A Hand Book For Socail Sciece Publication

Part-I
Writing a Research Paper

General Guide Lines
Writing a Research Paper
General Guide Lines
What is a Research Paper

What image comes into mind as we hear the words ‘Research Paper’: working with stacks of
articles and books; hunting the ‘treasure’ of others’ thoughts; preparing research report on
the basis of primary or secondary data? Whatever image we create, it’s a sure bet that we’re
envisioning sources of information—articles, books, people, and artworks. Yet a research paper
is more than the sum of sources, more than a collection of different pieces of information
about a topic, and more than a review of the literature in a field. A research paper analyzes a
perspective or argues a point. Regardless of the type of research paper the researcher is writing,
the researcher should present his own thinking backed up by others’ ideas and information.
A research paper involves surveying a field of knowledge in order to find the best possible
information in that field and that survey can be orderly and focused.
What is Management Research Paper

Management papers are developed to express the knowledge and learning, in addition to the
inclusion of information from the texts, current events in business, and past research that
defines the ability to connect learning to application. Every researcher specifically researching
in the field of management should answer some key questions before submitting a paper. The
first question every researcher should answer is “Why am I writing this paper?” If the answer
is of the form “to document what I have been doing for the past two years”, then researcher is
in danger of writing a bad paper. Another poor answer is “to help build my case for tenure”.
Tenure may be initial motivation for writing a paper, but it should not be the only motivation.
The purpose of the paper should be to communicate something to someone. So, the next
questions are “What is my paper trying to say?” and ‘“Who is the audience for my paper?” If
researcher cannot clearly answer these questions, then the paper is likely to be poor.
A focused paper is better than a scattered paper. Resist the temptation to describe every great
idea that one may have while working on the project. Pick a primary message and communicate
it well. After deciding what the paper is trying to say, the next question to answer is “Is it
worth saying” Is it a new message, or just a rehash of an old message? Is the message of value,
or potential value, or is it trivial? Is it conjecture, or have the researcher demonstrated the
4 A Handbook on Writing Research Paper in Social Sciences
soundness of the conclusions. A complete job on paper includes writing, editing and revising.
Each complete revision is a draft. Don’t try to write just one final draft of a paper. Always
write a first draft with the intention of having one or more revision drafts. For the first draft,
author will find it faster to write something approximating the points he/she wishes to make,
then go back and revise them. While drafting, keep computer or paper at hand so you can jot
down new ideas as they occur. It’s faster to edit and revise on computer, without printing out
the intermediate drafts. However, it is needed to print out a draft for editing. Format the text
with double-spaced or triple-spaced lines so that the changes can be marked between lines.
Write a second draft. Check the spelling and use a thesaurus to make improvements. If needed,
edit the second draft for a third draft, and so on.
Motivation for Writing the Research Papers

One may ask why researchers have to write down what they have been doing, or what they
are currently working on. Still, it may be asked why researchers have to turn their writing
into formal papers. Writing for others is more demanding than writing for oneself but it can
help to get a better understanding of the own ideas. As publications have system-maintaining
roles in their respective sciences, additional motivations for researchers to write and publish
their research work were discussed by Booth et al. He listed three obvious reasons:
• To remember, because once something is forgotten, it cannot be reproduced correctly
without having written notice
• To understand, as writing about a subject can only be accomplished by approaching
the subject in a structured way, which itself leads to better understanding thereof
• To gain perspective, as writing includes looking at something from different points
of view.
O’Connor points out that writing and publishing research papers is essential if management
science is to progress. Peat et al. [7] provided a list of some pragmatic reasons for writing
down and publishing research results. Among them are:
– The Researcher has some results that are worth reporting.
– The Researcher wants to contribute in the progress of scientific thought.
– The Researcher wants his work to reach a broader audience.
– The Research will improve the chances of promotion.
– It is unethical to conduct a study and not report the findings.
Classification of Paper into one or the other Category

Pick the category which most closely describes the paper. Though some papers can fit into
more than one category but it is good to assign the paper to one of the categories listed below
to facilitate searching within the database:
• Research Paper: This category covers papers which report on any type of research
undertaken by the author(s). The research may involve the construction or testing of
Writing a Research Paper – General Guide Lines 5
a model or framework, action research, testing of data, market research or surveys,

empirical, scientific or clinical research.
• Viewpoint: Any paper, that includes content that is dependent on the author’s opinion
and interpretation, should be included in this category; this also includes journalistic
pieces.
• Technical Paper: Describes and evaluates technical products, processes or services.
• Conceptual Paper: These papers will not be based on empirical research but will
develop hypotheses. The papers are likely to be discursive and will cover
philosophical discussions and comparative studies of others’ work and thinking.‘
• Case Study: Case studies describe actual interventions or experiences within
organizations. They may well be subjective and will not generally report on research.
A description of a legal case or a hypothetical case study used as a teaching exercise
would also fit into this category.
• Literature Review: It is expected that all types of papers cite relevant literature the
literature review papers annotate and/or develop critique of the literature in a
particular subject area. It may be a selective bibliography providing advice on
information sources or it may be comprehensive in that the paper’s aim is to cover
the main contributors to the development of a topic and explore their different views.
• General Review: This category covers those papers which provide an overview or
historical examination of some concept, technique or phenomenon. The papers are
likely to be more descriptive or instructional (“how to” papers) than discursive.
Structuring the Research Paper

Organizing in a logical order of the presentation of the research is the other half of the battle
involved in creating a successful management research paper. Preparing an outline is important
to ensuring that the argumentation supports the main research statement. Be sure to construct
the paper in a way that uses the “if this happens, then this is the result” format and then tie
the results back to the original premise of the research. Do not assume that all the research
pooled for the paper has to be used. After further reading, researcher may discover that some
of the material is not relevant or has a bias that would not make it a good reference to
substantiate the argument. Few starting steps before writing the research paper can be as
follows-
1. Pen down the thoughts you yourself have not generated or tested.
2. Give sources for quotations, and be sure to quote any string of three or more words
that comes from a given source.
3. Paraphrase with care. Since copyright laws protect the expression of ideas.
4. Cite when in doubt. The overall idea is to cover the bases, leaving no question about
which ideas came from researcher and which came from others.
5. Contact the senior teacher or professor if struggling with the paper. Work out a
solution together instead of taking the plagiarism shortcut.
Transform the Research

While a management research paper is heavily based on available research, the premise of the
project is not to simply restate what has already been discovered. The primary goal of doing
a management research paper is to transform the research and make it own, illustrating 0the
concepts and theories to the point of understanding how these might be applied to or solve a
real-world critical business issues or problems. To help in transforming the research into a
research paper, it is a good idea to make a list of questions at the start and then refer back to
these while formulating the outline for the management research paper. Finding the answers
to these questions will then serve as the foundation for the primary points the researcher will
be making in the main body of the paper. Adding personal experiences with management or
as a manager within an organization also helps transform the research into a compelling piece
of work.
Solidify the Message

The best way to solidify the message in the management research paper is to re-read the draft
and revise it numerous times to ensure a succinct, powerful, and well-stated argument for the
particular research topic. This involves careful proof reading and a review of a checklist
provided by the publishers in terms of formatting. If this information is not provided, be sure
to consult a writing guide that focuses on specific ways to format a research paper as well as
explains the various standard referencing mechanisms, such as APA, Harvard, and MLA,
that will provide details to construct the bibliography as well as internal references, footnotes,
or endnotes. Unless you are an experienced researcher it is important to submit the first draft
to the guide or mentor who will check whether or not the format has been adhered to. This
format is very important because the publication depend also on the format followed. Of
course, there are those who would aver that the content is more important than the format.
This is not entirely true. Having a collection of thoughts on a particular topic is not the same
as having the same put into a particular format that makes it more coherent and focused.
Over a period of time the research scholar is able to adhere to the research paper format
without the watchful eyes of the guide. Of course, a lot depends on the research paper topic
that is chosen. Unless these standard procedures are used it would become quite difficult to
judge the research papers and evaluate it based on purpose. The research paper could be in
any one of the styles that are mentioned below, depending on the types of research papers
written:
1. Harvard
2. APA
3. MLA
These are some of the most commonly used styles. Apart from the three mentioned above,
there are other formats too that are used. It is important to know the particular kind of research
paper format mainly because there is a certain methodology that needs to be followed while
inserting references and citations. In some cases, there are numbers that are written as
superscripts, which are then explained below either at the end of each page or at the end of
the complete work. These are called footnotes and endnotes respectively.
Written Proposal of Research Papers

Research reports usually have five chapters with well-established sections in each chapter.
Readers of the research report will be looking for these chapters and sections. Therefore, the
researcher should not deviate from the standard format. Most research studies begin with a
written proposal. Again, nearly all proposals follow the same format. In fact, the proposal is
identical to the first three chapters of the final research report except that it’s written in future
tense. In the proposal, might say something like “the researchers will secure the sample from ...”,
while in the final paper, it would be changed to “the researchers secured the sample from ...” Once
again, with the exception of tense, the proposal becomes the first three chapters of the final
research paper. The most commonly used style for writing research reports is called “APA”
and the rules are described in the Publication Manual of the American Psychological Association.
Avoid the use of first person pronouns.. Instead of saying “I will ...” or “We will ...” say
something like “The researcher will ...” or “The research team will ...”.Never present a draft (rough)
copy of the proposal, thesis, dissertation, or research paper...even if asked. A paper that looks
like a draft will be interpreted as such, and the researcher can expect extensive and liberal
modifications. Take the time to put the paper in perfect APA format before showing it to
anyone else. The payoff will be great since it will then be perceived as a final paper, and there
will be far fewer changes.
Style, Layout, and Page Formatting

Title Page
All text on the title page is centered vertically and horizontally. The title page has no page
number and it is not counted in any page numbering.
Page Layout
Left margin: 1½”
Right margin: 1"
Top margin: 1"
Bottom margin: 1"
Page Numbering
Pages are numbered at the top right. There should be 1" of white space from the top of the
page number to the top of the paper. Numeric page numbering begins with the first page.
Spacing and Justification

All pages are single sided. Text is double-spaced or 1.5 spaced, except for long quotations and
the bibliography (which are single-spaced). There is one blank line between a section heading
and the text that follows it. Justify the text.
Font face and Size

Any easily readable font is acceptable. The font should be 12 points or larger. Generally, the
same font must be used throughout the manuscript, except 1) tables and graphs may use a
different font, and 2) titles and section headings may use a different font.
Visual Layout
Give strong visual structure to the paper using
• sections and sub-sections
• bullets
• italics
• laid-out code
• draw pictures, and use them
Paper Organization
The general structure of a paper comprises three major sections: introduction, body, and
discussion. The progression of the thematic scope of a paper within these sections typically
follows a general pattern, namely the “hourglass model” shown below in figure
Fig – 1 Fig - 2
The introduction leads the reader from general motivation and a broad subject to a particular
research question to be dealt with in the paper. The body of the paper stays within a tight
thematic scope, describes the research methods and results in detail. The discussion section
aims to draw general conclusions from the particular results. This is in line with Berry’s claim
that a research paper should be circular in argument, i.e., the conclusion should return to the
opening, and examine the original purpose in the light of the research presented. However,
there are additional parts of a paper with equal importance: title, abstract, and the references.
The extended hourglass model, the “King model” for its visual resemblance of the chess piece,
is shown in the figure 2. The following subsections describe all parts of a published paper.
Fig.1 and 2, the hourglass model (left) and the King model (right) of paper structure.
– begin with the subject of the paper,
– The results presented in the paper are accurate, unambiguous, specific, and complete,
– do not contain abbreviations (unless they are well known by the target audience,
– attract readers.
Title: Research paper titles should be descriptive and informative. Sometimes the research
thesis or research question is used for a title. Avoid vague, inaccurate or amusing titles.
Abstract: on-line search databases typically contain only abstracts, it is vital to write a complete
but concise description of the work to entice potential readers into obtaining a copy of the full
paper. Writers should follow a checklist consisting of: motivation, problem statement,
approach, results, and conclusions. Following this checklist should increase the chance of
people taking the time to obtain and read the complete paper.
Introduction: The introduction should appeal to a reader’s interest and it should make clear
what the research paper is about. Ask the research question. The question can come first,
informing the reader of the purpose of the research paper; or, the question can come last,
making a transition to the body of the research paper.
Body: The meat of a research paper is evidence, facts and details. The researcher can’t have
too much documentation, too many references. On the other hand, it is possible to have too
many quotes. Discover information and analyze and evaluate it for readers. Tell readers what
the data means and show them how to weigh the evidence. Present the evidence in the body
of the research paper. Point out strengths and weaknesses on both sides of the issue. Making
concessions establishes that the researcher have researched the issue thoroughly.
Artwork: Use appropriate drawings, pictures, diagrams, maps, tables and charts to illustrate
key points. Keep artwork simple.
Conclusion: The conclusion of the research paper is the culmination of everything written in
the paper before the conclusion. The research question is answered in the conclusion. The
conclusion should include one to one correspondence between the objectives and their
satisfaction.
Discussion: The discussion portion typically centers on what the results mean and more
importantly why? Remember that a strong research paper actually justifies discussion. The
researcher needs to ensure that the thesis indicates the point of the discussion.
The discussion should be a summary of the principal results. Look for relationships,
generalizations as well as trends among the results as well as their exceptions. Talk about the
most likely causes which are found underlying the patterns resulting in the predictions. There
are a host of other questions which the researcher should deal with such as does it agree or
perhaps contradict previous work? Talk about implications and possibilities. Remember to
add evidence or even a line of reasoning which supports each interpretation. It might be
helpful to break up this particular section into different logical segments with the help of
subheadings.
Steps in Writing the Research Paper

1. Pick the Problem and Designing the topic
Success starts with the right topic and scope of the research that would be involved. In terms
of a management research paper, there are a seemingly endless amount of problems and
issues that span across every aspect of a business, organization, and industry, so it is important
to narrow the subject matter and find the niche. It is important to pick a research topic that
interests the researcher and that has application for field of study. Additionally, the research
should be something that is relevant to today’s business environment, such as something that
relates to the issues of sustainability, ethics, corporate responsibility, the use of technology, or
new management styles that can be successful in the global information society.
Topic Selection: For a research paper, report or article, the researcher learns information
about a subject, then set forth a point of view and support it with evidence from authorities
known as sources. All of their sources must be declared via citations within the research
paper. The typical research paper, report or article is an informative document, which sheds
light on an event, person or current issue. It also may be persuasive. If a subject intrigues the
researcher, he will do a better job on the finished product. As the home in on a general topic,
consider using the brainstorm and free write techniques. Eventually, every researcher must
narrow the general topic to a specific research question.
Generating Ideas for Topic of the Research Paper

Brainstorming: Brainstorming, sometimes known as thinking on paper, means jotting down
ideas in a computer file or on paper may be used to generate large amount of data in a short
time.
• List all ideas that come to mind—alone or in a group.
• Ask journalistic questions and answers to ensure consideration of all angles—
who, what, when, where, why, how?
• Limit all writing to point form to avoid writer’s block.
• Consider your point of view on an issue and establish your own bias or feelings on a
topic.
Free Writing: Free writing can help the researcher to find ideas by writing quickly, with no
plan, and without stopping for ten to twenty minutes. Don’t worry about what to say first;
start in the middle. Ignore grammar, spelling and organization. Let the thoughts flow into a
computer file or onto paper as they come. If researcher draws a blank, write your last word
over and over. More ideas will follow. Free write more than once, then write a sentence,
which begins, “My main point is ...”. Good writing has a subject, purpose and audience.
Consider the audience for the research work, and how the purpose limits the subject. Think
about how important the topic is in relation to the purpose of the investigation. Keep in mind
the availability, variety and worth of materials that will be able to find. Consider the amount
of time available.
Unsuitable Topics: A research paper topic would be a poor choice if it were...
• Too broad: Should you try to cover the entire subject. Narrow the scope of the topic
to include only a portion of a broad subject.
• Too subjective: A personal topic, such as “Why my Learning is Best,” may be

unsuitable because you probably won’t be able to support it from library sources.
• Too controversial: Avoid any subject about which can’t be written objectively.
• Too familiar: The work on a research paper should lead to discovery of things the
researcher doesn’t already know.
• Don’t submit a research paper already written for another purpose.
• Too technical: Don’t write about a topic that is still not understood thoroughly after
the complete research.
• Crystallizes what we don’t understand. This forces us to be clear focused
• Opens the way to dialogue with others: reality check, critique, and collaboration
Topic Selection: model 1
Topic Selection: model 2

At the outset, when one wishes to write a research paper, confirm the following checklist for
deciding about the title.
Checklist-1
i. Where do you want to send your article for publication?
ii. What is the proposed title?
iii. If the idea is to publish, then go through the earlier publication/s to know what
kinds of papers are published - this will give you idea about the way titles are
presented.
iv. Select the topic which will be very useful for the readers and also latest one.
v. What kind of data/information needs to be collected from different sources in
order to write a good paper?
vi. Start with introduction - objectives - have survey of literature - will it be possible
to collect the data required for the research.
vii. Decide how many pages need to be prepared. This is very essential in order to
decide how much inputs are required.
viii. Try to refer recent articles, information, data etc.
ix. Don’t forget to record acknowledgement for the information you have taken.
Important: Research paper titles should be descriptive and informative. Sometimes the research
thesis or research question is used for a title. Avoid vague, inaccurate or amusing titles. After
topic selection, form a research question and hypothesis. A hypothesis is a working idea that
the evidence may support. The researcher should have a hypothesis in mind as he/she starts
looking into the subject. While writing the paper, the researcher may narrow the hypothesis
or even discover a better hypothesis. Be prepared to change the hypothesis if evidence doesn’t
support it.
2. The Abstract
Basically, an abstract comprises a one-paragraph summary of the whole paper. An abstract is
a concise single paragraph summary of completed work or work in progress. In a minute or
less a reader can learn the rationale behind the study, general approach to the problem,
pertinent results, and important conclusions or new questions. Abstracts have become
increasingly important, as electronic publication databases are the primary means of finding
research reports in a certain subject area today. So everything relevant to potential readers
should be in the abstract, everything else not. There are two basic types of abstract:
– An informative abstract extracts everything relevant from the paper, such as primary
research objectives addressed, methods employed in solving the problems, results
obtained, and conclusions drawn. Such abstracts may serve as a highly aggregated
substitute for the full paper.
– On the other hand, an indicative or descriptive abstract rather describes the content
of the paper and may thus serve as an outline of what is presented in the paper. This
kind of abstract cannot serve as a substitute for the full text.
Writing an Abstract
Purpose
What are the reason(s) for writing the paper or the aims of the research?
Design/methodology/approach
How are the objectives achieved? Include the main method(s) used for the research. What is
the approach to the topic and what is the theoretical or subject scope of the paper?
Findings
What was found in the course of the work? This will refer to analysis, discussion, or results.
Research limitations/implications (if applicable)

If research is reported on in the paper this section must be completed and should include
suggestions for future research and any identified limitations in the research process.
Practical implications (if applicable)

What outcomes and implications for practice, applications and consequences are identified?
How will the research impact upon the business or enterprise? What changes to practice should
be made as a result of this research? What is the commercial or economic impact? Not all
papers will have practical implications.
Social implications (if applicable)

