Bovine brucellosis is endemic in many parts of the world including India. The disease diagnosis and surveillance are usually carried out by serological tests, which however have drawbacks. This study was undertaken to evaluate the potential of real-time PCR (RT-PCR) targeting bcsp31 gene for surveillance of bovine brucellosis. A total of 461 samples, which included 408 stored serum and 53 prospective blood samples, were used. It was found that 33 (7.15 %) samples were positive by RT-PCR, whereas 149 (32.32 %) and 132 (28.63 %) were positive by Rose Bengal plate test (RBPT) or standard agglutination test (STAT), respectively. The results of this study suggest that RT-PCR targeting bcsp31 gene carried out on DNA extracted from serum or blood may not be a suitable method for surveillance of brucellosis in bovines.
Purpose The purpose of this study is to examine the impact of corporate social responsibility (CSR) expenditure and business responsibility report (BRR) on a firm’s financial performance. Additionally, the study explores whether CSR expenditure and firm performance are related linearly or otherwise. The study also assesses the influence of mandating CSR expenditure on a firm’s performance. Design/methodology/approach The study is set in India and uses a nine-year data set from 165 companies listed on the Bombay Stock Exchange. Data compilation and analysis are done by using content analysis and panel data regressions. Findings The main findings of the study are that the effect of CSR expenditure on firm performance in India is non-linear and can be characterized as parabolic for investigated firms. While some performance indicators suggest a U-shaped relationship, others show an inverted U-type pattern, making a definitive conclusion elusive in either direction. BRR scores themselves have a positive impact on firm performance. Mandatory CSR expenditure affects the financial performance negatively, but the market performance improves in general. Originality/value The study provides new insights on the relationship between CSR expenditure, BRR scores and firm performance from India, which is not only a notable emerging market but also has other gripping characteristics. It has a prolific history of philanthropy, and yet, it is the first country in the world to mandate CSR expenditure in recent times. The equation between reported economic progress and general quality of life remains intriguing, and yet the number of studies on the effects of CSR expenditure on firm performance are no match to the volume of ongoing and completed works in more developed markets. This study attempts to trim the gap and provide some useful insights for managers, policymakers and stakeholders, apart from prompting further research.
We examine the impact of operating efficiency on firm valuation. The study spans ninety firms spread over six major industrial sectors in India from 2005 through 2012. Six key ratios are considered for their possible impact on the enterprise value. Through panel data analysis, we find that gross profits, return on capital employed asset turnover and to some degree, sales have a significant impact on the enterprise value at the inter-industry level. In the collective sample, all six ratios pertaining to operating efficiency and profitability have a significant effect on enterprise value. We also note that with the infrastructure sector as the reference point, the role of banking sector is significantly positive in value creation. Further, value creation is more attendant to present performance rather than what might have happened in the past. Keywords: Operating efficiency, Panel Data Analysis, EV/EBITDA, Enterprise Value, Firm Value 1.IntroductionFirms continuously try to scout and opt for opportunities of achieving competitive advantage in an increasingly complex and competitive environment through organic and inorganic growth. Since it is sometimes considered a faster way to grow, corporate restructuring (inorganic growth) has emerged as a popular strategy among big and medium size corporate houses. The importance of a firm's valuation in this context cannot be overstated, for it establishes the price of a target firm, which, if not determined correctly, would lead to a loss to the acquiring or the target firm.Our goal in this paper is to see how a firm's operating efficiency affects its value. Seetharaman and Raj (2011) report a strong positive correlation between EPS and the stock price of Public Bank Barhad, a listed bank in Malaysia. We, however, avoid conventional measures like Earnings-per-Share (EPS) and Price-to-earnings (P/E) because when the total income of a firm is derived primarily from non-operating sources, the reality about a firm's operational efficiency may be obscured, if not hidden altogether. Naik (2007) had also considered variables like operating profit and expenses in his study on the operating efficiency of banks.Jin and Jin (2008) report a positive correlation between operating performance and stock price change among the top 10% performers on the Shanghai Stock Exchange in the first two years of research period but in the latter period of two years, operating performance is inversely proportional to stock price change. Their principal finding is that operating performance generally declined as the stock prices went up. Similarly, Kirkwood and Nahm (2006) report that changes in firm efficiency are reflected in stock returns. Beccalli, Casu and Girardone, (2006) also find that changes in efficiency are reflected in changes in stock prices and that the stocks of cost efficient banks tend to outperform their inefficient counterparts. Earlier, Chu and Lim (1998) had also found that percentage changes in the prices of the bank shares reflect percentage changes in profit.In this p...
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.
hi@scite.ai
10624 S. Eastern Ave., Ste. A-614
Henderson, NV 89052, USA
Copyright © 2024 scite LLC. All rights reserved.
Made with 💙 for researchers
Part of the Research Solutions Family.