Papers by Sudipa Majumdar
Cogent Education, 2024
India, with the third largest higher education system globally, has the lowest gross enrolment r... more India, with the third largest higher education system globally, has the lowest gross enrolment ratio compared to G20 nations. The National Education Policy 2020 has made a strong recommendation to enhance the gross enrolment ratio for higher education to 50% by 2035. This figure stood at 19.4% in 2010 and 28.4% in 2021–22. The study, therefore, analyses the nature of the growth of higher education in India from 2000 to 2020 and carries out Panel regression to investigate the gross enrolment ratio at the state level, primarily affected by the number of universities and the growth in the number of colleges per million population. The analysis reveals a need for significant expansion of higher education in India in the future, or it will result in a case of elusive inclusive development—wherein India will miss the 2030 global agenda concerning Sustainable Development Goal 4 on higher education and the 2035 National Education Policy target. The study recommends that higher education should be closely monitored by the states at the district level, providing high-quality and affordable online education to realise the preferred outcomes.
Application of multi-criteria decision analysis for investment strategies in the Indian equity market
Challenges Faced by Self-Help Groups in Employment Generation in Bihar
The Indian journal of labour economics, Jun 1, 2023
International Journal of Energy Economics and Policy
The aim of this paper is to examine the linkages between stock market index, Dubai Fateh oil spot... more The aim of this paper is to examine the linkages between stock market index, Dubai Fateh oil spot price, interest rate and FDI using monthly data on Abu Dhabi stock index for the period 2006- 2019. Vector Autoregressive Model have been employed to analyse the relationship between the variables. Using monthly data from 2006 to 2019, the results of Vector Error Correction Model (VECM) estimates suggest that there is long-run integration between oil price and monthly stock index series in which monthly oil prices have a positive impact on stock index. The Granger Causality indicates significant bidirectional causality running from ADX index, oil price and EIBOR. Meanwhile there is unidirectional causality from stock market index to FDI. Furthermore, Impulse Response Function was employed to examine market response to oil price shocks and our study reveals that UAE stock market is efficient as it responds immediately to the oil shock. These findings are relevant for investors for portfo...
International Journal of Professional Business Review
Purpose: The aim of this study is to examine the effect of adopting neobanking on the market shar... more Purpose: The aim of this study is to examine the effect of adopting neobanking on the market share of traditional banks in the UAE and test the influence of financial performance indicators on the banks’ market share after the digital transformation. Theoretical framework: The financial service sector has been undergoing major transformation due to technological developments and innovations in terms of operating efficiency, client acquisition and organizational structure. Banks are accelerating digital transformation in an attempt to enhance digital presence, lower costs and gain market share. Neobanking is a recent innovation in the Fintech space that has disrupted the financial services sector. Design/methodology/approach: This study employs published data of quarterly financial statements from 2012- 2021. Chow Test was applied, with known structural breaks in the data, based on the implementation of neobanking and our results are based on pooled regression. Findings: The r...
Sustainability
The United Arab Emirates (UAE) has developed rapidly into one of the highest per capita income na... more The United Arab Emirates (UAE) has developed rapidly into one of the highest per capita income nations globally. The travel and tourism sector is a central contributor to the Gross Domestic Product (GDP), employment, foreign exchange earnings, and the country’s economic diversification strategy. However, the rapid growth of the sector and increase in international tourist arrivals are also major contributors to carbon emissions and long-term environmental challenges. In this context, we employed a tourism-induced Environmental Kuznets Curve (EKC) model for the UAE from 1984 to 2019. The study applied an Autoregressive Distributed Lag (ARDL) model to determine the marginal impact of tourist arrivals and related variables, namely, bank credits to the private sector, urbanization, and energy use, on CO2 emissions. The Pesaran bounds test indicated redundancy of short run estimates. The long-run coefficients confirmed the EKC hypothesis of inverted U-shape for carbon emissions and per c...
This study aims to examine the effect of microeconomic and macroeconomic factors on the profitabi... more This study aims to examine the effect of microeconomic and macroeconomic factors on the profitability of commercial banks in the United Arab Emirates during the post crisis period. Using SURE model technique, a balanced panel data from the period 2009-2013 was analyzed to determine the impact of the macroeconomic and CAMELS factors on the ROA and ROE of the banks. Results suggest that the above factors explain a significant part of the bank profitability. All bank specific variables with the exception of liquidity affect bank profitability significantly. The impact of capital adequacy is significantly positive while Management efficiency and sensitivity to market risk is found to have a significant negative impact on both ROA and ROE. GDP and interest rate has a significant negative impact on both ROA and ROE whereas contrary to our expectation, debt-GDP has a significant positive impact on ROA.