What will be the impact on society of this research? How will it influence public attitudes?
How will it influence (corporate) social responsibility or environmental issues? How could it
inform public or industry policy? How might it affect quality of life? Not all papers will have
social implications.
Originality/value
What is new in the paper? State the value of the paper and to whom.
Using keywords
Using keywords is a vital part of abstract writing, because of the practice of retrieving
information electronically: keywords act as the search term. Use keywords that are specific,
and that reflect what is essential about the paper. Put yourself in the position of someone
researching in your field: what would you look for? Consider also whether you can use any of
the current “buzz words”.
Styles
• Single paragraph, and concise
• As a summary of work done, it is always written in past tense

• An abstract should stand on its own, and not refer to any other part of the paper
such as a figure or table
• Focus on summarizing results - limit background information to a sentence or two,
if absolutely necessary
• What the researcher report in an abstract must be consistent with what is reported in
the paper
• Correct spelling, clarity of sentences and phrases, and proper reporting of quantities
(proper units, significant figures) are just as important in an abstract as they are
anywhere else.
Checklist 2
A checklist defining relevant parts of an abstract is proposed below:
i. Motivation: Why do we care about the problem and the results?
ii. Problem statement: What problem is the paper trying to solve and what is the scope
of the work?
iii. Approach: What was done to solve the problem?
iv. Results: What is the answer to the problem?
v. Conclusions: What implications does the answer imply?
vi. Abstracts should contain no more than 250 words or as per the requirements of the
publisher. Write concisely and clearly. The abstract should reflect only what appears
in the original paper.
Important : There are some things that should not be included in an abstract, i.e. information
and conclusions not stated in the paper, references to other literature, the exact title phrase,
and illustrative elements such as tables and figures.
3. Introduction
The introduction serves the purpose of leading the reader from a general subject area to a
particular field of research. Three phases of an introduction can be identified
a. Establish a territory
i. Bring out the importance of the subject and/or
ii. Make general statements about the subject and/or
iii. Present an overview on current research on the subject.
b. Establish a niche
i. Oppose an existing assumption or
ii. Reveal a research gap or

iii. Formulate a research question or problem or
iv. Continue a tradition.
c. Occupy the niche

i. Sketch the intent of the own work and/or
ii. Outline important characteristics of the own work;
iii. Outline important results;
iv. Give a brief outlook on the structure of the paper.
In brief, the introduction should guide the reader to understand the rest of the paper without
referring to previous publications on the topic. Even though the introduction is the first main
section in a paper, many researchers write – or at least finish – it very late in the paper writing
process, as at this point the paper structure is complete, the reporting has been done and
conclusions have been drawn.
Check List 3
The introduction is the only text in a research paper to be written without using paragraphs in
order to separate major points. Approaches vary widely; however for the following approach
can produce an effective introduction.
i. Describe the importance (significance) of the study - why was this worth doing in
the first place? Provide a broad context.
ii. Defend the model - why did you use this particular organism or system? What are
its advantages? The researcher might comment on its suitability from a theoretical
point of view as well as indicate practical reasons for using it.
iii. Provide a rationale. State the specific hypothesis(es) or objective(s), and describe the
reasoning to select them.
iv. Very briefly describe the research design and how it accomplished the stated
objectives.
Style
• Use past tense except when referring to established facts. After all, the paper will be
submitted after all of the work is completed.
• Organize the ideas, making one major point with each paragraph.
• Present background information only as needed in order to support a position. The
reader does not want to read everything the researcher knows about a subject.
• State the hypothesis/objective precisely - do not oversimplify.
• As always, pay attention to spelling, clarity and appropriateness of sentences and
phrases.
4. Review the Research

What is a Literature Review?
A review of the literature is an essential part of the academic research project. The review is a
careful examination of a body of literature pointing toward the answer to the research question.
A literature or a body of literature is a collection of published research relevant to a research
question. All good research writings are guided by a review of the relevant literature. The
literature review will be the mechanism by which the research is viewed as a cumulative
process. That makes it an integral component of the scientific process. There are a number of
steps to take in selecting the research problem and then filtering through all of the information
to find the data that substantiates the research title that researcher have chosen or that has
been assigned by an organization. Be sure to get the details on the format and referencing
style that is required since everything presented in the paper must be attributed to the person
who provided that research material. The Internet has opened up the doors of opportunity
for accessing a wealth of in-depth research material by providing a number of open-sourced
academic databases that contain recent findings and studies. Some of the databases do require
either a password that can be obtained from the university or a small payment to join. Emerald
and Science Direct are particularly excellent sources of high-quality research material. Many
other researchers have made their published papers available online, so be sure to search
Google using specific keywords that relate to the research topic. The university library should
not be left out as an excellent place for source material.
Why do it - The purpose of the literature review remains the same regardless of the research
methodology used. It is an essential test of the research question, which is already known
about the subject. Literature review can be used to discover whether someone else has already
answered the research question. If it has, the researchers must change or modify the question.
Importance of review- It is important because it shows what previous researchers have
discovered. It is usually quite long and primarily depends upon how much research has
previously been done in the area researcher is planning to investigate. If the researcher is
planning to explore a relatively new area, the literature review should cite similar areas of
study or studies that lead up to the current research. Never say that the area is so new that no
research exists. It is one of the key elements that readers look at when reading the research
papers and approving them for publication.
Where to start? Often, it is appropriate to start the research with encyclopedias, almanacs and
dictionaries for broad, general background information on a topic. Next, check specialized
encyclopedias, bibliographies and handbooks on your topic. Search general, then specialized
indexes and databases for articles on the chosen subject in authoritative books, scholarly
journals, trade papers, consumer magazines and newspapers. One may search all of these
resources on web with the help of search engines like Google.
Taking notes: Read every source for facts, opinions and examples relating to the subject. Jot
down notes of information either in computer files or on cards that is important in answering
the research question. Record page numbers in the source for each fact or quote while jotting
down. If one wishes to quote from a source, make sure that exact wording have been recorded
along with the page number.
Organizing information: After completing the main research, organize the information in
such a way that guides the researcher to research specific points while writing the research
paper.
Outlining the research paper: Group the information in computer files or on note cards
coherently by topic that will lead to an efficient working outline. Organize the points either
from most-to-least or least-to-most important. Write an outline from the organization of the
computer files or note cards. List the major divisions and subdivisions to visualize the ideas
and supporting material. The outline will reveal whether the research has turned up enough
materials to support the conclusion.
How to do Bibliographies
Creating a bibliography manually can be a very annoying and time-consuming job. Professional
researchers who work with citations every day use one of the commercial computer software
tools for tracking references.
Word Processors: Although modern word processors are loaded with features, they don’t
offer complete help with one of academic writing’s most laborious tasks — the bibliography.
Creating a “bib” means tracking references, including citations in text, and formatting each
reference in a particular style. Two commercial computer programs (End Notes3 and Pro
Cite) perform those tasks. They are like employing a personal librarian to track, store and
retrieve bibliographic references while you do scholarly writing.
Researchers, scholars, writers, reporters, authors, reviewers, teachers and anyone gathering
and maintaining bibliographical references and publishing papers and reports can use these
tools to access, organize and update article references pulled from the expanding literature in
a knowledge field.
Mechanics of a literature review- The literature review will have two components: the search
through the literature and the writing of the review. Obviously, the search is the first step.
However, the researcher must remember that we love knowledge and that academic databases
can be seductive. The researcher could spend untold hours clicking around the bibliographies
of the favorite collections. It may have fun, but might not advance the literature review.
The solution: Have the research question been written down and at hand when you arrive at
the computer to search databases. Prepare in advance a plan and a preset time limit.
• Finding too much? If you find so many citations that there is no end in sight to the
number of references you could use, it is time to re-evaluate the question. It’s too
broad.
• Finding too little? On the other hand, if you can’t find much of anything, ask yourself
if you are looking in the right area. The topic is too narrow.
• Leading edge research: What if the researcher is trying to research an area that seems
to have never been examined before? Be systematic. Look at journals that print
abstracts in that subject area to get an overview of the scope of the available literature.
Then, the search could start from a general source, such as a book, and work its way
from those references to the specific topic. Or, it could start with a specific source,
such as a research paper, and work from that author’s references. There isn’t a single
best approach.
• Take thorough notes: Be sure to write copious notes on everything. It is very
frustrating not to find a reference found earlier that the researcher wants to read in
full.
• It’s not hard to open up a blank document in Word, WordPad (Windows) or
SimpleText (Macintosh) to keep a running set of notes during a computer search
session. Just jump back and forth between the Web browser screen and the notepad
screen.
• Using resources wisely: Practice makes a person perfect. Learn how the computer
system works and then use the available computer resources properly and efficiently.
Log onto the Internet frequently. Visit the on-line library. Play with the database
resources.
• Identify publications, which print abstracts of articles and books in the chosen subject
area. Look for journals from which researcher can identify the most useful references.
Identify those authors who seem to be important in subject area. Identify keywords
of area of interest. Read online library catalogs to find available holdings. Be sure to
write notes on everything.
• Getting ready to write: Eventually, a broad overview picture of the literature in subject
area will begin to emerge. Then it’s time to review the notes and begin to draft the
literature review.
• Pile them on a table and sit down. Turn to research question. Write it out again at the
head of a list of the various keywords and authors that have been uncovered during
the review.
Writing the review: One draft won’t cut it. Plan from the outset to write and rewrite. Naturally,
the researcher will crave a sense of forward momentum, so don’t get bogged down. It is not
important to write the review in a linear fashion from start to finish. If one area of the writing
is proving difficult, jump to another part.
Edit and rewrite. The goal is to communicate effectively and efficiently the answer found to
research question in the literature. Make it clear, concise and consistent. Big words and technical
terms are not clear to everyone. They make it hard for all readers to understand the writing.
Checklist-4
i. Is there is enough material on each point?
- Will this amount of information seem convincing?
- What are the assumptions in the research?
- What are the implications of the research?
- How old is this information?
ii. Do I have the most recent data?

- Who are the authorities?
- Has the information come from recognized experts?
- Has the information come from respected publications?
- Are the terms clearly defined?
- Are all sources using the terms in the same way?
- Is all the information relevant?
- What do the statistics mean?
- How were the statistics gathered?
- What are the relative merits of the arguments?
- Which arguments are stronger?
- Which arguments are less significant?
iii. What is known about my subject?
iv. What is the chronology of the development of knowledge about my subject?
v. Are there any gaps in knowledge of my subject?
vi. How do I intend to bridge the gaps?
vii. Is there a consensus on relevant issues? Or is there significant debate on issues?
What are the various positions?
viii. What is the most fruitful direction I can see for my research as a result of my literature
review?
ix. What directions are indicated by the work of other researchers?
Important- Academic researchers reach into scholarly journal databases to build bibliographies
for their papers. On-line library provides access to academic databases for use in scholarly
projects.
Evaluating Evidence (Primary vs. Secondary Evidence)

Primary evidence: A primary source of evidence is first-hand data collected through interviews,
experiments, fieldwork and other hands-on efforts. Secondary evidence: A secondary source
of evidence is information published about research done by others. Most library material is
secondary evidence.
The Body of Research Paper

The body of a paper reports on the actual research done to answer the research question or
problem identified in the introduction. It should be written as if it were an unfolding
discussion, each idea at a time. Generally, the body of a paper answers two questions, namely
how was the
(A) Research question addressed (methods)

(B) What was found (results).
Normally, the body comprises several subsections, whereas actual structure, organization,
and content depend heavily on the type of paper.
– In empirical papers, the paper body describes the material and data used for the
study, the methodologies applied to answer the research questions, and the results
obtained. It is very important that the study is described in a way that makes it
possible for peers to repeat or to reproduce it.
– Case study papers describe the application of existing methods, theory or tools.
Crucial is the value of the reflections abstracted from the experience and their
relevance to other designers or to researchers working on related methods, theories
or tools.
– Methodology papers describe a novel method which may be intended for use in
research or practical settings (or both), but the paper should be clear about the
intended audience.
– Theory papers describe principles, concepts or models on which work in the field
(empirical, experience, methodology) is based; authors of theoretical papers are
expected to position their ideas within a broad context of related frameworks and
theories. Important criteria are the originality or soundness of the analysis provided
as well as the relevance of the theoretical content to practice and/or research in the
field.
5. Methodology
The methodology section of body describes the basic research plan. It usually begins with a
few short introductory paragraphs that restate purpose and research questions. Keep the
wording of the research questions consistent throughout the document.
Population and sampling

It all begins with a precise definition of the population. The whole idea of inferential research
(using a sample to represent the entire population) depends upon an accurate description of
the population. Usually, just one sentence is necessary to define the population. Examples
are: “The population for this study is defined as all adult customers who make a purchase in
our stores during the sampling time frame”, or “...all home owners in the city of Mumbai”, or
“...all potential consumers of product”.
While the population can usually be defined by a single statement, the sampling procedure
needs to be described in extensive detail. There are numerous sampling methods from which
to choose. Describe in minute detail, how the researcher selected the sample. Use specific
names, places, times, etc. Don’t omit any details. This is extremely important because the
reader of the paper must decide if the sample will sufficiently represent the population.
Instrumentation
If researcher is using a survey that was designed by someone else, state the source of the
survey. Describe the theoretical constructs that the survey is attempting to measure. Include a
copy of the actual survey in the appendix and state that a copy of the survey is in the appendix.
Procedure and Time Frame

State exactly when did the research begin and when was it completed. Describe any special
procedures that were followed (e.g., instructions that were read to participants, presentation
of an informed consent form, etc.).
Analysis Plan
The analysis plan should be described in detail. Each research question will usually require
its own analysis. Thus, the research questions should be addressed one at a time followed by
a description of the type of statistical tests that will be performed to answer that research
question. Be specific. State what variables have been included in the analyses and identify
and mention the dependent and independent variables if such a relationship exists. Decision
making criteria (e.g., the critical alpha level) should also be stated, as well as the computer
software that was used.
Validity and Reliability

If the survey was being designed by someone else, then describe the previous validity and
reliability assessments. When using an existing instrument, researcher wants to perform the
same reliability measurement as the author of the instrument. If the researcher had developed
his own survey, then he must describe the steps he took to assess its validity and a description
of how the reliability was measured
Validity refers to the accuracy or truthfulness of a measure. Are we measuring what we think
we are? There are no statistical tests to measure validity. All assessments of validity are
subjective opinions based on the judgment of the researcher. Nevertheless, there are at least
three types of validity that should be addressed and the researcher should state what steps he
took to assess validity
Face validity refers to the likelihood that a question will be misunderstood or misinterpreted.
Pre-testing a survey is a good way to increase the likelihood of face validity.
Content validity refers to whether an instrument provides adequate coverage of a topic. Expert
opinions, literature searches, and pretest open-ended questions help to establish content
validity.
Construct validity refers to the theoretical foundations underlying a particular scale or
measurement. It looks at the underlying theories or constructs that explain phenomena. In
other words, if the researcher is using several survey items to measure a more global construct
(e.g., a subscale of a survey), then he should describe why the researcher believe the items
comprise a construct. If a construct has been identified by previous researchers, then describe
the criteria they used to validate the construct. A technique known as confirmatory factor
analysis is often used to explore how individual survey items contribute to an overall construct
measurement.
Reliability is synonymous with repeatability or stability. A measure that yields consistent
results over time is said to be reliable. When a measure is prone to random error, it lacks
reliability. There are three basic methods to test reliability: test-retest, equivalent form, and
internal consistency. Most research uses some form of internal consistency. When there is a
scale of items all attempting to measure the same construct, then we would expect a large
degree of coherence in the way people answer those items. Various statistical tests can measure
the degree of coherence. Another way to test reliability is to ask the same question with slightly
different wording in different parts of the survey. The correlation between the items is a
measure of their reliability.
Assumptions
All research studies make assumptions. The most obvious is that the sample represents the
population. Other common assumptions are that an instrument has validity and is measuring
the desired constructs. Still another is that respondents will answer a survey truthfully. The
important point is for the researcher to state specifically what assumptions are being made.
Scope and limitations

All research studies also have limitations and a finite scope. Limitations are often imposed by
time and budget constraints. Precisely list the limitations of the study. Describe the extent to
which the researcher believes the limitations degrade the quality of the research.
Writing the methods section

Methods
• Report the methodology.
• details of each procedure included in the methodology
• To be concise, present methods under headings devoted to specific procedures or
groups of procedures.
Style
• It is awkward or impossible to use active voice when documenting methods without
using first person, which would focus the reader’s attention on the investigator rather
than the work. Therefore when writing up the methods most authors use third person
passive voice.
• Use normal prose in this and in every other section of the paper – avoid informal
lists, and use complete sentences.
What to avoid
• Methods are not a set of instructions.
• Omit all explanatory information and background - save it for the discussion.
Checklist-5
i. Reported the description of the sample
ii. Reported the type of sampling method used
iii. Reported the software used for analyzing the data
iv. Reported the tool used for collecting the data.
v. Reported the tools used for analyzing the data
vi. Reported the sample size, sample element and sampling extent
vii. Reported the various demographic information
viii. Reported the descriptive statistics of the sample
ix. Reported the type of research Design
6. Results and Discussion and Conclusion

Results: The results of all the tools used for analysis must be included in the results section.
The summary of results should be included in this section if some of the data analysis results
into multiple tables displaying results or the tables are very large. The large tables and multiple
tables already used for preparing summary tables should be presented under the annexure
heading. The results tables should be interpreted immediately following the tables. Also,
sentencing on the hypothesis tested through statistical tests and presented in the results section
should be presented immediately after the results tables.
If there are a large number of statistical tests presented in the results section, a summary of
these results should be presented to show all the results together. The summary should not
contain too many details about the results; idea is to provide at a glance results of the study.
The summary provides the readers of this paper a bird’s view of all the results of the study.
Discussion: Thinking in terms of the hourglass model (Figure 1) the discussion and conclusion
section is somehow the counterpart to the introduction since this section should lead the reader
from narrow and/or very specific results to more general conclusions. The function of the
Discussion is to interpret results in light of what was already known about the subject of the
investigation, and to explain new understanding of the problem after taking the results into
consideration. The Discussion will always connect to the Introduction by way of the question(s)
or hypotheses posed and the literature cited, but it does not simply repeat or rearrange the
Introduction. Instead, it tells how study has moved us forward from the place left at the end
of the Introduction. Generally, this section includes:
– Presentation of background information as well as recapitulation of the research
aims of the present study.
– Brief summary of the results, whereas the focus lies on discussing and not on the
details of results.
Recapitulating the results

– Comparison of results with previously published studies.
– Conclusions or hypotheses drawn from the results, with summary of evidence for
each conclusion.
– Proposed follow-up research questions.
Writing the Discussion

