sampled tourists’ behavior pattern in order to develop and manage the newly emerged concept of community based tourism. They have indentified three most important factors who motivate tourists to travel and influence their choice of destination which are Tourism Infrastructure, Nature and environment attraction and Cultural attraction.

In the third article titled “Growth–Inflation nexus in USA: A Threshold Regression Approach” authored by Dr. Debesh Bhowmik, Dr. Debasish Biswas and Prof Debabrata Mitra have tried to find out the nature of inflation of USA during 1961-2015 and to find out the nexus between inflation and growth using Granger causality , Johansen co-integration and vector error correction models. They have finally concluded that inflation of USA has been declining at the rate of around 1.6% during the period of their study. Growth inflation causality is unidirectional and they are cointegrated in the order one.

In the fourth article titled “EVA versus Traditional Accounting –based Financial Performance Measures: An Evaluation of Relative and Incremental Information Content in explaining variation in stock Return” authored by Prof Debdas Rakshit, Dr. Susanta Mitra and Mr. Mahesh Kumar Kurmi have tried to conduct a comprehensive study of the relative and incremental information content of EVA and its supremacy over other traditional accounting based financial performance measures in explaining the variations in stock returns. They have finally concluded that EVA has got a greater ability to predict stock returns in contrast with the traditional financial performance measures as it possesses the greatest information power in explaining the variations in the stock return.

In the fifth article titled “The Marshallian Theory of Industrial Districts and Its Italian Variant: The case of a pottery industry agglomerate in West Bengal” authored by Lawrence Thanislaus and Prof Indrajit Ray have tried to analyse an industrial agglomerate in West Bengal, in the neighbourhood of Siliguri town, which has a more recent origin, the post –Partition period of Bengal. In this article the author have tried to establish whether this cottage-industry agglomerate exhibits the traits of the theory of industrial district, which has largely been developed on the experience of modern industries in developed countries. Finally they have concluded that the reasons for this agglomeration are mainly due to the pull factors such as proximity to raw materials, market accessibility, transport facilities and above all its locational advantages.

In the sixth article titled “Driver Behaviour Inventory as Predictors of Driving Crashes and Near Misses among Professional Drivers: Testing a Contextual Mediated Model” authored by Prof Kh. Tomba Singh and A.S. Rapheileng have conducted an extensive research work to investigate the relative impact of various sources of stress classified as distal and proximal on driving outcomes, that is , occurrence of near misses and accidents. Their study has provided some important information and deep insight into a range of internal and external factors who have got a profound influence on drivers’ occupational stress level.

The last research study titled “Influence of Demographic and Job Related Factors on the Performance of the Life Insurance Advisors in the Kolkata Region” authored by Ipsita C. Patranabis has tried to determine the influence of selected demographic and job related characteristics on the performance of life advisors of the Kolkata region. In this study it has been found a notable impact of gender on the performance of the advisors. It has also been recommended that life insurance organizations should have long-term policies to encourage and support female advisors to rise in their career because encouraging female advisors to rise will not only bring about balanced diversity but it will also facilitate to reach out to the prospective female customers at a larger extent.

I firmly believe and hope that the research articles published in this issue are adequately enriched to provide food for thought to the new and existing researchers working in these fields. Any sort of constructive criticisms, observations are always welcome from my end.

Lastly, I want to express my sincere thanks and gratitude to all staff members of North Bengal University Press specially Mr. Indranil Ray and Mr. Debasish Chakraborty for their untiring and relentless effort for bringing out this issue of our esteemed Departmental Journal on right time.

Professor (Dr.) Debabrata Mitra
Editor-in-Chief

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    EVA verses Traditional Accounting-based Financial Performance Measures: An Evaluation of Relative and Incremental Information Content in explaining Variation in Stock Return
    (University of North Bengal, 2017-03) Rakshit, Debdas; Mitra, Susanta; Kurmi, Mahesh Kumar
    Modern value-based financial performance measures, in particular EVA, is argued by its proponents as a major improvement over the Traditional accounting-based financial performance measures on the ground that EVA is more informative than the traditional performance measures in explaining the variations in stock returns. On the contrary, a good number of other researchers argued that traditional financial performance measures are more informative in contrast to EVA. However, various empirical studies have been conducted in this regard till date but the research results are quite at odds. Thus, a modest attempt has been made to scan the information content of EVA and the traditional financial performance measures (ROA, ROCE, ROE, and EPS ) in explaining variations in stock returns that will enable to recognize that whether EVA can be a preferred financial performance measure for investors in evaluating performance of companies while designing investment strategies. Relative information content test as well as incremental information content test approach has been applied here to engulf the problem. Several hypotheses have been tested statistically in order to elucidate the findings and inferences of the study. 50 Indian firms listed in Bombay Stock Exchange for the period from 1st April 2006 to 31st March 2016 have been considered here as sample for conducting the study. Relevant statistical tools and techniques along with specific statistical test such as ‘t’ test, ‘F’ test ,Co-linearity test (VIF) and Akaike information Criterion test (AICc) have also been applied at apt places for analyzing the data used in the study. Relative information content test divulges that EVA has the greatest value-relevance as it possesses the greatest information power in explaining the variations in the stock return followed by ROA, EPS, ROE, and ROCE. Incremental information content test also discloses that EVA adds considerable illustrative power to traditional performance measures.