The purpose of this study is to examine the factors that influence financial leverage of small business firms in India. This study also seeks to extend the findings of Michaelas et al. (1999). Small business owners from Punjab area of India were surveyed in order to gather information. Subjects were asked about their perceptions, beliefs, and feelings regarding the factors that influence financial leverage of their firms. This study utilized survey research (a non-experimental field study design). The findings of this paper show that small business growth, small business performance, total assets, sales, tax, and family have positive influence on the financial leverage of small business firms in India. This study contributes to the literature on the factors that influence financial leverage of small business firms. The findings may be useful for the financial managers, investors, and financial management consultants.

Purpose -The purpose of this paper is to examine the relationship between transformational leadership (TL) and employee desire for empowerment (EDFE). This study also aims to extend Gill and Mathur's findings regarding improving employee dedication and pro-social behavior. Design/methodology/approach -Hospitality industry employees from Canada and India were surveyed to test the relationship between TL and EDFE in countries that differ substantially in their levels of cultural power distance. Findings -Results suggest that the improvement in the degree of EDFE is positively related to the improvement in the degree of perceived TL implementation in the hospitality industry in both countries. However, substantial differences in relative impact were observed between restaurant (high in both countries) and hotel/motel workers (low in Canada, high in India). In addition to cultural power distance, levels of TL and EDFE were significantly lower in India than in Canada, and levels of TL were significantly lower among restaurant workers than among hotel/motel workers. Practical implications -Managers who exhibit TL behaviors are more likely to heighten their employees' desire to be empowered, regardless of cultural context. Originality/value -The findings help to explain failures in organizational efforts to empower workers by demonstrating the critical role of TL behaviors in heightening EDFE.

This study examines the relationship between corporate governance and capital structure of small business service firms in India. This study also seeks to extend the findings of Gill et al. (2012). The owners of small business service firms in the Punjab area of India were surveyed to collect data. Subjects were asked about their perceptions, beliefs, and feelings regarding the corporate governance and capital structure of their small business service firms. Results show that CEO Duality, Board Size, Small Business Growth, and Family positively impact on the capital structure of small business service firms in India. This study contributes to the literature on the relationship between corporate governance and capital structure of small business firms. The findings may be useful for small business management consultants.

Purpose The purpose of this paper is to examine the influence of the level of religious beliefs and individual spirituality of small business owners on their decision to insure. Design/methodology/approach Small business owners from India were asked about their perceptions regarding the relationship between their level of religious beliefs and spirituality and their decision to insure. Findings The results of this study show that the level of religious beliefs and individual spirituality of small business owners positively influence their decisions to purchase commercial insurance and life insurance to manage financial risk in India. Research limitations/implications This is a co-relational study that investigated the association between the level of religious beliefs, spirituality, and decision to insure. There is not necessarily a causal relationship between the two. The findings of this study may only be generalized to individuals similar to those that were included in this research. Originality/value This study adds to literature on the relationship between the level of religious beliefs, spirituality, and decision to insure. The findings may be useful for financial planners, small business owners and financial management consultants.

This study investigated the relationship between changes in operational efficiency and changes in future performance of Indian manufacturing firms applying a correlational research design. A sample of 244 firms was selected from the top 500 companies listed on the Bombay Stock Exchange (BSE) for a period of five years (from 2008-2012). The findings of this study indicate that changes in operational efficiency play a role in the future performance of Indian manufacturing firms. This study contributes to the literature on the factors that cause changes in firms' future performance. The findings may be useful for financial managers, operations managers, investors, financial management consultants, and other stakeholders.