Writing a discussion section is where the researcher needs to interpret work. In this critical
part of the research paper, process of correlating and explaining the data should be started. If
someone left few interesting leads and open questions in the results section, the discussion is
simply a matter of building upon those and expanding them. In an ideal world, someone
could simply reject null or alternative hypotheses according to the significance levels found
by the statistics. That is the main point of discussion section, but the process is usually a lot
more complex than that. It is rarely clear-cut, and researcher will need to interpret the findings.
For example, one of the graphs may show a distinct trend, but not enough to reach an acceptable
significance level. Remember that ‘no significance’ is not the same as ‘no difference’, and
researcher can begin to explain this in discussion section. For this purpose, experiment should
be criticized, and be honest about whether the design was good enough. If not, suggest any
modifications and improvements that could be made to the design. The discussion section is
not always about what is found, but what was not find, and how to deals with that. Stating
that the results were inconclusive is the easy way out, and one must always try to pick out
something of value. One should always put findings into the context of the previous research
that have been cited in the literature review section. Do your results agree or disagree with
previous research? Finally, after saying all of this, a statement can be made about whether the
experiment has contributed to knowledge in the field, or not. Once writing the discussion
section is completed, one can move onto the next stage, wrapping up the paper with a
focused conclusion.
Steps for Writing an Effective Discussion Section

The organization of the Discussion is important. Before beginning it should be tried to develop
an outline to organize thoughts in a logical form, cluster map can be used, an issue tree,
numbering, or some other organizational structure. The steps listed below are intended to
help organize the thoughts. To make message clear, the discussion should be kept as short as
possible while clearly and fully stating, supporting, explaining, and defending your answers
and discussing other important and directly relevant issues. Care must be taken to provide
commentary and not a reiteration of the results. Side issues should not be included, as these
tend to obscure the message. No paper is perfect; the key is to help the reader determine what
can be positively learned and what is more speculative.
1. Organize the Discussion from the specific to the general: researcher findings to the
literature, to theory, to practice.
2. Use the same key terms, the same verb tense (present tense), and the same point of
view that you used when posing the questions in the Introduction.
3. Begin by re-stating the hypothesis that were tested and answering the questions posed
in the introduction.
4. Support the answers with the results. Explain how the results relate to expectations
and to the literature, clearly stating why they are acceptable and how they are
consistent or fit in with previously published knowledge on the topic.
5. Address all the results relating to the questions, regardless of whether or not the
findings were statistically significant.
6. Describe the patterns, principles, and relationships shown by each major finding/
result and put them in perspective. The sequencing of providing this information is
important; first state the answer, then the relevant results, then cites the work of
others. If necessary, point the reader to a figure or table to enhance the “story”.
7. Discuss and evaluate conflicting explanations of the results. This is the sign of a
good discussion.
8. Discuss any unexpected findings. When discussing an unexpected finding, begin
the paragraph with the finding and then describe it.
9. Identify potential limitations and weaknesses and comment on the relative importance
of these to your interpretation of the results and how they may affect the validity of
the findings. When identifying limitations and weaknesses, avoid using an apologetic
tone.
10. Summarize concisely the principal implications of the findings, regardless of statistical
significance.
11. Provide recommendations (no more than two) for further research. Do not offer
suggestions which could have been easily addressed within the study, as this shows
there has been inadequate examination and interpretation of the data.
12. Explain how the results and conclusions of this study are important and how they
influence our knowledge or understanding of the problem being examined.
13. In the writing of the Discussion, discuss everything, but be concise, brief, and specific.
Style: Use the active voice whenever possible in this section. Watch out for wordy phrases; be
concise and make results points clearly. Use of the first person is okay, but too much use of
the first person may actually distract the reader from the main points
Checklist-6
i. What did the researcher expect to find, and why?
ii. How did the results compare with those expected?
iii. How might researcher explain any unexpected results?
iv. How might the researcher test these potential explanations?
v. Background information
vi. Statement of results

vii. Expected outcome
viii. Reference to previous research
ix. Explanation
x. Exemplification
xi. Deduction and Hypothesis
xii. Recommendation
Conclusion
• State the study’s major findings
• Explain the meaning and importance of the findings
• Relate the findings to those of similar studies
• Consider alternative explanations of the findings
• State the clinical relevance of the findings
• Acknowledge the study’s limitations
• Make suggestions for further research
7. References
Embedding the own work in related literature is one of the essential parts of research writing.
There are citations of references in the text, as well as a list of cited references at the end of the
paper. Different publishers require Basics of Research Paper Writing and Publishing different
formats or styles of (a) citing in the paper text and (b) for listing references. The most commonly
used referencing systems are:
Name and Year System: References are cited by their respective authors and the year of
publication, e.g., “Chuck and Norris (2003) define .....”. This system is very convenient for
authors, as the citation does not have to be changed when adding or removing references
from the list. The fact that sentences become hard to read when subsequently citing many
references in one single parenthesis; this way is one negative aspect for readers.
Alphabet-Number System: This system lists the references in alphabetical order and cites
them by their respective number in parentheses or (square) brackets, e.g., “As reported in
[4],” This system is relatively convenient for readers, as it does not break the flow of words
while reading a sentence with many citations. On the other hand, the author has to keep an
eye on the references cited in the text as their numbers may change when the reference list is
updated.
Citation Order System: This system is similar to the alphabet-number system with one major
difference: the reference list is not sorted alphabetically, but in the order of appearance (citation
by number) in the text.
Variations of the referencing systems mentioned above are used in most of the common style
guides. The overall most widely used styles include: American Psychological Association
(APA) Style.
APA Style - is a set of rules developed to assist reading comprehension in the social and
behavioral sciences. APA style” is the set of specific formatting conventions sanctioned by the
American Psychological Association. The collected procedures of any style are usually referred
to collectively as a “style sheet.” Elements of the APA style sheet include such in-text matters
as punctuation standards, margin depth, line spacing, and heading format. This series of pages,
however, will concentrate mostly on the post-text elements of APA style—that is, how to
assemble and format entries for specific sources on the “References” page of a research paper.
Why Formatting is Important

In academic writing, the reader’s response to a piece of writing is crucial. In Such a situation
where the research will be published or circulated, and read by others in the field, style sheets
are equally important. Proper formatting is the hallmark of a detail-oriented researcher. A
writer who makes style sheet errors because he or she believes they are “no big deal” might
be surprised when evaluators question other details of the paper, such as the data on which
the conclusions are based. After all, if a writer can’t get all the periods in the right places, how
can he or she be expected to correctly calculate an ANOVA or T-test? Finally, remember that
the whole purpose of citing sources is to give readers the information they need to locate the
various sources the researcher has used in the paper. Sometimes, a reader might simply want
to read the whole source to learn more about the subject. Other times, a reader might want to
find more about the context of the quote; perhaps to check that it really applies in the context
in which researcher is using it. In other cases, a reader might want to verify that the writer
actually said whatever is quoted them as saying. In all of these situations, the reader should
be able to find the original piece of writing based on the information researcher provides.
The citation format depends on a major factor: the kind of source you’re referring to. The type
of the source will determine the elements that need to be included and the order in which
they are presented. While there are actually many different types of source materials, there
are certain kinds that are cited most often:
• Books
• Articles In Journals
• Chapters In Edited Books
• Eric Resources
• Internet Resources
• Unpublished Sources
• Conference Papers
• Authors
• Publication Dates
• Titles
Authors
There are basically two types of authors: people and institutions. There are specific formatting
guidelines for both types of authors.
People as Authors
The number of people credited with authoring a particular document can range from one to
twelve and more. When large groups of people generate a text, authorship is often assigned
to the institution that these people have in common. In most cases, however, the authors of a
document are named individually, and each name is given in the bibliographic reference for
that work. For each person listed as an author, the researcher must give that person’s last
name, and the initials of any other “name elements” given for that person. If a first or middle
name is given, researcher will provide only the first initial of that first or last name. If a first or
middle initial is given, these initials go in as read. For authors (though not for editors), type
the last name, then a comma, then first and middle (and any subsequent) initials. Put a period
after each initial. For example:
John Wilkes Booth Booth, J. W.

John F. Kennedy Kennedy, J. F
C. Thomas Howell Howell, C. T.
P. D. James James, P. D.
J. R. R. Tolkien Tolkien, J. R. R
When multiple authors are given for a single document, all authors are listed in the order
given in the document. Put a comma between each person’s name, and put an ampersand (&)
before the final name. If only two authors are given, this means the ampersand goes between
the first and second author. Since the list of authors will necessarily end with the period that
follows the final initial of the final author listed, no further punctuation is needed. Here are
some examples:
One author Blythe, Q. L.

Two authors Martin, U. M., & Wenmbsley - Meekes, I.
Three authors Aaron, H., Upswitch, J. T., & Rennington, S.
Seven authors Sleepy, A., Happy, B., Grumpy, C., Sneezy,
D., Bashful, E., Dopey, F., & Doc, G.
Institutions as Authors
Sometimes a particular person or group of people is not credited with authorship of a
document. In cases like this, the work is said to have “institutional authorship”. Citing
institutions as authors is quite simple. Simply spell out the name of the institution and end it
with a period. Do not use abbreviations in institutional authors: spell everything out. Capitalize
every word in the name of the institution, except for prepositions (like of, to, and from), articles
(like a, an, and the), and conjunctions (like and or). However, if the first word of the title is a
preposition, article or conjunction, capitalize it anyway.
Institutional Authors Association of Indian Management Schools. Securities

and Exchange Board of India.
Publication Dates
It’s important to know the date a document was published. This information tells the reader
how much time has passed between the writing and publication of the source document and
the writing of your own research paper. Obviously, in research writing, the newer the
information, the better. The date of publication is almost always the second element of the
reference, coming right after the author(s). With few exceptions, only the year of publication
is given. The year is included in parenthesis, and followed by a period.
Standard form 1994
Republished Books
Sometimes a book is republished for various reasons. If a book is out of print, and sufficient
demand exists, a publisher might begin printing it again to capitalize on that demand. When
this happens, citing the newer publication date would be misleading-the book is exactly the
same as when it was originally published. In cases like this, two dates are given: the original
publication date and the new publication date. The two dates are included in parentheses,
separated by a slash. The right parenthesis is followed by a period.
No Date Given
In rare cases, no date is given for the publication of a source. While this is much more common
with older sources, this still happens today. Instead of a date simply put “n. d.” in the
parentheses when a date is not available. Follow the right parenthesis with a period.
Standard form (1994)

Republished source (1969/1996)
No date given (n. d.)
Titles
Every document has (or should have) a title. Some citations—such as articles in journals and
chapters in edited books—will actually need two titles: the title of the smaller work (the article
or chapter) and the title of the larger work (the journal or book). Whether one or two titles are
necessary will depend on the source you are working with. Titles are often broken into two
or more parts. Sometimes a subtitle is tacked onto a title to clarify the meaning of the title.
Sometimes the title as written is purposefully obscure; the subtitle in these cases indicates the
source’s real content. If a source like a book or monograph is part of a series, the series title is
sometimes included as a sort of subtitle. It’s important to know how to format the various
elements of your source’s title.
Capitalize the first word in each element: main title, subtitle, and series name. If any element
contains a proper name, capitalize that too. Use a colon (:) between main title and subtitle,
main title and series name, or subtitle and series name. Precede a series name with the
abbreviation “Vol.” and the source’s number within that series, as in “Vol. 2.” If all three
elements exist, put the series name last.
The titles of larger sources (such as books and journals) are underlined, while the titles of
smaller sources (such as articles and chapters) are not. Additionally, some titles are followed
by a period, while others are not. Check the section on the individual source type for further
information about formatting the title(s).
Title only A Handbook of Psychology

Title and subtitle Project Management: Planning and Control
Title and series name Business Economics in The Current State of
Business Discipline: Vol. 2.
Title, subtitle, and series name Pricing, Business Economics, The Current State
of Business Discipline: Vol. 2
A book is a work that is published once, not as part of a regular series. Books can be revised
and republished: each revision is considered a new edition of the same book. A book, as we
are defining it here, is distinguished from an edited book in that the entire text of the work is
written by the same author, group of authors, or institution. If individual sections of the work
you are citing were written by different authors, refer to the page, chapters in edited books.
Necessary Information and Where to Find It
Author(s) of book Can generally be found on both the cover (and or

dust jacket) and title page.
Year of publication Can sometimes be found at the bottom of the title
page; otherwise look on the page directly behind the
title page, where it says “Copyright ©.”
Title of book Can be found on both the cover (and or dust jacket)
and title page (naturally).
Edition/revision number (if any) Is usually indicated on the cover (or dust jacket) or
title page. If no edition number or revision
information is present on either of these places,
assume that the book is an original edition.
Place of publication Is usually listed on the title page
Publishing entity Is almost always listed at the bottom of the title page.
If no listing is made here, try the page directly behind
the title page.
Citation Formats
Author, A. A. (1996). Title of book. City: Publisher.
Author, A. A., & Author, B. B. (1996). Title of book: Subtitle of book (edition). City, ST: Publisher.
Author, A. A., Author, B. B., & Author, C. C. (1996). Title of book: Vol. 1. Title of series. City,
Country: Publisher.
Journal is a blanket term for a scholarly publication that is published periodically-generally
either monthly or quarterly. A journal is distinct from a magazine in that journals are generally
for a very specific audience: experts within a specific scholarly or professional field. Magazines,
on the other hand, usually have a more general readership. While magazines sometimes report
new or ongoing research, the information is often given second-hand. If an article in a magazine
reports any kind of scholarly research, chances are pretty good that the information was
originally presented in a journal.
The information contained in a journal article is often more valuable than the information
found in books, because turnaround time for journals is usually quite short. While it takes
months or years for a book to be published, an article could conceivably be written, submitted,
accepted, and published in a journal all in a matter of weeks. Thus, since journal articles
generally present fresh, cutting-edge information, their value and validity in the research
process cannot be understated.
Author(s) of article Can be found either in the table of contents or on the

first page of the article.
Year of publication Is almost always included on the front cover of the
journal, or on the journal’s title page. Often the
publication year can also be found on the first page of
each article, at the top of each page, or on the journal’s
spine.
Title of article Is printed in the table of contents and on the first page
of the article.
Title of journal Is indicated on the journal’s front cover or title page.
Sometimes it will also be printed at the top of each page
and on the journal’s spine.
Volume number Is usually noted on the front cover or title page of the
journal.
Issue number Is used only if the journal paginates each issue
individually; the issue number can usually be found
either on the front cover or title page. Sometimes the
issue number is also found on the first page of the
article.
Pages of chapter Are sometimes specified as a range in the table of

contents; otherwise, make a note of the first and last
page numbers of the actual article.
Citation Elements
Author(S) of Article
For journal articles, put each author’s last name, then a comma, then the first initial of the
given name, then any additional initials. A period should follow each initial. Separate the last
author from the second-to-last author with a comma and ampersand (&). Separate any
additional authors by commas.
One author Keely, J. T.

Two authors Luggio, M. R., & Moulton-Kowinski, R. S.
Three authors Jackson, B. I., Jackson, G. P., & Jackson, I. G.
Year of Publication
Even though a month or season of publication may be given for a specific journal, include
only the year of publication, in parenthesis, and end with a period. (An individual issue within
a journal’s yearly output is indicated by the page range, if the journal paginates by volume, or
issue number, if the journal paginates by issue.)
Standard form (1993).

(1982).
Title of Article
Give the full title of the article, including the subtitle if one is given. Capitalize only the first
word of the title, and the first word of any subtitle; also capitalize any proper names in the
title. Separate title and subtitles with a colon (:); journal articles do not get any other special
formatting: no quotation marks or underlining. End the title with a period.
Standard form Statistical Methods

Title and subtitle Statistical Methods: Concepts and Applications.
Title of Journal
The title of the journal is given in full, including the subtitle if any. Capitalize only the first
word of the title, and the first word of any subtitle; also capitalize any proper names in the
title. Separate title and subtitle with a colon (:); italicize the title and subtitle and follow them
with a comma, which is also in italics.
Standard form Prestige International Journal of Technology and

Management
Title and subtitle Sanchayan: Prestige international journal of technology and
management
Volume Number
The volume number indicates the total number of years a particular journal has been published-
one volume per year. Sometimes a journal prints its volume number in Roman numerals; if
this is the case, translate the volume number into Arabic (regular) numerals. The volume
number is preceded by a comma and space, followed by a comma. If no issue number is
necessary (see next section), the journal title, comma and space, volume number, and comma
are italicized continuously. If an issue number is present, only the journal title, comma and
space, and volume number are italicized. The issue number, and the comma which follows it,
is never italicized.
Volume alone Journal title, 25,

Volume and issue Journal title, 18 (6),
Issue Number
An issue number is only provided if the particular journal starts pagination over at page 1 at
the beginning of each issue. If pagination does not start over for every issue, issue numbers
are redundant-they give more information than is necessary to re-locate the source. However,
if each issue’s pagination begins with page 1, give the issue number in your reference entry.
After the volume number, put a space, then the issue number in parentheses, then a comma.
The issue number, the space before it, and the comma after it are not italicized.
Standard form Journal title, 25 (6),

Journal title, 18 (3),
Page Numbers
Page numbers give the range of pages for the journal article. The first number is the first page
on which the article appears; the second number is the last page of the article’s text, notes or
bibliography (whichever comes last). The page numbers come directly after the comma that
follows the volume or issue number, and are preceded by a space, separated by a hyphen,
and followed by a period.
After volume 18, 94-156.

After issue 9 (6), 221-238.
Citation Formats
Author, A. A. (1996). Title of journal article. Title of journal, volume number, first page-last
page.
Author, A. A., & Author, B. B. (1996). Title of journal article: Subtitle of journal article. Title of
journal, volume number, first page-last page.
Author, A. A., Author, B. B., & Author, C. C. (1996). Title of journal article. Title of journal:
Subtitle of journal, volume number (issue number), first page-last page.
Citation of Chapters in Books

Author, A. A. (1996). Title of chapter. In E. E. Editor (Ed.), Title of book (pp. first page-last
page). City: Publisher.
Author, A. A., & Author, B. B. (1996). Title of chapter: Subtitle of chapter. In E. E. Editor, & F.
F. Editor (Eds.), Title of book: Subtitle of book (edition, pp. first page-last page). City, ST: Publisher.
Author, A. A., Author, B. B., & Author, C. C. (1996). Title of chapter: Subtitle of chapter. In E.
E. Editor, F. F. Editor, & G. G. Editor (Eds.), Title of book: Subtitle of book (edition, pp. first page-
last page). City, Country: Publisher.
Unpublished refers to any information source that is not officially released by an individual,
publishing house, or other company, and can include both paper and electronic sources. Some
examples of unpublished sources may include manuscripts accepted for publication but still
“in-press,” data from an unpublished study, letters, manuscripts in preparation, memos,
personal communications (including e-mails), and raw data.
Author, A. A. (1996). Title of paper or manuscript. Unpublished manuscript.
Author, A. A., & Author, B. B. (1996). Title of paper: Subtitle of paper. Manuscript submitted for
publication.
Author, A. A., Author, B. B., & Author, C. C. (1996). [Topic of study or untitled work].
Unpublished raw data.
Huge quantities of information are now available electronically via the Internet. Most college
students now have access to the World Wide Web, either on computers at school or at home by
dialing up a server with a modem. Electronic texts (or “e-texts”) are popping up more and
more in research papers. There are a number of reasons for this. On one hand, the internet
gives users access to the information on hundreds of thousands of servers throughout the
world-the breadth and depth of available knowledge is incredible. On the other hand, the
documents on the internet are “surfable” from a single location, bringing a global library to
your computer. However, several problems have arisen from this surge in the availability
and popularity of electronically-accessed information.
First, many researchers have no idea how to cite electronic texts. Only the most current style
manuals give any hint as to how to write a reference entry for, say, a Web page; even then, the
citation formats are sometimes confusing and outdated. Interestingly enough, it is Web sites
like this one that can help solve this problem.
Second, compared to print-based resources, e-texts are relatively unstable. While a book consists
of information encoded in ink on a printed page, an etext exists as magnetic pulses over a
telephone line. Discounting mishaps such as fire, flood, and theft, books are fairly permanent.
As anyone who uses computers can tell you, though, servers go down and phone connections
get cut. Electronic documents can literally be here today and gone tomorrow. As we’ve
mentioned before, the whole purpose of a reference is to allow readers to find a source
themselves. If the source itself no longer exists, this causes problems for validity and
verification.
One possible solution to this problem is to keep careful records. Saving e-texts (either as
screenshots or text files) will allow you to produce the source for a reader, even if the document
has disappeared from the server on which you found it. In addition, it’s also wise to use many
different types of documentsbooks and journals, as well as e-texts-rather than relying heavily
on one kind of source.
Volume number only Journal Title [On-line serial], 56.

