Fiscal incentives act as an instrument to enhance growth of industry and in turn, that of economy is a debatable issue all over the world. Many countries and many governments have burnt their hands in imposing or reducing tax rates and other benefits. The impact of different fiscal incentives on various corporate decisions is not certain and varies from country to country and time to time. Sometimes it has been found that such fiscal incentives work best when it is coupled with other factors like political stability, infrastructure facilities etc. In addition, many researchers have viewed that such fiscal incentives results in to nothing but just raises the burden of the government. The present study attempts to find out how industrial sector particularly MSMEs view these incentives on their overall impact.
There is no clear-cut evidence whether fiscal incentives turn into desired growth of the economy or just result in cost for the exchequer. Looking at the success of China and other countries, India has tried to replicate the ‘zone’ concept by enacting special economic zones (SEZs) policy in 2005. The present article attempts to study different types of fiscal incentives given to the firms in SEZs and their impact on the performance through survey-cum-interview method. The research reveals that there is a need to modify the structure of present incentives to tap its full benefit.
Detailed review of literature in Indian and foreign context have empirically documented IPOs anomaly. This paper attempts to study immediate and short- to long-run performance of IPOs in India for the period January 2004 to December 2013. The present paper evaluates IPOs’ performance from initial day to long-term period based on average abnormal return, cumulative abnormal return, buy and hold abnormal return, wealth relative, and market adjusted abnormal return. The paper concludes that IPOs are a good bet to rely upon from immediate to short run and at most till medium term.
In India as well as abroad, micro, small, and medium enterprises (MSMEs) are very well known for their contribution to generate employment, export, inclusive growth, and innovation with very low or medium level of investment. However, their contribution to the economy depends upon their competitiveness and sustainability; and in this respect, MSMEs have distinct disadvantage as compared to the large industries. What is required is to awaken the firms for functional competencies for growth and for that financial institutions and the government should find ways and means to spread awareness and sustain its growth for the interest of the nation. Furthermore, in order to undo the setbacks suffered during the British colonial period by craftsman and rural artisans who constituted the backbone of India's traditional and self-sufficient economy; the policymakers' task was to make them once again stand on their own feet. In this regard, the government has designed fiscal policy and fiscal instruments as a tool to achieve specific macroeconomic and sector-wise objectives. However, fiscal incentives act as an instrument to enhance the growth of industry and in turn that of economy is a debatable issue all over the world. The present article attempts to examine different types of fiscal incentives given to the MSME units through the survey cum interview method; for that 216 units of GIDC were visited and interviewed. The result revealed that the government must improve awareness of incentives and reduce the procedural complexities to avail it. Furthermore, it was found that direct fiscal incentives such as investment subsidy for establishment of new units and interest rate subsidy and not indirect incentives such as energy review subsidy, cash subsidy for assessment of water consumption and so on are preferred by MSMEs.
It has been acclaimed by various researchers that international diversification has reduced its charm as return-risk of the world markets are highly correlated due to information spillover effect and globalization. This study examines inter linkages and interactions, if any, among the selected twelve indices of developed and emerging economies. The study applies descriptive statistics, correlation coefficients and Granger Causality test to check basic characteristics of each indices and their correlation and impact on each other. Granger Causality test for some indices shows that return of one market index had causal influence on return in other market index. The finding of this paper gives good insights to the international investors who are looking to reduce risk for a given level of return.
It has been acclaimed by various researchers that international diversification has reduced its charm as return-risk of the world markets are highly correlated due to information spillover effect and globalization. This study examines inter linkages and interactions, if any, among the selected twelve indices of developed and emerging economies. The study applies descriptive statistics, correlation coefficients and Granger Causality test to check basic characteristics of each indices and their correlation and impact on each other. Granger Causality test for some indices shows that return of one market index had causal influence on return in other market index. The finding of this paper gives good insights to the international investors who are looking to reduce risk for a given level of return.
It has been acclaimed by various researchers that international diversification has reduced its charm as return-risk of the world markets are highly correlated due to information spillover effect and globalization. This study examines inter linkages and interactions, if any, among the selected twelve indices of developed and emerging economies. The study applies descriptive statistics, correlation coefficients and Granger Causality test to check basic characteristics of each indices and their correlation and impact on each other. Granger Causality test for some indices shows that return of one market index had causal influence on return in other market index. The finding of this paper gives good insights to the international investors who are looking to reduce risk for a given level of return.
It has been acclaimed by various researchers that international diversification has reduced its charm as return-risk of the world markets are highly correlated due to information spillover effect and globalization. This study examines inter linkages and interactions, if any, among the selected twelve indices of developed and emerging economies. The study applies descriptive statistics, correlation coefficients and Granger Causality test to check basic characteristics of each indices and their correlation and impact on each other. Granger Causality test for some indices shows that return of one market index had causal influence on return in other market index. The finding of this paper gives good insights to the international investors who are looking to reduce risk for a given level of return.
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