“…All the studies cited above suggest that the strong relationship exists between return, and business and financial risk in developed countries. Although most of the studies were carried out in developed countries recently, there is a paucity of such studies in developing countries (except a few, i.e., (Ravichandran, 2006, Ghosh, S. K., & Maji, S. G., 2006, Gupta, A., & Sur, D., 2013. Gupta, A., & Sur, D., 2014, Sur, 2007Mallik & Sur, 2009;Bhatti et al, 2010;Saleem et al, 2011;Sur & Mitra, 2011;Akbarian, 2013.…”