Issue number only Journal Title [On-line serial], (3).
Volume and issue Journal Title [On-line serial], 56 (3).
None Journal Title [On-line serial].
Author(s) of document If an author is given it is usually at the very beginning or

very end of a particular document; when in doubt, look
for an email address-this will often lead you to the name
of the person who authored the document
Date of publication If given, the document’s date will be included somewhere
in its text. There is a special way to note if the document
has no specific date. Date of publication on the web (or
the date of most recently version)
Title of document The placement of documents’ titles varies. Generally, web
authors place a title at the top of the actual web page. If
no title is there, use the title of the window as it opens in
your web browser
Type of document Varies according to the source of the document. See below
for details on this citation element
Volume and issue number If a volume and issue number is given, it will probably
(on-line journals) be in the header for the document, close to the title
Volume and/or Issue Number (On-Line Journals)

For on-line journals which give a volume number only, put the volume number after the
comma which follows the journal’s title and descriptor, and follow it with a period. The volume
number, like the title, should be underlined. If the on-line journal in question gives an issue
number only, put the issue number in parentheses, after the comma which follows the journal’s
title and descriptor. Follow the issue number—or rather, the parenthesis which brackets it,
with a period. Issue numbers are never underlined.
For on-line journals which give a volume number and issue number, put a comma after the
journal title and descriptor, then a space, then the volume number, then a space, then the
issue number in parentheses, then a period. Only the journal title and volume number are
underlined. If an on-line journal gives neither volume nor issue number, simply put the
journal’s title and descriptor, and end with a period.
Citation Formats for Online Journal

Author, A. A. (1996). Title of electronic text [E-text type]. Location of document
Author, A. A., & Author, B. B. (1996). Title of electronic journal article. Title of
electronic journal [On-line serial], Volume number (Issue number). Email address and request
message
Citation Formats
Author, A. A. (1996). Title of book. City: Publisher.
Author, A. A., & Author, B. B. (1996). Title of book: Subtitle of book. City, ST: Publisher.
Author, A. A., Author, B. B., & Author, C. C. (1956/1996). Title of book: Vol. 1.
Title of series. City, Country: Publisher.
Journal Articles
Citation Formats
Author, A. A. (1996). Title of journal article. Title of journal, volume number, first page-last
page.
Author, A. A., & Author, B. B. (1996). Title of journal article: Subtitle of journal article. Title of
journal, volume number, first page-last page.
Author, A. A., Author, B. B., & Author, C. C. (1996). Title of journal article.
Title of journal: Subtitle of journal, volume number (issue number), first pagelast page.
Chapters in Edited Books

Citation Formats
Author, A. A. (1996). Title of the article. In E. E. Editor, Title of book (pp. 1-25). City: Publisher.
Author, A. A., & Author, B. B. (1996). Title of the article. In E. E. Editor, & F. F. editor, Title of
book: Subtitle of book (2nd. ed., pp. 1-25). City, ST: Publisher.
Author, A. A., Author, B. B., & Author, C. C. (1956/1996). Title of the article. In E. E. Editor, F.
F. Editor, & G. G. Editor, Title of book: Subtitle of book (Rev. ed., pp. 1-25). City, Country:
Publisher.
Eric Documents
Citation Formats
Author, A. A. (1996). Title of ERIC document (Report No. AB-12). City, ST: Sponsoring Entity.
(ERIC Document Reproduction Service No. ED 123 456)
Institutional Author. (1996). Title of ERIC document (Report No. AB-12). City, Country:
Sponsoring Entity. (ERIC Document Reproduction Service No. ED 123 456)
Internet Documents
Citation Formats
Author, A. A. (1996). Title of electronic text [E-text type]. Location of document
Author, A. A., & Author, B. B. (1996). Title of electronic journal article. Title of electronic
journal [On-line serial], Volume number. Email address and request message
Checklist-7
• Check the information for authors for writing styles
• Do not site too old reference.
• Order it according to the requirement of publisher(alphabetically or by appearance)
• Cite your own publish work also.
• Check if there are red marks in the word file it indicate typos in the work.
• Check if there are green marks in the word file for grammatical error.
Important Considerations
Avoid Plagiarism-Documenting the Sources
Give credit to every single source used in the article, even if the information is changed into
own words. When writer’s exact wording is used, put quotation marks around those words
and use a citation. Plagiarism means writing facts, opinions or quotations taken from someone
else or from books, magazines, newspapers, journals, movies, television or tapes as if they
were own and without identifying the source. Unintentional plagiarism still is plagiarism.
Document all sources using the citation style of either the American Psychological Association
(APA). Include the works cited at the end of the research paper.
The researcher must acknowledge the source of any:
•Statistic
•Paraphrase
•Concrete fact
•Direct quotation
•Idea other than your own
•Opinion held by someone else
• Information not commonly known
Is It Premature?
Many papers are rejected because they are “premature”. This characterization means that the
work appears to be interesting, but it has not progressed far enough to be worth reporting in
a conference paper. The paper may have more conjectures or opinions than results. Perhaps
there are ideas that look promising, but they have not been worked out in enough detail.
Perhaps more analysis of the issues is needed. Perhaps the proposed technique sounds
interesting, but its value cannot be determined until it has been implemented. An experience
paper may be called premature if it offers conjectures about expected results rather than
reporting observed results.
The decision to accept or reject a paper that is premature is a judgment call by the program
committee. A committee may choose in some cases to accept a paper that presents early work
of a profound or provocative nature.
Is It Sound?
If the correctness of the work is in doubt, the paper will probably be rejected. Soundness of
ideas or techniques can often be demonstrated by the depth and clarity of the analysis, or by
reference to a working implementation. Questions of soundness often arise for papers that
present algorithms or proofs (see the next two sections).
Proofs
A formal proof is of value only if it is convincing. While a reviewer may be able to spot an
error in a faulty proof, one cannot expect a reviewer to validate a proof. Therefore, any
sloppiness in the formalism is grounds for suspicion (and likely rejection of the paper). It is
better to avoid formality than to misuse it.
In addition to being convincing, a proof must prove something worth proving. It is not worth
anyone’s time to read a paper that proves an irrelevant result. Be careful about including a
proof in an effort to make your paper more “prestigious”. This approach may backfire, as a
sloppy or unmotivated proof can easily cause a paper to be rejected that otherwise might
have been accepted.
Generality
A paper that can demonstrate the value (or disadvantage) of a subject could be of great interest
to all researchers of the same subject.
Don’t Be Isolated
If the researcher is writing a research paper, it is important that to be familiar with the larger
area, and not isolate to the narrower domain of object technology.
Writing
Effective communication is important for a successful paper. A paper has little value if its
intended audience cannot understand it. An incomprehensible paper cannot even be reviewed.
Most authors will benefit from having their paper reviewed by a skilled writer. If your native
language is not English, you have an extra burden. If at all possible, try to have your paper
reviewed by a native or fluent speaker of English.
Feedback
Most papers are substantially improved by getting feedback from other people. Giving a talk
to a small group is an excellent way to get feedback and to force you to organize the thoughts.
The reviewers operate under strict time constraints, and the committee must make quick
decisions. A paper will not receive the careful attention that it would from a journal.
Furthermore, the committee may need to satisfy other constraints in putting together a
successful program. As a result, some good papers will be rejected. Authors should carefully
consider any reviewer comments and get opinions from experienced colleagues before deciding
whether to abandon the effort or to revise the paper and submit it elsewhere.
Introductory Econometrics
Introduction
Every economy consists of numerous factors which are interrelated and intra related. For
example, a company’s stock prices can be seen fluctuating due to its changes in the
organizational structure; exchange rates are determined by interest rates and other factors.
But a question arises, how these relationships have been established? How one has estimated
that one variable affects the other? This can be understood by understanding the modeling of
such relationships. Modeling refers to the process of fixing the mathematical equations, deriving
results out of them, based on some set theories and applications. Like, a general equation
expressing sales, the sum total of variable costs, fixed costs and profits.
Economic model and Econometrics

A mathematical equation formulated in order to study the economic variables behavior,
between them, can be said to be an economic model. When these models are measured, and
results are deduced in terms of estimations, an econometric model is said to be in existence.
Any regression equation is a form of econometric model; parse some assumptions to be
satisfied.
The use of statistical techniques to the financial problems can be termed as financial
econometrics. For instance, for the purpose of forecasting of future prices of stocks, econometric
modeling can be used. These help in analyzing the models explaining relationships between
variables enhance the formation of working models, which assist the decision making processes.
The cases of testing the volatility of different stocks, co movements between various stock
markets of multiple countries, forecasting future prices and spot prices, credit rating
determination of various investment instruments becomes easy by econometric modeling.
Econometrics modeling can be done using various sets of data, which can be classified into
three broad types:
1. Time Series Data

The data available for a period of time is time series data. It can be of any frequency, daily,
monthly, quarterly, yearly. The data of stock prices, exchange rates, order flows, etc. are
available for a certain period of time. It can be of quantitative and qualitative nature. For
Introductory Econometrics 41
instance, study of the day of the week, a survey of the financial products purchased by private
individuals over a period of time, a credit rating, etc.
2. Cross-Sectional Data
The data series are available which are collected at a point of time, like before and after effect
of the event, credit ratings of the firm etc.
3. Panel Data
The data which is collected for a particular time series, which can be collected at a point of
time, is panel data. For instance, stock prices collected for two years with daily frequency.
4. Continuous and Discrete Data

The data collected can be classified into class interval series and discrete series. Class Interval
series, can be seen when a particular quantity can’t be defined, instead lies under the range.
Like, the returns on the stocks are 12%, 12.1%, 12.4% and so on. These can be grouped together.
Discrete series is that the precision of the values can be taken, with frequencies.
Steps in Econometric Modeling

For forming an econometric model, following steps should be followed:
Variables in Econometric Model

In a mathematical model, there appear two sides, representing left hand sides and right hand
side. When these are equated, one can see that one becomes the cause of another. When
economic variables are equated in these models, the variables come to be known as dependent
variable and independent variable. The dependent variable is of endogenous nature, which is
to be determined. Some variables are not reflected in the model, but somehow they are affecting
the model. These are exogenous variables. Economic modeling becomes effective if particular
lag differences are taken.
There can be numerous other models, which are formulated in order to assist the main model.
These are known as simultaneous equation model (SEM), where secondary models can be
used to determine the primary one.
Assumptions of Econometric Models

An econometric model is required to be efficient, if some assumptions are followed. It can be
said that a model needs to be a BLUE model, where,
1. It should be best, where the problems of autocorrelation, multi-collinearity,
heteroskedasticity, should not be there.
2. It should be Linear
3. It should be Unbiased
4. It should be an Estimator
Multicollinearity
Multicollinearity exists when the independent variables are orthogonal, that means adding or
removing a variable from a regression equation would not cause the values of the coefficients
on the other variables to change. The constants of a linear model should be independent,
meaning there should not be a linear relationship between the independent variables. These
values can be seen from VIF (Variance Inflation Factor), which should not be more than 10.
Autocorrelation
Autocorrelation is explained as correlation in the data series, taken for study. For example,
stock prices for a quarter taken for study, have the effect of change in policies of RBI. But it is
necessary that the effect would be seen in next quarter too. In simpler terms, the data sets
should not be correlated. Secondly, in case of cross sectional data, like the linear regression
model of family consumption expenditure on family income, the effect of an increase of one’s
family income on its consumption expenditure is not expected to affect the consumption
expenditure of another family. However, if there is such dependence we have autocorrelation.
It can be present in all types of data, i.e. time series, cross sectional and panel data. When a
regression model is tested, the absence of autocorrelation is assumed. The same is represented
by the value of Durbin Watson, which is accepted with specified limits.
Heteroskedasticity
While estimating the linear regression model, the error estimation is important. It is because
the model is performed with the help of error. When the variances of the errors are not constant,
the estimator is not unbiased and hence is not efficient.
It can be detected, if the stock prices are taken yearly rather daily, as they change every day, if
the range of size of the units of observation is too large, if the data are group means and the
size of the groups differ heteroskedasticity is likely.
It can be seen from residual plots, Goldfeld-Quandt Test, Lagrange multiplier (LM) tests and
White test.
Introductory Econometrics 43
The field of econometrics is large and rapidly developing. In one measurement, we can
recognize hypothetical and connected econometrics. Scholars grow new strategies and dissect
the results of applying specific techniques when the presumptions that legitimize them are
not met. Micro econometrics is described to a great extent by its examination of cross area and
board information and by its attention on individual customers, firms, and smaller scale.
Macro econometrics is for the most part included in the investigation of time arrangement
information, normally of expansive totals, for example, value levels, the cash supply, trade
rates, yield, etc. . The very large field of financial econometrics is concerned with long-time
series data and occasionally vast panel data sets, but with a very focused orientation toward
models of individual behavior.
Part-II
Sample Research Papers
01
Effect of Customer Loyalty Programme on

Customer Retention : A Study of Organized Retail
Sector in Gwalior
S. S. Bhakar, Nischay Upamannyu, Praveen Aronkar, Chaman Lal, Shiny Chib,
Sangita Jauhari, Shubhangi Chaturvedi & Puneet Bajpai
ABSTRACT
Now a day’s retail outlets run loyalty program to retain their customers. Loyalty programs
encourage consumer to shift from myopic or single-period decision making to dynamic or
multiple – period decision making. The current study is empirical research that focuses on
the effect of loyalty programs on customer retention. The data for the study was collected
from Gwalior region from the customers who physically visited branded retail outlets for
buying their products. MANCOVA was applied to evaluate the effect of loyalty programs
on customer retention. The results of the study indicated that loyalty programs are successful
in increasing purchase for substantial proportion of customers.
Key Words – Loyalty Program, Customer Retention, Retail Outlet
Introduction
Fierce competition and complexity of modern business has prompted organizations to strive
for creative and innovating strategies to retain customers. As attracting adoptive new customers
in the business is far more costly than retaining existing customers; business organizations
have started offering lucrative loyalty programmes to retain existing customers. Therefore,
the business rewards existing customers and maintain close relationship with them through
CRM. The premise of CRM is that once a customer visits the retail outlet he/she is locked in
forever. Retaining customers through loyalty programmes provide win-win situation to both
the organization as well as customers.
The consumers will join such programs only if they find it beneficial to them. And will continue
to be loyal earn rewards. Loyalty programme help firms gain significantly higher repeat sales,
get opportunity to cross sell and obtain rich customer data for future CRM efforts (Yuping
Liu 2007). Modern retailer’s stock national & international famous brands, provide strong
customer service, offer competitive prices, provide wide merchandise variety, resort to product
promotions and offer convenient locations along with loyalty schemes to retain customers.
This paper attempts to provide a conceptual and empirical overview of Loyalty programs in
organized retail sector, outlines practices of grocery retail outlets in Gwalior (one of the four
main cities of Madhya Pradesh in India, with a population of 16 lakhs). The paper evaluates
the effect of loyalty programs on customer retention.
Customer Loyalty Programme

Loyalty Programs can be defined as a program that give liberty to consumer to accumulate
free rewards when they do repeat purchasing with a firm and therefore consumer is encouraged
to be loyal toward the firm. Loyalty card is plastic or paper card, which is almost similar to
any financial card in terms of visibility and that, identifies the card holder through a special
coding. Then customers are awarded points based on their purchasing; these points can be
encased later on. The card holder becomes a member in a loyalty program. Loyalty cards
typically have a barcode that can be easily scanned when it is swapped at the particular stores.
Loyalty cards can also be in the form of small key ring cards which are often used for
convenience in carrying and ease of access for the consumers. Loyalty programs are
predominantly run by retailers and service industry.
Customer Retention
Customer retention can be defined as the propensity of a customer to stay with the service
provider and therefore is viewed as a behavioral factor (Ranaweera & Prabhu, 2003). The
propensity in customer is created through providing them the expected services. Customer
retention is centric problem which is given top priority in the organization because it ensures
that the customer will stay with the organization in longer period of time.
Review of Literature
Customer Loyalty Programme
Preeta H. Vyas and Piyush K. Sinha (2008) concluded that as gaining new customers in the
organization is a costly affair and therefore, organization need to offer lots of loyalty programme
in continuity to retain existing customers and to maintain relationship with them. Granhme
R. Dowling and Mark Uncles (1997) found that Marketers shows renewed interest in customer
loyalty programs to strengthen relationship with their customers.
Lois O’Brien and Charles Jones (1995) posited that the rewards and loyalty programs are
developed in such a manner that the customer needs and desires can be satisfied using cash
value, choice of redemption options, aspiration value, relevance and convenience. Youjae Yi
and Hoseond Leon (2003) concluded that effect of loyalty programme on customer loyalty is
different on different customers depending on involvement. In high involvement conditions
indirect rewards are considered more effective than the direct immediate rewards. While in
the low involvement conditions, immediate rewards are more effective in building program’s
value than delayed rewards.
Effect of Customer Loyalty Programme on Customer Retention : A Study of... 49
Yuping Lu (2007) concluded that despite the prevalent use of loyalty programs, there is limited
evidence on the long-term effects of such programs, and their effectiveness is not well
established. Knox & Maclan (1998) described customer loyalty as ‘retention with attitude’.
Jacoby and Chestnut (1978) reported that one stream of research considers loyalty largely as
an attitude. Grahame & Uncles (1997) concluded that the profitability is ensured through
reduced servicing costs, less price sensitivity, increased spending and favorable
recommendations passed on to potential customers. Sharp and Sharp (1997) analyzed
individual-level data by using a one-period switching model to measure the ability of a loyalty
program to alter normal repeat-purchase rates; unfortunately, the study’s results were
inconclusive. Drèze and Hoch (1998) reported on a category specific loyalty program that
resulted in increase for both the specific category and total store traffic.
Customer Retention
Brown and Gulycz (2001) found that customers can be satisfied in the service sector through
quality and it becomes essential element to retain customers. Anderson et al (1994) explored
that the customer can be considered as retained only when they do repeat purchasing and it
depends on quality of services provided to him. Steenkamp (1989) found that retaining
customer has become essential and it has direct effect on market share. Canadian scholars
Barnes (1997) found that loyal customers keep recommending to more customers which help
the organization to acquire more new customers.
Gerpott, Rams and Schindler (2001) found that in business-to-business marketing relationships
between customers and organization is primary cause of customer retentions. Lin & Wu (2011)
concluded that relationship marketing helps retain existing customers. Rust, Zohorik &
Keiningham (1985) found the retentions and attraction of new customer are treated as element
for increasing market share and revenues. Saeed, Grover & Hwang (2005) argued that to
retain customers, it is crucial for the firm to know how to serve them and provide post sales
service. Lin & Wu (2011) found that customer retention is influenced by future use of product.
Lin and Wu (2011) found strong relationship between customer retention and quality of
services/products. Verhoef (2003) examined and found that loyalty programme that provides
monetary benefits is more effective in retaining customers. Petterson (2004) found significant
relationship between customer loyalty and customer retention. Wong, Chan, Ngai and
Oswaldw (2009) explained that there is relationship between good relations with customer
and customer loyalty. Smith and Chang (2009) found that customer retention can be considered
as customer loyalty and it may no impact over customer loyalty.
Rust and Zahorik (1993) found strong positive relationship between customer retention and
customer loyalty. Hallowell (1993) reveled that customer retention can be reflected in customer
loyalty. Bolton, Kannan and Bramlett (2000) concluded that customer loyalty has effect on
retention. Gerpott, Rams and Schindler (2001) examined the relationship between customer
retention and customer loyalty and found positive relationship in telecommunication market.
Customer retention was shown a primary goal of relationship marketing in the firms Gronroos,
1991; Coviello et al. 2002).
Objectives of the Study