This paper examines the relationship between family owned and nonfamily companies in the United A... more This paper examines the relationship between family owned and nonfamily companies in the United Arab Emirates (UAE) and compares their performances in terms of market indicators and accounting indicators. Corporate ownership structure and its effect on firm performance have been of great interest to academicians over the past three decades and this study based on UAE shows interesting findings about the structure and performance of companies that were listed on the two main stock exchanges of the UAEthe Dubai Financial Market (DFM) and the Abu Dhabi Securities Market (ADX). We selected 306 firm-year observations across five years from 2005 to 2009 as our sample to compare between family and non-family ownership and firm performances. Interestingly, family firms were significantly smaller in size (assets) but older in age than non-family firms. In terms of performance indicators, non-family firms had higher valuation in the market (Tobin's Q) but there was no significant difference in their profitability measures (Return on Assets and Return on Equity). Our results are in contrast with the other country studies in the existing literature where family firms were younger, bigger and better market performers than non-family firms (
Job security, wage bargaining and duopoly outcomes
The Journal of International Trade & Economic Development, 1998
This paper develops a model where labour supply is constrained because training new workers is co... more This paper develops a model where labour supply is constrained because training new workers is costly and redundant workers cannot be fired. An entrant draws labour from an incumbent firm through a wage contest while wages in the latter are bargained with its unionized workers. In a Cournot equilibrium, the union's bargaining power has a positive effect on the incumbent's output, but a negative effect on the industry output. Social welfare under duopoly may fall short of the monopoly level. The distribution of bargaining gains within the incumbent firm is sensitive to whether wage and output choices are made sequentially or simultaneously.
Relevance of education for potential entrepreneurs: an international investigation
Journal of Small Business and Enterprise Development, 2010
PurposePreparing today's students for success and eventual leadership in the new global marke... more PurposePreparing today's students for success and eventual leadership in the new global marketplace is one of the most important responsibilities in education today. This study seeks to represent the first, in‐depth analysis of future entrepreneurs and to show that its results indicate that the investment in entrepreneurship education is valuable.Design/methodology/approachA primary survey was conducted among first‐year Business Studies students from Australia, Portugal, Finland, Germany, Slovenia, Poland, the UK and the UAE. There were a total of 860 students, of whom 510 were female respondents. A five‐point Likert scale was used for each question and mean scores were generated from the ranks.FindingsResults indicated that the majority of students possessed entrepreneurial attitudes. Furthermore, both student characteristics and entrepreneurial experience were found to be associated with certain entrepreneurial attitudes. The results show that the young female students in Duba...
Education, Business and Society: Contemporary Middle Eastern Issues, 2010
PurposeIn today's world, entrepreneurship is seen as the vital source for economic growth and... more PurposeIn today's world, entrepreneurship is seen as the vital source for economic growth and education is a vital component in the creation and development of entrepreneurial attitudes. It is, therefore, natural to consider students as the primary resource of future entrepreneurs. To this end, the purpose of this paper is to carry out an empirical research amongst females in their first year of business studies in Dubai, providing a descriptive analysis of students' entrepreneurial intentions.Design/methodology/approachA primary survey amongst female first‐year business studies students in Dubai was conducted. A five‐point Likert scale was used for each question and mean scores were generated from the ranks.FindingsThe results show that the young female students in Dubai are positive regarding the role that universities can play in fostering their interest towards entrepreneurship, both for their education and the incubator for their new venture.Practical implicationsSignif...
Students' attitude towards entrepreneurship: does gender matter in the UAE?
foresight, 2013
PurposeThe purpose of the study is to examine whether there is a difference in the entrepreneuria... more PurposeThe purpose of the study is to examine whether there is a difference in the entrepreneurial intentions among male and female students in UAE. The study is extremely relevant and interesting since females in the UAE have a higher success rate in education but this has not been translated into comparable increases in employment rates. Given the social, cultural, and religious fabric of the country's indigenous society and the rising number of female graduates, this anomaly in the corporate sector might result in more female entrepreneurs in this part of the globe, as compared to the rest of the world.Design/methodology/approachThe research studies a sample of first year business students from the United Arab Emirates, namely Dubai Men's College and Dubai Women's College. The primary survey was a part of an international study involving 12 universities in Europe, Middle East and Australia. A five‐point Likert scale was used for each question and dummy variables were ...
