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Purpose This paper aims to explore the relationship of promoter ownership and board structure with firm performance for Indian companies. Design/methodology/approach Corporate governance structures of 391 Indian companies out of CRISIL NSE Index (CNX) 500 companies listed on national stock exchange (NSE) have been studied for their impact on performance of companies. Panel data regression methodology has been used on data for five financial years from 2010 to 2014 for the selected companies. Performance measures considered are market-based measure (Tobin’s Q) and accounting-based measure (return on assets [ROA]). Findings The empirical findings indicate that market-based measure (Tobin’s Q) is more impacted by corporate governance than accounting-based measure. There is significant positive association between promoter ownership and firm performance. It is also indicated that the relationship between promoter ownership and firm performance is different at different levels of promoter ownership. Board size is found to be positively related to ROA; however, board independence is not found to be related to any of the performance measures. Research limitations/implications Limitations of the study are in terms of data methodology and possible omission of some variables. It is felt that endogeneity and reverse causality might be better addressed using simultaneous equation methodology. Originality/value The paper adds to the emerging body of literature on corporate governance performance relationship in Indian context using a reasonably wider and newer data set.

Purpose The purpose of this paper is to explore the relationship of board characteristics and firm performance for Indian companies. Design/methodology/approach Corporate governance structures of 391 Indian companies out of CNX 500 companies listed on National Stock Exchange have been studied for their impact on performance of companies. Structural equation modeling methodology has been employed on data for five financial years from 2010 to 2014 for selected companies. Market-based measure (Tobin’s Q) and accounting-based measure (return on asset) have been employed for measuring firm performance. Findings Empirical findings indicate that there is significant positive association between board size and firm performance. Board independence is found significantly related to firm performance. Number of board meetings is found to be sending positive signal to the market creating firm value. Separation of CEO and chairman of the board is found to be value creating and overburdened directors affect firm performance adversely. Findings also suggest that the governance-performance relationship is also dependent upon the type of performance measures used in the study. Research limitations/implications Limitations of this study are in terms of data methodology and possible omission of some variables. It is understood that the qualitative dynamics happening inside board meetings impact corporate performance. The strategic decisions-making process adopted by the boards to fight competition or to increase market share is not available in public domain easily. The decision-making processes and monitoring for implementation of these decisions could impact corporate governance-performance relationship. These parameters and their impact on corporate performance are not covered under the scope of the present study. However, the same could have thrown more light on governance-performance relationship. Originality/value The paper adds to the emerging body of literature on corporate governance-performance relationship in the Indian context using a reasonably wider and newer data set.

Purpose This paper aims to explore the relationship between board characteristics and firm performance for Indian companies. Design/methodology/approach Corporate governance structures of 391 Indian companies out of CNX 500 companies listed on National Stock Exchange have been studied for their impact on performance of companies. Panel data regression methodology has been used on data for five financial years from 2010 to 2014 for the selected companies. Performance measures considered are market-based measure (Tobin’s Q) and accounting-based measure (return on asset [ROA]). Findings The empirical findings indicate that the market-based measure (Tobin’s Q) is more impacted by corporate governance than the accounting-based measure (ROA). There is a significant positive association between board size and firm performance. Board independence is found significantly related to firm performance. Number of board meetings is found to be sending positive signal to the market creating firm value. Separation of chief executive officer and chairman of the board is found to be value-creating, and overburdened directors affect firm performance adversely. Research limitations/implications Limitations of the study are in terms of methodology and possible omission of some variables. It is understood that the qualitative dynamics happening inside board meetings impact corporate performance. The strategic decision-making process adopted by the boards to fight competition or to increase market share is not easily available in public domain. The decision-making processes and monitoring for implementation of those decisions could impact corporate governance performance relationship. These parameters and their impact on corporate performance are not covered under the scope of the present study. Originality/value The paper adds to the emerging body of literature on corporate governance performance relationship in the Indian context by using a reasonably wider and newer data set.

The effects of gelation temperature (GT), pH, milk solids nonfat (MSNF) content and aging time on the small and large deformation rheological properties of rennet‐induced skim milk gels were studied. Small amplitude oscillatory rheometry (SAOR) was used to study gel formation. A constant shear rate was applied to gels of various ages to try to simulate the cutting process used in cheese vats. Second‐order polynomial models successfully predicted (R2 ≥ 0.83) the relationship between processing parameters and rheological properties of gels. The processing parameters – gelation pH, GT and MSNF – had a significant effect on the rheological properties of rennet‐induced gels. The type and the nature of bonds in these networks and the time scale of applied deformation affected the rheological properties of rennet gels. As time after rennet addition increased, storage modulus, loss modulus and yield stress values increased. This resulted from an increase in the number and strength of bonds with time. The yield strain decreased with time probably because of rearrangements in the network making the gel shorter/brittle in texture. When the impact of the time scale of the applied deformation was compared between the small (storage modulus as a function of frequency) and large (yield stress as a function of constant shear rate) deformation properties of rennet‐induced gels, similar power law exponents were obtained. This similarity presumably reflects the type and relaxation behavior of bonds in this casein network. These results identify the impact of several important processing variables on both the small and the large deformation rheological properties of rennet‐induced gels, which could be useful in identifying gelation properties that improve cheese yield.

The pH of most acid food products depends on undefined and complex buffering of ingredients but is critically important for regulatory purposes and food safety. Our objective was to define the buffer capacity (BC) of ingredients in salad dressing products. Ingredients of salad dressings were titrated individually and in combination using concentrations typical of dressing products. Titration curves from pH 2 to 12 were generated with sodium hydroxide and hydrochloric acid, which were then used to generate BC curves. A matrix of concentration and pK values for a series of monoprotic buffers approximated the pH of each ingredient. Some buffer series required anion or cation corrections for accurate pH prediction, possibly due to the presence of salts of acid or bases. Most buffers had BC values less than 10-fold the BC of acetic acid (0.25 β) typically in dressing formulations and had little influence on the final product pH of the dressings tested. Unexpectedly, we found that sugars in dressing formulations, including sucrose or corn syrup, exhibited buffering at pH values greater than 11 (0.035 β and 0.059 β, respectively), which was likely due to weakly acidic hydroxyl groups on the sugar molecules. However, the concentration and pK for buffers above pH 11 or below pH 2 were difficult to quantify due to the BC of water. The BC data may help to quantify the effects of salad dressing ingredients on the final product pH and benefit regulatory agencies and manufacturers in assessing product pH and safety.

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