Main Objective
To establish the cause and effect relationship between Customer loyalty programme and
Customer retention in organized retail sector at Gwalior region.
Other Objectives
1. To design, develop and standardize measures for evaluating Customer loyalty
programme (CLP) and Customer retention (CR).
2. To identify the underlying factors of Customer loyalty programme (CLP) and
Customer retention (CR).
3. To evaluate the effect of Demographics variables on Customer loyalty programme
and Customer retention (CR).
4. To open new avenues for future research.
Research Methodology
The study was Casual in nature and the survey method was used for data collection. The
population for the research study was all the customer of organized retail sector at Gwalior.
Individual customers were treated as sample elements and the sample size of the study was 0
respondents. Non probability quota sampling techniques was used to identify respondents
for the study.
Tools for Data Collection

The responses were collected on a Likert type scale of 1 to 5 for all the variables. Content
validity of both measures was established through a panel of judges before using the measure
for collecting data for the study.
Tools for Data Analysis

• Reliability test was applied to evaluate reliability of measured used for evaluating
Customer loyalty programme and Customer retention.
• Factor analysis was applied to identify the underlying factor of Customer loyalty
programme and Customer retention.
• ANOVA test was applied to evaluate the effect of Demographics variable on Customer
loyalty programme and Customer retention.
• Linear regression analysis was applied to evaluate the cause and effect relationship
between Customer loyalty programme taken as independent variable and Customer
retention was treated as dependent variable.
Results and Discussions

Consistency of Customer loyalty programme and customer retention
Consistency of all the statements in the questionnaire was checked through item to total
corelation. In this, co-relation of every item with total was measured and the computed value
was compared with standard value of 0.4. The measures having item to total correlation lower
than the critical value were declared as inconsistent and dropped from the questionnaire but
none of the statement was found inconsistent. Therefore none of the statements from
questionnaire was dropped.
Reliability Test of Customer Loyalty Programme

Nunnally (1978) recommended that instruments used in basic research have reliability of
about 0.70 or better. Cronbach’s Alpha reliability coefficient was computed using PASW 18
software.
Table 1.1: Results of Reliability
S.No. Name of the constructs Cronbach’s Reliability No of statement used in
the current study
1. Customer Loyalty 0.729 09
Programme
2. Customer Retention 0.758 08
The Cronbach’s reliability coefficient was found to be 0.729 for the loyalty program variable;
therefore, the questionnaire measuring loyalty program can be treated as reliable. Similarly,
the Cronbach’s alpha reliability coefficient for Customer Retention variable was found to be
0.758; therefore, the questionnaire measuring customer retention can also be treated as reliable.
One Sample Kolmogorov- Smirnov Test of Normality

Table 1.2: One-Sample Kolmogorov-Smirnov Test
Customer Customer
loyalty programme Retention
N 109 109
Normal Parameters Mean 30.1835 27.2202
Std. Deviation 5.64073 5.23938
Most Extreme Differences Absolute .083 .073
Positive .066 .052
Negative -.083 -.073
Kolmogorov-Smirnov Z .870 .761
Asymp. Sig. (2-tailed) .435 .608
a. Test distribution is Normal.
b. Calculated from data.
Before applying parametric test one sample Kolmogorov-Smirnov independent test was
applied to evaluate whether data is fit for the parametric test or not using PASW 18 Software.
Normality of collected data was tested through Z value. Value of Z was found to be 0.870
which is significant 43.5% level of significance that indicated collected data of customer loyalty
programme from respondent is normally distributed and value of Z was found to be 0.761
which is significant 60.8% level of significance that indicated collected data of customer
satisfaction from respondent is normally distributed.
Factor Analysis of Customer Loyalty Programme and Customer Retention

KMO Bartlett’s Test – Customer Loyalty Programme
Kaiser Meyer Olkin measure of sampling adequately indicated KMO value of 0.755 which
indicated that the sample size was good enough to consider the data collected on customer
loyalty program measure for current study. KMO values above 0.5 are considered to be good
enough to consider the data as normally distributed and therefore suitable for exploratory
Factor analysis.
Table 1.3: KMO and Bartlett’s Test
Kaiser-Meyer-Olkin Measure of Sampling Adequacy. .755
Bartlett’s Test of Sphericity Approx. Chi-Square 163.561
Df 36
Sig. .000
Bartlett’s test of sphericity tests the null hypothesis that the item to correlation matrix based
on the responses received from respondents for Customer loyalty programmed was an identity
matrix. The Bartlett’s test was evaluated through chi-square test having Chi-Square value
163.561 which is significant at 0.000 level of significant, indicating that null hypothesis is
rejected. Therefore it is clear that the item to item correlation matrix is not an identity matrix
and the data were suitable for factor analysis.
Discussion of Factors
Switching barrier for the consumer (2.308): This factor has emerged as the most important
determinant of customer loyalty programme with a total variance 25.641. Five measures (offer
and discount, Gift coupon, Reward point, save money and special occasion discount) were
converted into one factor.
Interpersonal Relationship (1.454): This factor has emerged as the second most important
determinant of customer loyalty programme with a total variance 16.152. Three measures
(Affinity programme, Rebate and Redeemable RP) were converted into one factor.
Feeling of Belongingness (1.306): This factor has emerged as the third most important
determinant of customer loyalty programme with a total variance 14.507. One measure
Belongingness was converted into one factor.
KMO Bartlett’s Test – Customer Retention

Kaiser Meyer Olkin measure of sampling adequately indicated KMO value of 0.683 which
indicated that the sample size was good enough to treat the data collected using customer
retention measure as normally distributed and therefore suitable for factor analysis. KMO
values above 0.5 are considered to be good enough to consider the data as good enough for
Exploratory Factor analysis.
Df 28
Sig. .000
Bartlett’s test of sphericity tests the null hypothesis that the item to correlation matrix based
on the responses received from respondents using Customer retention measure was an identity
and the data were suitable for factor analysis.
Discussion of Emerged Factors of Customer Retention

Customer Relationship Management (2.408): This factor has emerged as the most important
determinant of customer retention questionnaire with the total variance 30.097. Four measure
(customer relationship, create customer satisfaction, Monitor customer relationship and same
store) were converted into a one factor.
Maintain the Market Share (2.356): This factor has emerged as the most important determinant
of customer retention questionnaire with the total variance 29.448. Four measure (create
customer trust, new outlets, Bond binding and credible promising) were converted into one
factor.
Univariate Two Way ANOVA

The Univariate Two way ANOVA test was applied to evaluate the effect of demographics
variable as Age, Qualification, Occupation and Retail outlet as fixed variable and Customer
Retention was treated as dependent variable.
Table 1.5 : Levene’s Test of Equality of Error Variances
Dependent Variable: Customer Retention
F df1 df2 Sig.
2.304 55 53 .001
To select appropriate Post Hoc test Levene’s test of equality of error variances was applied.
The null hypothesis that the error variance of the dependent variable is equal across groups
was tested using ‘F’ test. The value of ‘F’ was found to be 2.304 which is significant at 0.001 %
level of significance, indicating that Null hypothesis is rejected at 5% level of significance.

Since the numbers of groups for the dependent variable are very large (4*4*4*4*5), the error
variance of the dependent variable was in any case likely to be unequal; however, the options
for post hoc test that are available fall under equal variance across groups.
Table 1.6 : Tests of Between-Subjects Effects
Dependent Variable: Customer Retention
Source Type III Sum of df Mean F Sig.
Squares Squares
Corrected Model 2139.404a 55 38.898 2.498 .001
Intercept 23863.706 1 23863.706 1532.483 .000
Qualification 24.514 2 12.257 .787 .460
Income 103.521 3 34.507 2.216 .097
Age .393 3 .131 .008 .999
Retail outlet 56.818 4 14.204 .912 .464
Qualification * Income 79.906 2 39.953 2.566 .086
Qualification * Age 451.525 3 150.508 9.665 .000
Qualification * Retail outlet 132.581 3 44.194 2.838 .047
Income * Age 502.625 9 55.847 3.586 .002
Income * Retail outlet 254.405 5 50.881 3.267 .012
Age * Retail outlet 462.367 6 77.061 4.949 .000
Qualification * Income * Age 57.978 2 28.989 1.862 .165
Qualification * Income * Retail outlet .000 0 . . .
Qualification * Age * Retail outlet .000 0 . . .
Income * Age * Retail outlet 139.729 3 46.576 2.991 .039
Qualification * Income * Age .000 0 . . .
* Retail outlet
Error 825.312 53 15.572
Total 83727.000 109
Corrected Total 2964.716 108
a. R Squared = .722 (Adjusted R Squared = .433)
The univariate two-way ANOVA model fit is indicated by Adjusted R2 which has the value of
0.433 for the current model. Corrected model has been tested for best fit using ‘F’ test having
value of 2.498 which is significant at 0.001% level of significance indicating that the model
with demographic variables as fixed factors (Age, Qualification, Income and Retail outlet)
and Customer Retention as dependent variable has high fit. There were three interactions
such as Qualification, income and Retail outlet; Qualification, age and Retail outlet and
Qualification, Income, age and Retail outlet were found to be insignificant.
H01 – There is no effect of “Qualification” on customer retention.

The effect of fixed factor as ‘Qualification’ on customer Retention was tested through F- test.
The value of F was found to be 0.787, which is significant at 46% level of significance. Therefore,
the null hypothesis is not rejected at 5% level of significance, indicating that there is no effect
of fixed factor as ‘Qualification’ on customer retention.
H02 - There is no effect of “Income” on customer retention.

The effect of fixed factor as “Income” on customer Retention was tested through F- test was
found to be 2.216, which is significant at 9.7% level of significance. Therefore, the null hypothesis
is not rejected at 5% level of significance, indicating that there is no effect of fixed factor as
‘Income’ on customer retention.
H03 – There is no effect of ‘Age’ on customer retention.

The effect of fixed factor as “Age” on customer Retention was tested through F- test was
found to be .008, which is significant at 99.9% level of significance. Therefore, the null hypothesis
is not rejected at 5% level of significance, indicating that there is no effect of fixed factor as
‘Age’ on customer retention.
H04 – There is no effect of ‘Age’ on customer retention.

The effect of fixed factor as “Retail outlet” on customer Retention was tested through F- test
was found to be .912, which is significant at 46.4% level of significance. Therefore, the null
hypothesis is not rejected at 5% level of significance, indicating that there is no effect of fixed
factor as ‘Retail outlet’ on customer retention.
H05 – There is no interaction effect of ‘Qualification & Income’ on customer retention.

The effect of interaction as “Qualification & Income” on customer Retention was tested through
F- test was found to be 2.566, which is significant at 8.6% level of significance. Therefore, the
null hypothesis is not rejected at 5% level of significance, indicating that there is no interaction
effect of fixed factor as ‘Qualification & Income’ on customer retention.
H06 – There is no interaction effect of ‘Age & Qualification’ on customer retention.

The effect of interaction as “Age & Qualification” on customer Retention was tested through
F- test was found to be 9.665, which is significant at 0.000% level of significance. Therefore,
the null hypothesis is rejected at 5% level of significance, indicating that there is significant
effect of fixed factor as ‘Age & Qualification’ on customer retention.
H07 – There is no interaction effect of ‘Qualification & Retail outlet’ on customer

retention.
The effect of interaction as “Qualification & Retail outlet” on customer Retention was tested
through F- test was found to be 2.838, which is significant at 4.7% level of significance.
Therefore, the null hypothesis is rejected at 5% level of significance, indicating that there is
significant effect of fixed factor as ‘Qualification & Retail outlet’ on customer retention.
H08 – There is no interaction effect of ‘Income & Age’ on customer retention.

The effect of interaction as “Age & Qualification” on customer Retention was tested through
null hypothesis is rejected at 5% level of significance, indicating that there is significant effect
of fixed factor as ‘Income & Age’ on customer retention.
H09 – There is no interaction effect of ‘Income & Retail Outlets’ on customer retention.
The effect of interaction as “Income & Retail outlets” on customer Retention was tested through
null hypothesis is rejected at 5% level of significance, indicating that there is positive significant
effect of fixed factor as ‘Income & Retail outlets’ on customer retention.
H010 – There is no interaction effect of ‘Age & Retail outlets’ on customer retention.
The effect of interaction as “Age & Retail outlets” on customer Retention was tested through
F- test was found to be 4.949, which is significant at 0.000% level of significance. Therefore,
the null hypothesis is rejected at 5% level of significance, indicating that there is significant
effect of fixed factor as ‘Age & Retail outlets’ on customer retention.
H011 – There is no interaction effect of ‘Qualification, Income & Age’ on Customer

Retention.
The effect of interaction as ‘Qualification, Income & Age’ on customer retention was tested
through F-test was found to be 1.862, which was significant at 16.5% level of significance.
Therefore , the null hypothesis is not rejected at 5% level of significance, indicating that there
is no interaction of fixed factor as ‘Qualification, Income & Age’ on customer Retention.
H012 – There is no interaction effect of ‘Income, Age & Retail outlets’ on customer
Retention.
The effect of interaction as ‘Income, Age & Retail outlets’ on customer retention was tested
through F- test was found to be 2.991, which is significant at 3.9% level of significance.
Therefore, the null hypothesis is rejected at 5% level of significance, indicating that there is
significant interaction effect of fixed factor as ‘Income, Age & Retail outlets’ on customer
retention.
Linear Regression Analysis

H013 – There is no cause and effect relationship between Customer loyalty programme
and Customer Retention
The linear regression analysis was applied to establish cause and effect relationship between
Customer loyalty programme and customer retention through PASW 18 software. Here,
customer loyalty programme taken as independent variable and customer retention was treated
as dependent variable.
Table 1.12: Model Summary

Model R R Square Adjusted R Square Std. Error of the Estimate
1 .425 a
.181 .173 4.76393
a. Predictors: (Constant), Customer loyalty programme
b. Dependent Variable: Customer Retention
The Result of Model summary indicated through R2 value which was found to be 0.181,
indicating that Customer loyalty programme having 18.1% variance on customer retention.
Table 1.13: ANOVA

Model Sum of Squares Df Mean Square F Sig.
1 Regression 536.348 1 536.348 23.633 .000a
Residual 2428.368 107 22.695
Total 2964.716 108
a. Predictors: (Constant), Customer loyalty programme
b. Dependent Variable: Customer Retention
The goodness fit for the model was tested using ANOVA and the F-value was found to be
23.633 which is significant at 0.0 level of significance, indicating that the model is showing
highly fit.
Table 1.14: Coefficients

Model Unstandardized Standardized t Sig. Collinearity
Coefficients Coefficients Statistics
B Std. Error Beta Tolerance VIF
1 (Constant) 15.296 2.495 6.130 .000
Customer loyalty .395 .081 .425 4.861 .000 1.000 1.000
programme
a. Dependent Variable: Customer Retention
The contribution of individual independent variable was evaluated through computation of

â value for the independent variable Customer loyalty programme was 0.425 with the T-Test
value of 4.861 which was significant at 0.000, indicating that Customer loyalty programme
contribute significantly to the customer retention. Hypothesis was rejected, indicating that
there is strong positive cause and effect relationship between customer loyalty programme
and customer retention.
Discussion of Results
The main objective of this study was to evaluate the causes and affect relationship between
customer loyalty programme and customer retention. The study found strong and positive
cause and effect relationship between customer loyalty programme and customer retention.
Loyalty programs that are based on rewards for cumulative purchasing enhance retention.
Such programs encourage repeat buying and thereby improve retention rates by providing
incentives for customers to purchase more frequently and in larger volumes. Various prior
research studies provide support to the results of the current study, where strong positive
cause and effect relationship between customer loyalty programme and customer retention
was found. The results of the study are also in line with the finding of Dowling and Uncles
(1997) wherein researchers demonstrated that loyalty programs increase Customer retention.
Mauri, (2003) in contrast posit that the effectiveness of such programs has been questioned
based on difficulties in altering established behaviors and cognitive associations with common
types of reward systems. Notwithstanding their general adoption and popularity, doubts about
the effectiveness of card-loyalty programs remain justified. It is still an open question whether
and how card programs affect store loyalty and eventually customer retention.
Given the internationalization of retailers, it is critical to investigate and compare the efficacy
of retailers’ marketing instruments in different markets (Hampton et al., 1984; Wilkie, 1990;
Straughan and Albers-Miller, 2001). In this paper, we assess whether and how retailers’ card
programs affect store loyalty and eventually customer retention in Gwalior. Indeed, loyalty
programs and their accompanying marketing tools may evoke distinctive responses when
experienced by customers with different cultural backgrounds in different market settings
(Maheswaran and Shavitt, 2000; Patterson and Smith, 2003).
Managerial Implications
For Manager: the empirical results imply that an organization must improve and maintain its
relationship with customers, in order to ensure that they come to the organization for repeat
purchase. The results of the study also point out that with improvement of customer loyalty
programme the firm will be able to retain its existing customer for longer period of time.
Credit card Company’s loyalty program leads to increased revenues due to fewer cancellations
and higher service usage levels. However, we can only speculate whether the higher revenues
offset the company’s cost of operating the program. These findings may generalize to other
consumer products and service. However, their generalisability partially depends on the
effectiveness with which the loyalty program is implemented. This research domain seems
particularly fruitful because the implementation of a loyalty rewards program may encourage
more profitable managerial practices, specifically, it is theoretically more profitable to segment
and target customers on the basis of their purchase behavior and service experiences rather
than on the basis of their demographics or other classification variables.
For Researcher – Extensive review of literature was used in this study so it will surely helpful
to the researchers in carrying out review of literature for their studies.
Limitations of the Study

