Of late, financial inclusion has assumed a development policy priority in many countries. To consider the importance of the same, this study attempts to compute a comprehensive, cross-country index of financial inclusion (IFI), and use it to measure progress of financial inclusion in 68 countries from 2004 through 2008, to 2012. With the mean IFI value upgrading from 0.292 (low inclusion level) in 2004 to 0.332 (medium inclusion level) in 2012, the article exhibits a general improvement in the extent of financial inclusion for the period. Indicated by a diminution in the coefficient of variation (CV) of IFI from 0.853 in 2004 to 0.703 in 2012, the results also evidence convergence in IFI values. Seeking to measure the relationship between financial inclusion and human development, the article finds a strong and significant correlation between the two. Additionally, not only the Human Development Index (HDI) but also the income level of countries seems to show a movement, in tandem with the extent of financial inclusion evidenced by them. As an all-inclusive measure of socio-economic development, an IFI-incorporated HDI (modified HDI) has additionally been computed for the year 2012. The same has been employed to compare the extent of socio-economic development of the countries, as shown by HDI alone, and also by the proposed measure. Modified HDI, by capturing the vitality of ‘financial availability and access by all’, has been noted as an improved measure of socio-economic development over HDI. In addition, the study suggests removal of the stumbling blocks of financial illiteracy and technological backwardness to extend financial services to the unbanked masses. Financial inclusion is therefore a road that countries need to transverse to become global harbingers of development and prosperity.

One popular strategy for brands to grow outside of their home markets is to use line extensions. Although extensive research has examined how factors such as culture influence product acceptance across markets, far less is known regarding how such factors influence parent brand perceptions in response to an extension. This article investigates the role of one aspect of culture, consumers’ thinking styles, in terms of postextension parent brand spillover effects, and considers potential implications for firms’ global brand strategies, including the extension’s direction (upward or downward) and parent brand concept (functional or prestige). Through two studies, one using consumer panels in the United States and India and the other set in the United States, the authors examine consumer-level differences by measuring thinking styles. Results based on both studies indicate that vertical line extension type affects analytic thinkers’ reactions more than those of holistic thinkers, and parent brand image benefits (suffers) when a vertical line extension is for a functional (prestige) brand, regardless of consumers’ thinking style. The authors find interesting differences in the role of thinking styles based on the particular dimension examined.

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This exploratory study attempts to discover the impact of firm-specific characteristics on the shareholder value of the listed companies in India. Apart from this, it seeks to explore whether the significant firm attributes are common to both the dimensions of shareholder value, that is, accounting-based (economic value added (EVA)) as well as market-based dimensions (market value added (MVA) and Tobin's Q). . Multiple regression analysis is employed to study the relationship. The study reveals that investors tend to reward the companies which have higher profitability, lower market risk, efficient resource management, high leverage, more liquidity, higher marketing expenditures and robust market capitalization. Evaluating shareholder value on the basis of accounting and market-based dimensions, the study identifies that the selected corporate attributes explain about 34 per cent of the variation in the accounting-based surrogate EVA, whereas they account for more than 55 per cent variation in the firm's shareholder value when it is measured on the basis of marketbased surrogates, MVA and Tobin's Q. The primary limitations of this study are the size of its sample and non-inclusion of other variables (for example, market, environmental, regulatory, etc.) which may have an effect on the shareholder value. As maximizing shareholder value has become the widely accepted corporate objective the world over, its enhancement has become the key responsibility of corporate executives and managers.

Analyzing the annual reports of India's largest 500 companies over a period of five years (from 2004 to 2008), the present study at first tries to examine the extent of Economic Value Added (EVA) reporting practices prevalent in Indian corporate sector. It reveals that just 37 companies (7.4 per cent of the sample) specifically mentioned the use of EVA metric in their public disclosures. The study also identifies the industry composition, preferred medium of EVA disclosure, areas of EVA applications and extent of EVA-related computations made and disclosed by the EVA reporting companies. The study finds that there exist significant inconsistencies and irregularities in the measurement of EVA and its major components by the EVA reporting companies. The second part of the study examines the corporate attributes that can be associated with the Indian companies' EVA disclosure choices. Thus, the comparison of differences between the EVA reporting and EVA non-reporting companies on the basis of their background indicators and financial performance measures reveals that the EVA usage and disclosure choice of Indian companies is influenced by their size, profitability, leverage and sales efficiency. The study has implications for Securities and Exchange Board of India, Institute of Chartered Accountants of India, Company Law Board and other related parties that they should recognize the need to make EVA reporting mandatory in Indian corporate sector. Through the establishment of separate accounting standards for EVA computations and disclosure and further linking it with the employees' compensation plans, companies can reap benefits in terms of shareholder value enhancement.