Entry deregulation, labour union response and allocative inefficiency: A study of the airlines industry in India
Impact of social media marketing on purchasing intentions of luxury brands: the case of millennial consumers in the UAE
International Journal of Electronic Marketing and Retailing
Corporate Debt Ownership Structure in an Emerging Economy - India
This paper investigates the relationship between debt ownership structure and firm-specific chara... more This paper investigates the relationship between debt ownership structure and firm-specific characteristics in the Indian economy. As an emerging economy, India operates in an environment of more market inefficiencies and institutional constraints than occurs in industrialized economies. Despite the differences in the institutions, the results reported are similar to those found using United States data. In particular, bank debt use is found to be negatively related to age, size, volatility of earnings growth, and leverage; and positively related to the fixed asset ratio.
Does Financial Regulation Influence Bank Efficiency? A Study on UAE Banking Sector
A well-functioning, stable, and efficient banking system contributes to the economic growth of a ... more A well-functioning, stable, and efficient banking system contributes to the economic growth of a country. Financial regulation has been highlighted as an important factor which influences bank performance and safety as evidenced by some of the studies in the past. This study analyzes the relationship between financial regulation and bank efficiency in the UAE. First part of our study is modeled on DEA analysis and indicates an improvement in profit efficiency during the selected period. The second part of our study analyzed the impact of financial regulations on the banks’ efficiency using Tobit regression. The regulatory variables included for this are loan to deposit ratio, advances to stable resources, total capital adequacy ratio, tier 1 capital to risk-weighted assets (RWA), provision coverage, and loan loss provision.
Journal of Asian Finance, Economics and Business, 2021
UAE has rapidly developed into one of the leading global financial hubs, with significant transfo... more UAE has rapidly developed into one of the leading global financial hubs, with significant transformations in its stock exchanges. In its attempt at economic diversification in the last two decades, the country has also taken a lead in the GCC region in introducing extensive reforms to attract FDI to the Emirates. However, oil price volatilities have posed a significant challenge to all oil-exporting countries. The main aim of this study is to explore the impact of economic diversification and oil price on the UAE stock market. The study applies Granger Causality and Vector Autoregressive Model on monthly Abu Dhabi stock exchange index, Dubai Fateh crude oil spot price, and FDI inflows during 2001–19. The short-term interbank rate has been included as a monetary policy variable. The results show a substantial difference between the two phases of reforms. Oil price and Abu Dhabi stock index show bidirectional relationship during 2001–09 but no causality was found during 2010–19. Furth...
Application of multi-criteria decision analysis for investment strategies in the Indian equity market
Investment Management and Financial Innovations, 2021
In the Indian equity market, the Systematic Investment Plan (SIP) is the most popular strategy du... more In the Indian equity market, the Systematic Investment Plan (SIP) is the most popular strategy due to its convenience for disciplined investing regardless of market conditions. This study analyzes the excess returns of an extensive dataset of listed Indian companies from 2010 to 2019, along with a value-based version of the Multi-Criteria Decision Analysis (MCDA), to identify top performing stocks, based on their sectors and market capitalization. The findings of the study provide empirical evidence of Value Averaging (VA) as a viable alternative strategy over SIP (also known as Dollar Cost Averaging or Rupee Cost Averaging) as 352 out of 359 companies yielded higher returns under VA. The superiority of the VA strategy over the SIP was particularly marked in the consumer goods, financial services and industrial manufacturing sectors, with a clear dominance of small cap companies. The results also show that risk factors for VA strategy play an important role and should be taken into ...
Emerging Markets: Finance, 2007
A growing number of companies from emerging economies are crosslisting their shares on internatio... more A growing number of companies from emerging economies are crosslisting their shares on international exchanges in their effort to access the developed stock markets. This paper tries to look into the inter-sectoral and inter-temporal characteristics in prices of such stocks of Indian origin that are being dually traded on the American and Indian stock exchanges. The trend up to August 2006 shows the existence of positive premia levels of the American Depository Receipts (ADRs) over the underlying domestic securities. In an effort to realign ADR prices and bring down premia levels, the Reserve Bank of India introduced two-way fungibility in February 2002. However, ADR premia levels continued to increase during the period 2002 to 2004, with a decline only from 2005 - this downward trend seems to be unrelated to the fungibility criterion since the two-way conversion did not open up arbitrage opportunities. We find that legislative changes in India had an impact on decisions of Indian c...
How Successful are Banking Sector Reforms in Emerging Market Economies? Evidence from Impact of Monetary Policy on Levels and Structures of Firm Debt in India
SSRN Electronic Journal
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Papers by Sudipa Majumdar