The current study presented exhibit limitations that should be considered. There are as follows:
• The sample size of the current study was 150. This sample size meets the minimum
requirement for the study. Generalizations would be further justified if further
research is carried out using bigger sample size.
• The non-probability sampling technique was used in this study. In future researcher
may use probability sampling techniques
• This research was conducted using customers from Gwalior city; therefore, the results
of this study cannot be generalized for larger population.
• This research was conducted in only organized retail outlets dealing in food items.
Future studies may be carried out in other organized retail sectors so that the results
become more generalized for the retail industry.
Conclusion
The study used measures to evaluate loyalty programs and customer retention that were
standardized in the western retail environment, representing matured organized retail segment
that have been using loyalty programs since long. The measures have been standardized in
the Indian context where the organized retail sector is just taking roots and the loyalty programs
are new to the Indian retail market, especially food retail market.
The study has strong message to the retailers in food products, that, the Indian customers
may be new to the loyalty programs, but they are also responding to the loyalty programs as
the customers in western countries. The loyalty programs have strong positive causal
relationship with customer retention. Therefore, it is not premature to say that loyalty programs
are here to stay.
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02
Effect of Quality of Work Life on Job Satisfaction

and Organizational Commitment Among the
Teachers of Private Professional Institutions
S. S. Bhakar, Nischay Upamannyu, Praveen Aronkar, Chaman Lal, Shiny Chib,
Sangita Jauhari, Shubhangi Chaturvedi & Puneet Bajpai
ABSTRACT
The current study evaluates the employee perception of quality work life and analyses its
relationship with Job satisfaction and Organizational commitment among the teachers of
private professional Institutions in Gwalior City (M.P.). In fact quality work life is being
promoted by many organizations as a strategic tool to attract good employees towards their
institutions. The results of the study unveil that quality of work life is important construct
which has strong positive impact on organizational commitment. The results also indicate
that employee satisfaction is not effected by quality of work life. Respondents for the current
study were drawn from all the professional Institutions located at Gwalior. The sample size
for the study was 150 respondents. MANOVA was applied for evaluating the effect of
Quality work life on employee satisfaction and organizational commitment.
Key words- Quality of work life, Employee satisfaction, Organizational commitment
Introduction
Quality of work life
Quality of work life refers to the favorable environment of a job in person’s life. It contains
various dimensions such as monetary reward and benefits, safety, security and working
conditions. It has intrinsic relationship with organization’s working environment and person’s
working life. Therefore, it can be considered as the organizational work environment that will
make individual worker’s work life better. Quality of work life is developed by the
organizations to create working environment favorable and unfavorable for the employees.
Job Satisfaction
Job satisfaction is nothing but the favorable attitude or high industrial Moral.´ It may also be
Effect of Quality of Work Life on Job Satisfaction and Organizational... 63
defined, as the satisfaction with the composite work and is affected by favorable attitude,
high level moral and social factors.
Organizational Commitment
It is psychological commitment to the organization, including a sense of job involvement,
loyalty to the organization and belief in the values of the organization (O’Reilly, 1989). It can
also be characterized as the acceptance of organization goal and objective by the employee.
Organizational commitment is a centric area where organizations want to create a kind of
feeling among the employees to ensure that the employees make organizational goal their
own goal. Cohen (2003) described organization commitment as force that binds an individual
to a course of action that is required to achieve one or more targets.
Quality of work life
Grayson (1973) concluded that both employer and employees admire the significance of quality
of work life in an organization. Quality of work life is important to organizational growth.
Ghost (1992) found that Quality of work life is an important dimension which influences
motivation of employees. Gardon (1984) identified two objectives of quality of work life: to
enhance the growth in productivity and to generate satisfaction among employees.
Glasier (1976) found that Quality of work life entails job security, good working conditions,
adequate and fair compensation, and equal opportunity for all. Katzell et al (1975) viewed
quality of work life more narrowly as it is an evaluation of an individual’s work relationships.
They observed that an employee may consider quality of working life as enjoyable when he is
optimistic about completion of his job and its future prospects. He is motivated to stay with
the job and perform well when he finds that there is balance between personal value and
organizational goals.
Walton (1973) suggested few conceptual areas for making quality of work life better. The
suggestion included; fair compensation, safe and healthy working conditions, development
of human competencies, growth and security, social integration, constitutionalisation and
total life space and social reliance. Runcie (1980) remarked that an employee optimistic feeling
is crucial determinant of quality of work life in the company.
Chan and Einstein (1990) pointed out that quality of work life is a reflection of relationship
between two people, their work setting and their effectiveness on the Job. Saraji, and Dargahi
(2006) found that Quality of work of life is the comprehensive designed program to improve
employee satisfaction, strengthening workplace learning and helping employees for their
betterment.
Job satisfaction
Armstrong, (2006) defined the term job satisfactions as an attitude and feelings of people
toward their work. Positive and favorable attitudes towards the job indicate job satisfaction.
Negative and unfavorable attitudes towards the job indicate job dissatisfaction.
Spector (1997) found three important features of job satisfaction. First, job satisfaction may be
sign of a good emotional and mental state of employees; therefore organizations should be
guided by human values. Second, job satisfaction results in positive behavior, therefore, job
satisfaction will affect the functioning in the organization. Third, job satisfaction is an indicator
of overall organizational activities. Aryee et al (1999) concluded that to understand the extent
to which the employees can be satisfied is indicated through the eagerness of the employees
to perform the assigned job (Herzberg, Mausner & Snyderman, 1967; Herzberg, 1968).
Job Commitment
Meyer and Herscovitch (2001) proposed that a force which binds an individual with course of
action is commitment. Allen and Meyer (1990) found that employees are characterized to
have experience on the basis of affective, normative and continuance which reflect emotional
bonding, perceived obligation and perceived sunk costs in relation to a target respectively.
Lewitt and March (1998) examined the process of diffusion of individual learning into
organization and posited that commitment was the true determinant which allowed diffusion
of individual learning into the organization. Robbins et al (2002) evaluated the effect of
information sharing on accomplishing the mission of a organization and deducted that
information sharing culture in the organization leads to learning culture which helps
accomplish the mission of organizations. Alveson (2001) and Thompson Heron (2005) evaluated
the effect of commitment on sharing of information and found that sharing of information
was indeed far more if the employee commitment of an organization is high.
Meyer and Allen (1997) explored the effect of low employee commitment on punctuality in
work and found that individuals with no commitment or low commitment to organization
skipped work, came to work late or left work early. Dick and Metcalfe (2001) declared that
organizational commitment is the foremost factor in achieving the organizational objective.
Savery and Syme (19960) found that organizational commitment made employees problem
solving individuals rather than problems making. Katz and Kahn (1977) evaluated the effect
of commitment of organizational culture and found that organizational commitment not only
increased quality and quantity successfully accomplishing certain role and contribute to
decreasing absenteeism and employee turnover, it also directed them to many volunteer
behavior which are prerequisite for high level of organization success.

1. To design, develop and standardize measures for evaluating Quality of work Life
(QWL), Job satisfaction (JS) and Organizational commitment (OC).
2. To find out the underlying factors of Quality of work life, Job satisfaction and
Organizational commitment.
3. To evaluate the effect of quality of work life and job satisfaction and organizational
commitment among the professional educational institute
4. To evaluate the effect of Demographics variable on Job satisfaction and Organizational
commitment.
5. To open new avenues for future research.
The Study
The study was Casual in nature with the survey method was used for data collection. The
population of the study was the members of faculty of professional Institutes at Gwalior.
Individual faculty members were considered as sample element for collecting data. 150
respondents completed the sample size. Non Probability purposive sampling technique was
used. The responses were collected on a Likert type scale of 1 to 5 for all the variables. Content
validity of both measures was established through a panel of judges before using the measure
for collecting data for the study. Reliability test was applied to evaluate reliability of
questionnaire of QWL, JS and OC. Exploratory Factor Analysis (EFA) was applied to evaluate
the underlying factor of QWL, JS and OC. MANCOVA test was applied to evaluate the effect
of Demographics Variables as fixed factors and Quality of work life taken as covariates and
Job Satisfaction & Organizational Commitment were treated as dependent variable.

Reliability Test of Quality of Work Life
Nunnally (1978) recommended that instruments used in basic research need to have reliability
of about 0.70 or better. Cronbach’s Alpha reliability coefficient was computed using PASW 18
software.
Table 2.1: Statistics of Reliability

S.No. Name of the Cronbach’s No of statement used in the
constructs Reliability current study
1 Quality of Work life 0.924 20
2 Job satisfaction 0.793 15
3 Organisational Commitment 0.958 9
The Cronbach’s Alpha reliability value of Quality of work life, Job satisfaction and
Organisational commitment were found to be 0.924, 0.793 and 0.958 all higher than the
minimum required to consider the measures as reliable. Therefore, all three measures can be
treated as reliable for the current study.
Exploratory Factor Analysis

Exploratory Factor Analysis of Quality of Work Life
A Kaiser Meyer Olkin measure of sampling adequately indicated KMO value of 0.920. KMO
values above 0.5 are considered to be good enough to consider the data as normally distributed
and therefore suitable for exploratory Factor analysis. Therefore the sample size was good
enough to carry out EFA on data collected using Quality of Work Life measure.

Df 190
Sig. .000
Bartlett’s test of sphericity that tests the null hypothesis that the item-to-item correlation matrix
based on the responses received from respondents for Quality of Work Life was an identity
and therefore, the data were suitable for factor analysis.
Principal component analysis of quality of work life

The Principal Component Analysis (PCA) was applied on the Quality of Work life data collected
on Management and Technical teacher in Management and technical institute in Gwalior
region identify the latent factors of Quality of work life.
Table 2.3: Principal Component Analysis – Quality of Work Life

Factor Name Total Initial Rotation sum of squared Statement Loading
Eigen value Loading value
Total % variance
1 8.617 7.584 37.918 1 0.844
2 0.839
20 0.795
t4 0.768
16 0.763
19 0.746
9 0.721
8 0.695
10 0.688
11 0.652
3 0.638
17 0.634
6 0.597
7 0.525
15 0.516
2 1.891 2.915 14.576 13 0.803

18 0.761
14 0.704
12 0.522
3 1.135 1.144 5.721 5 0.884
The PCA with Kaiser Normalization and Varimax Rotation converged on three factors after
five iterations. The factors were named as Factor one, Factor two and Factor Three. All the
emerged factors were displayed in the table below.
Factor Analysis of Job Satisfaction

A Kaiser Meyer Olkin measure of sampling adequately indicated KMO value of 0.753. KMO
values above 0.5 are considered to be good enough to consider the data as normally distributed
and therefore suitable for exploratory Factor analysis. Therefore the sample size was good
enough to carry out EFA on data collected using Job Satisfaction measure.

df 105
Sig. .000
Bartlett’s test sphericity that tests the null hypothesis that the item-to-item correlation matrix
based on the responses received from respondents for Job satisfaction was an identity matrix.
The Bartlett’s test was evaluated through chi-square test having Chi-Square value 607.166
which is significant at 0.000 level of significant, indicating that null hypothesis is rejected.
Therefore it is clear that the item to item correlation matrix was not an identity matrix therefore,
the data were suitable for factor analysis.
Principal Component Analysis of Job Satisfaction

The Principal Component Analysis (PCA) was applied on the Job satisfaction data collected
on Management and Technical teacher in Management and technical institute in Gwalior
region identify the latent factors of Job satisfaction.
Table 2.5: Principal Component Analysis

Total % variance
1 4.036 2.989 19.926 5 0.745
1 0.741
6 0.716
7 0.710
2 0.617
2 2.110 1.991 13.276 8 0.706
4 0.690
16 0.683
3 0.527
3 1.232 1.776 11.837 10 0.773
09 0.727
11 0.497
4 1.121 1.743 11.623 13 0.762
12 0.748
14 0.571
The PCA with Kaiser Normalization and Varimax Rotation converged on four factors after
seven iterations. The factors were named as Factor one, Factor two and Factor Three. All the
emerged factors were displayed in the table below.
Factor Analysis of Organisational Commitment

A Kaiser Meyer Olkin measure of sampling adequately indicated KMO value of 0.944 which
indicated that the sample size was good enough to for the current study. KMO values above
0.5 are considered to be good enough to consider the data as normally distributed and therefore
suitable for exploratory Factor analysis.

df 36
Sig. .000
Bartlett’s test sphericity which tested the null hypothesis that the item to correlation matrix
based on the responses received from respondents for Organizational commitment was an
identity matrix. The Bartlett’s test was evaluated through chi-square test having Chi-Square
value 1390.665 which is significant at 0.000 level of significant, indicating that null hypothesis
is rejected. Therefore it is clear that the item to item correlation matrix not an identity matrix
and the data were normally distributed and data were suitable for factor analysis.
Principal Component Analysis of Organisational Commitment

The Principal Component Analysis (PCA) was applied on the organizational commitment
data collected on Management and Technical teacher in Management and technical institute
in Gwalior region identify the latent factors of Job satisfaction.
Table 2.7: Principal component analysis

Total % variance
Organizational 6.755 6.755 75.055 2 0.922
Commitment 7 0.896
5 0.889
3 0.888
1 0.877
8 0.877
9 0.853
6 0.833
4 0.750
The PCA with Kaiser Normalization and Varimax Rotation converged on one factor. The
results of EFA are displayed in table 7 above.
MANCOVA Analysis (Horlicks Brand Image)

Multivariate MANCOVA was applied to evaluate the effect of Gender, Experience background
& Income as fixed factors and Job satisfaction and organizational commitment as dependent
variables and Quality of work life was treated as Covariate.
Table 2.8: Box’s Test of Equality of Covariance Matrices
Box’s M 101.015
F 1.997
df1 42
df2 1919.959
Sig. .000
Tests the null hypothesis that the observed covariance matrices of the dependent
variables are equal across groups.
a. Design: Intercept + Gender + Experience + Income + QWL
Box’s test of equality of covariance matrix indicates that the value of ‘F’ is 101.015 which is
significant at 0% level of significance. The null hypothesis that the observed covariance matrices
of the dependent variables are equal across groups is therefore rejected.
Table 2.9: Levene’s Test of Equality of Error Variances

F df1 df2 Sig.
JS 3.019 18 132 .000
OC 1.100 18 132 .359
Tests the null hypothesis that the error variance of the dependent variable is equal across
groups.
a. Design: Intercept + Gender + Experience + Income + QWL
To select appropriate Post Hoc test Levene’s test of equality of error variances was applied.
The null hypothesis that the error variance of the dependent variable (Job satisfaction) is equal
across groups was tested using ‘F’ test. The value of ‘F’ was found to be 3.019 which is significant
at 0% level of significance, indicating that Null hypothesis is rejected at 5% level of significance.
The null hypothesis that the error variance of the dependent variable (Organisational
commitment) is equal across groups was tested using ‘F’ test. The value of ‘F’ was found to be
1.100 which is significant at 35.9% level of significance, indicating that Null hypothesis is not
rejected at 5% level of significance. Since the no of groups for the dependent variable are very
large (2*4*4*5), the error variance of the dependent variable was in any case likely to be unequal
and post hoc tests that are available and are suitable for equal variances among groups were
used.
Table 2.10: Tests of Between-Subjects Effects
Source Dependent Type III Sum Df Mean F Sig.
Variable of Squares Square
Corrected dimension1 JS 439.841a 8 54.980 1.395 .204
Model OC 9680.835 b
8 1210.104 26.130 .000
Intercept dimension1 JS 45600.778 1 45600.778 1156.916 .000
OC 48.826 1 48.826 1.054 .306
Gender dimension1 JS 35.327 1 35.327 .896 .345
OC 55.688 1 55.688 1.202 .275
Experience dimension1 JS 310.737 3 103.579 2.628 .053
OC 34.288 3 11.429 .247 .864
Income dimension1 JS 127.915 3 42.638 1.082 .359
OC 115.035 3 38.345 .828 .481
QWL dimension1 JS 11.738 1 11.738 .298 .586
OC 8408.655 1 8408.655 181.571 .000
Error dimension1 JS 5597.047 142 39.416
OC 6576.105 142 46.311
Total dimension1 JS 906714.000 151
OC 190609.000 151
Corrected dimension1 JS 6036.887 150
Total OC 16256.940 150
b. R Squared = .595 (Adjusted R Squared = .573)
The Multivariate MANCOVA model fit is indicated by Adjusted R2 separately for all the two
dependent variables under test. The adjusted R2 value for dependent variable Job satisfaction
was found to be 0.021, value of adjusted R2 for dependent variable Organisational commitment
was found to be 0.573 for the current model. The model fit values for all the two dependent
variables were tested using ANOVA and the value of F for the two dependent variables were
found to be 1.395 and 26.130.
Corrected model of (Job Satisfaction) has been tested for best fit using ‘F’ test having value of
1.395 which is significant at 20.4 which is significant at 0.5% level of significance that indicating
the model with demographics variable as fixed factors and Job satisfaction variable is not
showing good fit.
Corrected model of Organisational commitment has been tested for best fit using ‘F’ test having
value of 26.130 which is significant at 0.000% level of significance; indicating that the model
with demographics variable as fixed factor and organizational commitment as dependent
variable has high fit.
H01- There is no effect of fixed factor - Gender on Job satisfaction among the teachers
of professional institutes in Gwalior.
The effect of fixed factor ‘Gender status’ on Job satisfaction among the teacher of professional
institute in Gwalior was tested using ANOVA; the value of F was found to be 0.896, which is
significant at 34.5% level of significance. Therefore, the null hypothesis is not rejected at 5%
level of significance, indicating that there is no effect of fixed factor ‘Gender on Job satisfaction
among the teachers of professional institutes in Gwalior.
H02- There is no effect of fixed Factor – Gender on Organizational commitment among

the teacher of professional institute in Gwalior.
The effect of fixed factor ‘Gender status’ on Organizational commitment among the teacher of
professional institute in Gwalior was tested using ANOVA; the value of F was found to be
1.202, which is significant at 27.5% level of significance. Therefore, the null hypothesis is not
rejected at 5% level of significance, indicating that there is no effect of fixed factor ‘Gender
statuses on Organizational commitment among the teacher of professional institute in Gwalior.
H03 – There is no effect of fixed factor – Experience on Job satisfaction among the
teacher of professional institute in Gwalior.
The effect of fixed factor ‘Experience’ on organizational commitment among the teacher of
2.628, which is significant at 5.3% level of significance. Therefore, the null hypothesis is rejected
at 5% level of significance, indicating that there is significant effect ‘Experience’ on
organizational commitment among the teacher of professional institute in Gwalior.
H04 – There is no effect of fixed factor – Experience on Organizational commitment

among the teacher of Professional institute in Gwalior.
The effect of fixed factor ‘Experience’ on Organizational commitment of professional institute
in Gwalior was tested using ANOVA; the value of F was found to be 0.247, which is significant
at 86.4% level of significance. Therefore, the null hypothesis is not rejected at 5% level of
significance, indicating that there is no effect of Experience of Teacher on organizational
commitment among the teacher of professional institute in Gwalior.
H05 – There is no effect of fixed factor – Income on Job satisfaction among the teacher
of professional institute in Gwalior.
The effect of Fixed factor ‘Income’ on Job satisfaction t of professional institutes in Gwalior
was tested using ANOVA; the value of F was found to be 1.082, which is significant at 35.9%
level of significance. Therefore, the null hypothesis is not rejected at 5% level of significance,
indicating that there is no effect of fixed factor of Income on Job satisfaction among the teacher
of professional institute in Gwalior.
H06 – There is no effect of fixed factor – Income on Organisational commitment

among the teacher of professional institute in Gwalior.
The effect of fixed factor ‘Income’ on Organizational commitment among the teacher of
rejected at 5% level of significance, indicating that there is no effect of fixed factor of Income
on organizational commitment among the teacher of professional institute in Gwalior.
H07 – There is no effect of Quality of work life on Job satisfaction among the teacher
of professional institutes in Gwalior.
The effect of fixed factor ‘Quality of work life’ on Job satisfaction among the teacher of
professional institutes in Gwalior was tested using ANOVA; the value of F was found to be
rejected at 5% level of significance, indicating that there is no effect of Quality of work life on
Job satisfaction among the teacher of professional institutes in Gwalior.
H08 – There is no effect of ‘Quality of work life’ on Organisational commitment

among the teacher of professional institutes in Gwalior.
The effect of Quality of work life on Organisational commitment among the teacher of
professional institutes in Gwalior was tested using ANOVA; the value of F was found to be
181.571, which is significant at 0.000% level of significance. Therefore, the null hypothesis is
rejected at 5% level of significance, indicating that there is significant effect of Quality of work
life on organizational commitment among the teacher of professional institutes in Gwalior.
Implications
The current study is useful in the area of HR Practices where Quality of Work life, employee
job satisfaction and their organizational commitment can be understood well through using
the current study. The current study may be useful for the HR manager because it depicts the
strong positive cause and effect relationship between Quality work life and Employees
organizational commitment. Organization should understand using the current study how
quality of work life can be improved and the result of the current study might be similar with
faculty of professional institutes on organizational commitment.
Limitations of the Current Study

The current study presented exhibit limitations that should be considered. There are as follows:
• The sample size of the current study was 150. This sample size meets the minimum
requirement.
• The non-probability sampling technique was used in this study.
• This research was conducted in the Management and Technical institutes in Gwalior
city only.
• Time was a big constraint
• Sometimes non serious attitude of respondents.
Suggestions
• It is suggested that bigger sample size should be used in further study.
• It is suggested that Probability sampling techniques should be used in the further
study
• It is suggested that data for the study should be collected from different cities so the
results of the study will become more generalized.
Conclusion
The three construct were used in the current study such as questionnaire of Quality of work
life, Employee Job satisfaction and Organisational commitment. The standardized measured
was used in the current study.
Study reveals that the variables like Quality work life having significant effect on
Organizational commitment. In the current study, different demographics were used and the
result indicating the experience as fixed factor is having effect of Job satisfaction.
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03
Interface Between Oil Price and Economic

Growth : Evidence From OPEC Nations
Navita Nathani, Jaspreet Kaur, Bhabita G. Nair, S.K. Ashok Naphade, Mukesh Deole,
Kapil Dev Yadav, Swati Agrawal, Komal Raghav, Tripti Tripathi,
Annie Jetwani, Deepesh Verma & Sudeep Agarwal
ABSTRACT
This work is an extension to the studies explaining the relationship between the oil prices
and Economic growth indicators. In this research we attempted to study the long term
relationship between oil prices and exchange rates, consumer price index, GDP of OPEC
nations respectively. The results were estimated and analyzed by using regression through
least square between the variables by taking the sample of nine nations out of thirteen
nations. The findings were in harmony with the results of the studies done earlier which
explained that there existed a long term relationship between the indicators. The study
concluded fluctuations in oil prices would affect the growth of the nation in terms of inflation
rate changed along with change in the total value of the goods and services produced during
a year and exchange rate of the nation.
Key words: Oil Prices, GDP, Exchange rate Consumer Price Index, OPEC nations
Introduction
Economic growth of the country is affected by multiple macro economic variables for instance
aggregate demand, national income, exchange rate, etc. Although it would not be wrong to
say that these macro variables sometimes are affected by the economic growth of the country.
Therefore, one can rightly say that there is existence of bilateral relationship between macro
variables and economic growth of the country. On the other hand, if one looks into the depth
would find that there is existence of some kind of relationship between the variables even. So
to evidence this we can take the example of relationship between oil prices and exchange
rates, Gross Domestic Product, Consumer Price Index of the various countries respectively.
Introduction to OPEC countries

The organization of Petroleum Exporting Countries (OPEC) is an international Organization
Interface Between Oil Price and Economic Growth : Evidence From... 77
of eleven developing countries that influences and maintains the price of oil through the control
of production levels. The Organization of the Petroleum Exporting Countries (OPEC) was
created at the Baghdad Conference in Iraq in September 1960. The founding members
of the organization were Iran, Iraq, Kuwait, and Saudi Arabia and Venezuela. Current
OPEC members are Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia,
the United Arab Emirates and Venezuela. Since oil revenues are so vital for the economic
development of these nations, they aim to bring stability and harmony to the oil market by
adjusting their oil output to help ensure a balance between supply and demand. OPEC’s
eleven Members collectively supply about 40 per cent of the world’s oil output, and possess
more than three-quarters of the world’s total proven crude oil reserves. Therefore, people
usually connect any oil price change with the OPEC and there has been considerable curiosity
and concern about its behavior and role in the international oil market.
The principal aim of the OPEC is the coordination and unification of the petroleum policies
of member countries and determination of the best means for safeguarding their interests.
Individually and collectively, ways and means of ensuring the stabilization of prices in
international oil markets with a view to eliminating harmful and unnecessary fluctuations;
secure a steady income to the producing countries. In all an efficient, economic and regular
supply of petroleum to consuming nations, and a fair return on their capital to those investing
in the petroleum industry.
Oil Prices- Demand and Supply

Foreign Exchange Against Dollar
Since Brettonwood Conference, dollar has been the standard currency for transactions. The
appreciation and depreciation of dollar affects the prices of the commodities and therein oil
prices.
GDP
Gross domestic product (GDP) is the market value of all officially recognized final goods and
services produced within a country in a given period. GDP per capita is often considered an
indicator of a country’s standard of living. GDP per capita is not a measure of personal income.
Under economic theory, GDP per capita exactly equals the gross domestic income (GDI) per
capita. In the present study the GDP of nine OPEC nations namely Angola, Algeria, Ecuador,
Iran, Iraq, Kuwait, Libya, Nigeria, and Saudi Arabia had been taken in volume so that the
relationship can be explained with oil prices that whether oil prices affect the GDP of the
nation or vice versa or not.
Consumer Price Index

A consumer price index (CPI) measures changes in the price level of consumer
goods and services purchased by households. The CPI is a statistical estimate constructed
using the prices of a sample of representative items whose prices are collected periodically.
Sub-indexes and sub-sub-indexes are computed for different categories and sub-categories of
goods and services, being combined to produce the overall index with weights reflecting
their shares in the total of the consumer expenditures covered by the index. It is one of
several price indices calculated by most national statistical agencies. The annual percentage
change in a CPI is used as a measure of inflation. A CPI can be used to index (i.e., adjust for
the effect of inflation) the real value of wages, salaries, pensions, for regulating prices and for
deflating monetary magnitudes to show changes in real values. In most countries, the CPI is,
along with the population census and the USA National Income and Product Accounts, one
of the most closely watched national economic statistics.
Blanchard et al (2007) examined four different hypotheses for the mild effects on inflation and
economic activity of the recent increase in the price of oil: (a) good luck (i.e. lack of concurrent
adverse shocks), (b) smaller share of oil in production, (c) more flexible labor markets, and (d)
improvements in monetary policy. They concluded that all four have played an important
role.
Jacobson et al (2003) analyzed that the predictability effect was less strong for oil related
sectors. In general, however, the predictability of stock returns using oil price changes was
substantial: in his thirty-year sample of monthly data for developed stock markets, he found
statistically and economically significant predictability. For his shorter time series of emerging
markets he obtained similar results. These results were robust with respect to different kind
of oil prices he consider, well-known calendar effects and other economic variables that were
known to forecast returns.
Penot et al (2008) aimed to test whether there is a stable long-term relationship between oil
prices and the U.S. effective exchange rate, expressed in real terms. To this end, he performed
cointegration and causality tests between the two variables. His results showed that causality
runs from oil prices to the exchange rate. Moreover, as he investigated the channels through
which oil prices affect the dollar exchange rate, he found out that the link between the two
variables were transmitted through the U.S. net foreign asset position.
Faff et al (1997) investigated the sensitivity of Australian industry equity returns to an oil
price factor over the period 1983–1996 employing an augmented market model to establish
the sensitivity and found that long-term effects persist, although he hypothesized that some
firms had been able to pass on oil price changes to customers or hedge the risk.
Muhammad (2007) explored the oil price – exchange rate nexus for Nigeria during the period
2007-2010 using daily data. The generalized autoregressive conditional heteroscedasticity
(GARCH) and exponential GARCH (EGARCH) models were employed to examine the impact
of oil price changes on the nominal exchange rate .The outcome of this research indicated that
a rise in oil prices lead to a depreciation of the Nigerian Naira vis-à-vis the US dollar over the
study period.
Razgallah et al (2009) aimed to revisit this relationship allowing for nonlinear dynamics in the
speed of adjustment to the equilibrium. He analyzed that the role of oil prices in portfolio
preferences was not exogenous to exchange rate determination, but rather endogenous. He
showed through his that during periods of high exchange rate volatility oil prices become
highly affected by exchange rate movements of the dollar through a nonlinear smooth transition
framework.
Fabrice et al (2008) focused on the volatility of crude oil futures prices on the New York
Mercantile Exchange and examined whether this market creates excess volatility. They read
price fluctuations into two components: an information component that reflects a rational
assessment of the information arrival, and an error component that represents the noise
introduced by the trading process. He showed that a significant part of the volatility recorded
during exchange trading hours was caused by mispricing errors. In particular, this phenomenon
affects the nearest futures contract.
Coudert (2008) analyzed the assumption that pegged exchange rates are more prone to risk of
overvaluation, because their real exchange rates have a tendency to appreciate by using two
databases for de facto classifications by Levy-Yeyati and Sturzenegger (2003) and by Reinhart
and Rogoff (2004). They had assessed the currency misalignments by estimating real
equilibrium exchange rates taking into account a Balassa effect and the impact of net foreign
assets and found that pegged currencies are shown to be more overvalued than floating ones.
Tseng (2010) used the two-step regression approach to show that exchange rates could affect
the crude oil price disturbance, and therefore equilibrium oil prices and found significant
two-way causal relationship between such dynamics and the exchange rate.
Ghalayini (2011) investigated whether economic world growth could be explained by changes
in the oil price by considering that there were any differences in oil prices effects on economic
growth between different countries and group of countries. He covered the data of G-7 group,
OPEC countries in addition to Russia, China and India, which helped him to conclude that
the interaction between oil price changes and economic growth was not proved for the most
countries but for the G-7 group where, a unidirectional relation from oil price to gross domestic
product was proven using granger causality test.
Ringlund, Rosendahl, Skjerpen (2008) examined that the falling oil prices over the last decade,
accompanied by over-production by some OPEC members and the growth of non-
OPEC supply, warrant further empirical investigation of the competitive model to ascertain
production behavior. A supply function, based on a modification of Griffin’s model, is
estimated using data from 1973–1997. The sample period, unlike Griffin’s, however, includes
phases of price increase (1970s) and price decrease (1980s–1990s), thus providing a better
framework for examining production behavior using the competitive model. The result showed
a negative and significant price elasticity of supply.
Basher, Sadorsky (2006) studied the impact of oil price changes on a large set of emerging
stock market returns by using an international multi-factor model that allows for both
unconditional and conditional risk factors to investigate the relationship between oil price
risk and emerging stock market returns. They found strong evidence that oil price risk impacts
stock price returns in emerging markets. Results for other risk factors like market risk, total
risk, skewness, and kurtosis were also presented.
Aliyu (2009) analyzed the impact of oil price shock and real exchange rate volatility on real
economic growth in Nigeria on the basis of quarterly data from 1986Q1 to 2007Q4. Findings
showed that oil price shock and appreciation in the level of exchange rate exert positive impact
on real economic growth in Nigeria.
Malik examined the impact of rising oil prices along with the changing macro conditions on
output using the IS, monetary policy and augmented Phillips curve for Pakistan. Oil prices
and output are found to be strongly related, and to a great extent this relationship is non-
linear, that is, after a certain level it becomes negative. In addition they found, lower debt-
GDP ratio, lower deficit spending, lower real effective exchange rate, and the existence of
foreign exchange reserves and capital investment would cause output to rise.
Huang, Stoll et al (1994) specified that the expected quote return was positively related to the
deviation between the transaction price and the quote midpoint while the expected transaction
return was negatively related to the same variable. Evidence from corporate financing decisions
and time variation in norms for tobacco also suggested that norms affect stock prices and
returns.
Chou, Tseng (2011) estimated the short-term and long-term pass-through effects of oil prices
on inflation in Taiwan from 1982M1-2010M12, employing the CPI index, core index, and
various basic sub-indices for evaluation and found results which showed that international
oil prices experience a significant and long-term pass-through effect on inflation in Taiwan,
though the short-term pass-through effect was not significant using rolling regression and
recursive regression analyses.
Eryigit (2009) extended market model (market return, oil prices (in Turkish Lira), oil price in
dollars and exchange rate between dollar and Turkish Lira (TL) and used it to determine the
effects of the oil price in dollars changes on market indexes in Istanbul Stock Exchange (ISE)
for the period of 2000.01.04 – 2008.01.11 and found that oil price (USD) changes have a
significant positive effect on Wood, Paper &Printing, Insurance and Electricity sub-sector
indices.

• To establish the relationship between oil prices and inflation.
• To establish the relationship between oil prices and GDP
• To establish the relationship between oil prices and Foreign Exchange Rates.
• To open a new vistas for further research.
The Study
The study was descriptive in nature as it emphasized analyzing the relationship between
fluctuations in oil prices and economic indicators with respect to OPEC nations. The study
included OPEC nations as its population taking consumer price index, GDP and forex as its
economic indicators. The time frame of the study was 13 years which ranged from 1999 to
2012. The sample size of the study included nine OPEC nations. Individual OPEC nations’
indicators were taken for study. Purposive sampling technique was used for the study. The
study was based on secondary data, so it has been collected from the various secondary Sources
such as websites of financial data and journals and World Bank website. To explain the
descriptive statistics graphs were used, To check the stationary of data Unit root test was
used and to check the cause and effect relationship least square test was used.

To examine dynamic relationship between Oil prices and Economic Growth indicators (CPI,
GDP, Exchange Rate in our study) of OPEC nations, four types of unit root tests were employed
in their log-levels and log-differenced forms. They were ADF test with and without intercept
till the data become stationary. The standard test for unit root non stationary is ADF (1979)
test. The ADF test is based on following regression:
ΔXt = θ + (ρ “ 1) Xt”1 +Xpi=1 βiΔXt”i + ut (A1)
The null hypothesis is (ρ-1) = 0, i.e. Xt possesses a unit root. One issue in computing the ADF
test is the choice of the maximum lag in the equation (A1). An insufficiently small number of
lags will result in a test of incorrect size, but too large choice of lags results in a test of lower
power.
Table 3.1: Unit Root Statistics (See Annexure 1)

Countries Variables T-statistic Probability Value
OIL Prices -3.581494 0.0264
Angola Foreign Exchange -3.616623 0.0250
CPI -3.475508 0.0312
GDP -5.843174 0.0017
Algeria Foreign Exchange -5.588658 0.0023
CPI -3.475508 0.0312
GDP -6.142233 0.0005
Ecuador Foreign Exchange -15.18228 0.0000
CPI -15.18228 0.0000
Iran Foreign Exchange -7.514423 0.0003
CPI -4.363888 0.0091
Foreign Exchange -4.657776 0.0060
CPI -4.879933 0.0044
GDP -3.581494 0.0264
Kuwait Foreign Exchange -4.133965 0.0111
CPI -3.913459 0.0176
GDP -3.503014 0.0324
Libya Foreign Exchange -20.71879 0.0001
CPI -3.568691 0.0294
GDP -4.0233 0.0201
Nigeria Foreign Exchange -3.277417 0.0426

CPI -3.308648 0.0406
GDP -3.871386 0.0244
Saudi Arabia Foreign Exchange -3.937838 0.0151
CPI -3.7826681 0.0213
GDP -3.692551 0.0244
Least Square Test

For application of the least square test the formation of ARIMA Model is required. For that
purpose Eviews 5 was used. The correlogram test was used to form the equation. This test
was used in all the dependent and independent variable. The following equations were formed:
• Algeria: LOIL=C(1)+LOGCPIANG(1)+LFEANG(0)+LGDP(2)
• Angola: LOIL=C(1)+LOGCPIANG(1)+LFEANG(1)
• Saudi Arabia: LOIL=C(1)+LCPIS(1)+LFES(0)+LGDPS(1)
• Iraq: LOIL=C(1)+LCPIIRAQ(1)+LFEIRAQ(0)+LGDPIRAQ(0)
• Kuwait: LOIL=C(1)+LCPIK(1)+LFEK(1)+LGDPK(1)
Table 3.2: Ordinary Least Square Statistics

Countries R2 value Adj. R2 T-value & sign. Durbin- Val. SIC AIC
Watson
1. Algeria 0.684 .683 -6.97significant at 0% 1.889 0.31 0.27
2. Angola 0.473 0.472 -4.68 sig at 0% 0.777 1.14 1.10
3. Saudi Arabia 0.467 0.467 -61.28 sig. at 0% 2.208 0.80 0.84
4. Kuwait .0216 .0216 5.325980 sig. at 0% 1.011 9.23 9.27
5. Iraq .0744 .0744 8.339699 sig. at 0% 1.040 9.17 9.21
1. Assess model performance. Both the Multiple R-Squared and Adjusted R-Squared
values are measures of model performance. Possible values range from 0.0 to 1.0.
The Adjusted R-Squared value is always a bit lower than the Multiple R-Squared
value because it reflects model complexity (the number of variables) as it relates to
the data, and consequently is a more accurate measure of model performance. Adding
an additional explanatory variable to the model will likely increase the Multiple R-
Squared value, but decrease the Adjusted R-Squared value
2 The T test is used to assess whether or not an explanatory variable is statistically
significant. In the present results, t-value is significant in all the cases, implying that,
there is strong relationship between the variables of the study.
3. Durbin Watson Value defines the autocorrelation in the sample. As seen, Durbin
Watson for Saudi Arabia is above the standard level, which shows, in the sample of
Saudi Arabia, autocorrelation is least.
1. Angola graphic representation
2. Algeria Graphic representation
3. Saudi Arabia graphic representation

4. Iraq graphic representation
5. Kuwait Graphic representation
Implications
The study intended to be a useful contribution in understanding the effects of changing oil
prices on the economic growth of the nation. The economic growth when defined in terms of
consumer price index, gross domestic product and the effect on foreign exchange rate. So it
can be helpful to economists and government for taking decisions related to economy. Apart
from this it can serve a guide to academia.
Conclusion
The study aimed at finding the relationship between exchange rates, inflation rate, GDP and
Oil Prices from New York Mercantile Exchange respectively. Inflation Rate is measured through
CPI of the nations. GDP is the economic growth indicator in the study. Exchange rates are
taken of all 12 OPEC nations. The study was carried out estimating OLS equations through
VECM as the data was supposed to be uncorrelated. Further the results of the study analyzed
that in all the nations which were taken as sample, there existed a linear relationship between
the variables.
References
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Economic Growth in Nigeria: An Empirical Investigation, Research Journal of Internatýonal Studýes,
(11), 4-15.
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Journal of Money, Credit, and Banking, 39(1), 36–65.
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Oil Futures Market. OPEC Energy Review, 32(2), 105-122.
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Australian Economic Papers, 36,308–320.
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Journal of Financial Economics, 89, 307-327.
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Development Review, 47(4 Part II), 425-436.
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rate nexus for Nigeria, FIW Working Paper series with number 071.
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price and the dollar, Energy Policy, 35, 5795-5805.
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Applied Financial Economics, 21(8).
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react to oil price changes? An empirical investigation Original Research Article, Energy
Economics, 30(2), 371-396.
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Exchange Rate?, International Research Journal of Finance and Economics, (ISSN 1450-2887) 58.
• http://en.wikipedia.org/wiki/Consumer_price_index
04
Perceived Self-Efficacy, Student Intention

Certainty and Motivation : A Study of Students
Garima Mathur, Richa Banerjee, Chanda Gulati, Sanjay Kant Prasad,
Priyadarshini Nagori, Anuj Bansal, Archana Singh, Monika Jain,
Shilpi Upadhyay, Megha Salunke & Anushruti
ABSTRACT
The present study is intended to0000000000 study student’s intention to complete their
course. It is generally perceived that students having high self efficacy are motivated enough
to be certain about their intention to complete their studies. This study is aimed at testing
different parameters like motivation and self-efficacy which will help them to work more
efficiently and effectively towards achieving individual and organizational goal. Many studies
have been conducted on these parameters to gain improved understanding of the forces and
analyzing the factors present self-efficacy and motivation and the role of these in boosting
or jeopardizing business.
Key words: Perceived self efficacy, Student intension certainty, motivation
Introduction
Self-Efficacy
Self efficacy in literal sense refers to a global confidence in one’s coping abilities in different
situations. Under self efficacy one can perform without deviating on the basis of his personal
competence even in situation of stress (Schwarzer, 1994). Self-efficacy is the belief on oneself
that he/she is capable of performing in a certain manner to attain certain goals. It is a belief
that one has the capabilities to execute the courses of actions required to manage prospective
situations.
Bandura (1992, 1993, and 1994) was one of the main contributors towards the researches on
self efficacy. Since then many researchers used it for further researches (Schwarzer, 1994).
According to Bandura (1994) self-efficacy makes a difference in how people feel, think and
act. In terms of feelings, a low sense of self-efficacy is associated with depression, anxiety, and
Perceived Self-Efficacy, Student Intention Certainty and Motivation : A Study... 87
helplessness. Self-efficacy levels can enhance or impede motivation. He further suggests people
with high self-efficacy choose to perform more challenging tasks (Bandura, 1994).
Perceived Self-Efficacy
Bandura (1994) a well known researcher in the field of self-efficacy, stated that Self efficacy
reflects the people’s beliefs about their capabilities to produce effects. Self-efficacy beliefs are
all about the way people feel, think, motivate themselves and behave. Such beliefs produce
these diverse effects through four major processes which includes cognitive, motivational,
affective and selection processes.
Locke and his colleagues (Locke, Frederick, Lee, & Bobko, 1984) conducted an experiment to
understand the role of perceived self-efficacy and goals in the development of creative
proficiency. Positive results were found through the study.
Motivation
Motivation is primarily concerned with how behavior is activated and maintained.
Motivation is the set of reasons that determines one to engage in a particular behavior.
According to Brophy (1983) Motivation can be defined as a process that includes specific
directive and stimulation properties. It is further defined as the expenditure of effort to
accomplish results (DuBrin, 2008). Self motivation is the ability to motivate oneself, to find a
reason and the necessary strength to do something, without the need of being influenced to
do so by another person. The researchers segregated motivation in to two types; intrinsic and
extrinsic motivation. In this regard Edward et al (1973) stated that intrinsic motivation comes
from the pleasure an individual feels while performing any activity.
Student Intention Certainty

Warshaw and Davis (1985) defined intention as “the degree to which a person has formulated
conscious plans to perform or not perform some specified future direction” (p. 214). Intentions
can actually be understood as the efforts an individual put forth to perform. It is the intensity
or willingness to perform a task (Ajzen, 1991). Whereas the Certainty can be defined as “the
current degree of commitment to, and contentment with, a choice (deciding to obtain a
bachelors’ degree) as cited in Landry (2003) the work of (Bienvenu, 2000) and intention refers
to “the degree to which a person has formulated conscious plans to perform or not perform
some specified future behavior”.
There are so numerous outcomes of self efficacy. Bandura (1977) asserts that self-efficacy
affects an individual’s choice of activities, effort, and persistence. People who have a low
sense of efficacy for accomplishing a task may avoid it but those who believe they are capable
to do it are more likely to show such behaviours. Similarly, Schunk Dale (1982) also found a
significant positive relationship between self-efficacy, (defined as personal judgments of how
well one can organize and implement behaviors in situations that may contain novel,
unpredictable and possibly stressful elements) and achievement behavior. Further, Schunk
Dale and Carl (1993) assessed that goal setting and progress feedback act as antecedent to
self-efficacy. Appelbaum and Hare (1996) provides a comprehensive literature overview of

the concept and use of self-efficacy (a person’s self-belief in his or her ability to perform specific
tasks) as a theoretical construct, emerging from Bandura’s social learning (social cognition)
theory. He examined how self-efficacy may be perceived and employed as mediator of goal
setting and performance. Staples et al (1999) used self-efficacy theory to build a model that
predicts relationships between employees’ self efficacy assessment and work effectiveness
perceived productivity, job satisfaction, and ability to cope.
Markman, Baron & Balkin (2005) studied the influence of characteristics such as personal
perseverance and self-efficacy in managing newly formed businesses. Entrepreneurs and non-
entrepreneurs differ on these attributes, and do these positive attributes co-occur with
significant personal costs, such as the tendency to experience regretful thinking is also
discussed. Their findings shows that entrepreneurs are high on self -efficacy, and on two
distinct aspects of perseverance of, perceived control over adversity and perceived
responsibility regarding outcome of adversity as compared to non-entrepreneurs.
Militello et al (2006) investigated the extent to which perceived self-efficacy, personal goals,
and upward comparison predict the scientific productivity of academic staff members.
Similarly, Schwarzer and Hallum (2008) also studied teacher self-efficacy as a personal resource
factor that may protect from the experience of job strain and, thus, make the rise in burnout
less likely. A research on the technical people conducted by McDonald and Siegall (1996)
examined the relationship between perceived technological self-efficacy (TSE) - the belief in
one’s ability to perform successfully a technology sophisticated new task - and people’s
reactions to change. Hurter Nelia (2008) also investigated the influence of self-efficacy on
employee commitment and reported a positive relationship.
The self efficacy not only affects students or teacher’s learning but it is also a predictor of
learning in training and performance in wide range of situations (Gist et.al.1989; Stajkovic &
Luthans, 1998). Team member self-efficacy affects group cohesion (Pillai & Williams, 2004)
and outcome expectancy (Stone & Bailey, 2007). Pajares (1996) found the relationship between
self-efficacy, motivation constructs, and academic performances. He also explored the link
between efficacy beliefs and college major and career choice. To understand the self efficacy
or to increase their self efficacy in students in different subjects various researches have been
conducted. For example, Siegle & McCoach (2007) studied the role of teacher’s training in
increasing student’s self efficacy in mathematics (Brown, Lent, and Larkin, 1989; Farmer,
Wardrop, Anderson, & Risinger, 1995; Lent, Brown, & Larkin, 1986), Mahyuddin et al. (2006)
studied the role of self efficacy in English achievement, Zhu (2007) studied the role of learning
content, Physics self efficacy and female students choice of opting for physics. Furthermore,
self efficacy enhances motivation in Mathematics instruction (Schunk and Gunn, 1985).
Motivation is primarily concerned with how behavior is activated and maintained (Bandura,
1977). Motivation is found to be correlated to students’ initiation of the task, the amount of
effort that they expend on the task, and their persistence in completing the task (Brophy, 1988;
Maehr, 1984; Pintrich, Marx, & Boyle, 1993; Wigfield, 1994). Researchers suggested that self-
efficacy affects student achievement and attitudes (Lim, 2001). Furthermore, in distance-
learning environment student motivation affects student attitudes and achievement (Berg,
2001; Shih & Gamon, 2001).
The relationship between self-efficacy and motivation is studied and proved in initial researches
of (Bandura, 1986). Motivation has been proved to be better correlate of self efficacy as
compared to attitude. The same findings were supported by (Brookhart et al., 2006; Hudley et
al. 2002). Again, Bandura and Locke (2003) asserted that perceived self-efficacy and personal
goals enhance motivation and performance attainments.
Christophel (1990) examined the relationship between teacher immediacy and student
motivation and the result of the study indicated predictability of learning and motivation of
students. Ching et al (2001) has analyzed the relationships between student achievement
and attitude, motivation, learning styles, and selected demographics. In this study motivation
was the only significant related to more than one fourth of student achievement. The study
done by (Rebecca, 2002) tried to find out the relationship between justice and student motivation
concerning course, he concluded that justice was positively correlated with student motivation.
Another research conducted on 201 female students and 206 male students by Ferrer Caja
and Weiss (2000) examined the relationships among social factors, individual differences,
intrinsic motivation, and effort and persistence in the physical education context using cognitive
evaluation theory as a framework. The results of study revealed that perceived competence
and goal orientation directly predict motivation of students. They also concluded that the
strongest predictors of intrinsic motivation and effort and persistence were task goal orientation
perceived competence, and learning climate. Motivation is also linked with other variable
like attitude and academic achievement (Uwameiye and Osho, 2011). They also recommended
that all agents of education especially teachers or/lecturers should encourage students to
develop the right/good attitude and create right atmosphere in lectures that will motivate
students to learn.
Weihua Fan and Cathy M. Williams (2010) investigated whether various dimensions of parental
involvement predicted motivation. He concluded that parents’ educational aspiration for their
children and school-initiated contact with parents on beign school issues had strong positive
effects on motivational outcomes. Stone et al (2007) on the basis of a self-efficacy framework,
they presented a theoretically sound model which explains the behavioral intentions of students
to apply teamwork skills which they learn in business courses. The model links variables at
least partially controllable by faculty in a classroom setting to students’ behavioral intentions
to use teamwork skills.
Carol Couvillion Landry (2003) studied the relationship among different variables including
self efficacy, motivation, outcome expectations, certainty intention and behavious. The results
showed significantly positive relationship between different variables. Furthermore, Hudley
et al. (2002) proposed that students’ self-efficacy is the most influential factor among the factors
studied in determining a student’s engagement level which further predicts motivation.
This study is aimed at testing different parameters like motivation and self-efficacy which
will help them to work more efficiently and effectively towards achieving individual and
organizational goal. Many studies have been conducted on these parameters to gain improved
understanding of the forces and analyzing the factors present self-efficacy and motivation
and the role of these in boosting or jeopardizing business.
Objectives
• To identify the factors underlying Student intention certainty, motivation and self-
efficacy.
• To measure the impact of self-efficacy and motivation on Student’s intention certainty
of professional course.
• To open new vista for further study.
Hypothesis Formation
On the basis of literature review and objectives following hypothesis were framed:
H01: There is no significance difference in perceived self efficacy, student’s intention
certainty and motivation among MBA and BBA students.
H02: There is no impact of self efficacy and motivation on student’s intention certainty.
The Study & Sampling: The study is empirical in nature. A survey of MBA and BBA student
was conducted to collect the data. A sample size of 200 was taken for the purpose of study.
The population included students of different management colleges of Gwalior region and
the sample collected from those who are studying presently and were willing to participate in
the survey.
The Measures: Standardized questionnaires of Student’s Intention to Certainty by Landry
(2003), Motivation scale was adapted from (Pintrich and DeGroot, 1990) and Self Efficacy
items were adapted from the motivation scale developed by (Tuan, Chin & Sheih, 2005) were
used to solicit the response from the respondent. The responses were taken on the Likert type
scale of 1 to 5 where 1 represent strongly disagree and 5 represent the strongly agree.

Reliability Measure
Cronbach’s Alpha Reliability Test was carried out by using SPSS Software to check the reliability
of the questionnaires. Reliability coefficient values were 0.643 for Motivation, 0.645 for Self
efficacy and 0.603 for student’s intention to certainity that ascertain the significant reliability
of the questionnaire and apt for further study. The questionnaires were highly reliable and
ready to use for study. Further the data was analysed through various tests.
T-test
T-test was used to analyze the perception across MBA and BBA students towards perceived
self-efficacy, motivation and student’s intention certainty.
The hypotheses were formed on the basis of Levene’s test. In case of Perceived self efficacy
the value of F-test (0.107, p=0.744) indicates that the hypothesis “Equal variance assumed”
has to be considered. Then the t value (1.198, p=0.232) is insignificant, resulting in to non
rejection of first hypothesis and it can be considered that there is no difference in perceived
self efficacy of MBA & BBA students.
For motivation F value was (0.042, p =.838) so again hypothesis “Equal variance assumed”
was considered. The t value for this variable was (2.036, p=0.043) hence the hypothesis is
rejected and it can be depicted that students of BBA & MBA vary in their motivation. The
mean value of BBA is (Mean=22.3855, S.D. =3.94113) higher than the MBA (Mean=21.2075,
S.D. =3.95382) which shows that BBA have high degree of motivation as compared to their
MBA counterpart.
For student’s intension certainty F value was (0.749, p= .388) is significant so the second
hypothesis indicating “Equal variance not assumed” was considered. From Table 5 it can be
deduced that MBA and BBA students have different perceptions in their student’s intention
certainty (p=0.000) the mean value of BBA is (Mean= 30.024, S.D. = 4.99994) higher than the
MBA (Mean= 27.0748, S.D. = 4.86167) which shows that BBA have high degree of student
intention certainty as compared to their MBA counterpart.
Table 4.1: Group Statistics

Course N Mean Std. Deviation Std. Error Mean
Self-efficacy 1 107 23.3084 4.78285 .46238
2 83 24.1446 4.75531 .52196
Certainty 1 107 27.0748 4.86167 .47000
2 83 30.0241 4.99994 .54881
Motivation 1 106 21.2075 3.95382 .38403
2 83 22.3855 3.94113 .43259
Table 4.2: Independent Samples Test

Levene’s t-test for Equality of Means
Test for
Equality
of
Variances
F Sig. t df Sig. (2- Mean Std. 95% Confidence
tailed) Diff. Error Interval of
the Difference
Lower Upper
Self efficacy Equal variances .107 .744 -1.198 188 .232 -.83 .69 -2.21 .54
assumed
Equal variances -1.199 176.9 .232 -.83 .69 -2.21 .53
not assumed
motivation Equal variances .042 .838 -2.036 187 .043 -1.17 .57 -2.31 -.03
assumed
Equal variances -2.036 176.5 .043 -1.17 .57 -2.31 -.03
not assumed
Student Equal variances .749 .388 -4.096 188 .000 -2.94 .71 -4.36 -1.52
intention assumed
certainty
Equal variances -4.082 173.98 .000 -2.94 .72 -4.37 -1.52
not assumed
The data so selected was gathered from the students of BBA who were supposed to complete
their graduation to go for further studies and the only goal was to complete their studies
where as MBA students were involved in numerous other things such as extra and co-curricular
activities where they are supposed to concentrate on every aspect so as to develop their overall
personality in order to get placed. Hence, the student’s intension in their case is not only
completion of course but to get placed in the jobs. This may be the cause of low intension
certainty of MBA students for completion of course.
Regression Analysis
Regression is used to find out the impact of independent variable on dependent variable, as
here we found out the impact of self efficacy and motivation on student’s intention certainty.
The results of various measures are as follows:
R square found to be 0.393 indicating that self efficiency and motivation contribute 39.3% to
student’s intention certainty to complete the course. The model predictability is stated by F
value. The value of F was 60.18 which was significant at 0% level of significance indicating a
high predictability of model. The significance of beta is tested using T-test and values for
model are 5.287 and 7.306 which is significant at 0% level of significant indicating strong
positive relationship between self efficacy, motivation and student’s intention certainty in
completion of course.
In this case the hypothesis was rejected and we can say that the independent variables have
significant impact on dependent variable. As discussed in literature review (Zimmerman,
2000) stated that self-efficacy beliefs also provide students with a sense of agency to motivate
their learning through use of self-regulatory processes as self- monitoring, goal setting, self-
evaluation, and strategy use. Similarly, Pajares (1996) found self efficacy beliefs to be a good
predictor of motivation in case of students of Mathematics. Increased self-efficacy maintains
motivation and improves skill development (Schunk, 1991). In addition to this Bandura (1986)
also stated that although self-efficacy was not significantly correlated to attitudes but it was
correlated to motivation.
Conclusion
The study was done on students of post graduation and graduation students. The results are
indicating significant impact of self efficacy and motivation on student’s intention certainty.
The efforts to improve self efficacy of student and motivation will make the intention of students
regarding their studies and course. The study also reflects that the postgraduate students and
graduate students differ in their Motivation and Student’s Intention Certainty.
References
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Annexure
Regression
Model Summaryb
Model R R Square Adjusted R Square Std. Error of Durbin
the Estimate Watson
1 .627a .393 .386 3.98041 1.927
a. Predictors: (Constant), motiv, efficay
b. Dependent Variable: certain
ANOVAb
Model Sum of df Mean Square F Sig.
Squares
1 Regression 1907.064 2 953.532 60.184 .000a
Residual 2946.914 186 15.844
Total 4853.979 188
a. Predictors: (Constant), motiv, efficacy
Coefficientsa
Unstandardized Coefficients Standardized
Coefficients
Model B Std. Error Beta t Sig.
1 (Constant) 7.834 1.902 4.118 .000
efficay .352 .067 .320 5.287 .000
Motiv .565 .077 .443 7.306 .000
a. Dependent Variable: certain
Residuals Statisticsa
Minimum Maximum Mean Std. Deviation N
Predicted Value 22.0867 35.7072 28.4180 3.18496 189
Residual -9.79985 8.83422 .00000 3.95918 189
Std. Predicted Value -1.988 2.289 .000 1.000 189
Std. Residual -2.462 2.219 .000 .995 189
Regression
Model Summaryb
Model R R Square Adjusted R Std. Error of the Durbin-
Square Estimate Watson
1 .627 a
.393 .386 3.98041 1.927
ANOVAb
Model Sum of Squares df Mean Square F Sig.
1 Regression 1907.064 2 953.532 60.184 .000a
Residual 2946.914 186 15.844
Total 4853.979 188
Coefficientsa
1 (Constant) 7.834 1.902 4.118 .000
Efficacy .352 .067 .320 5.287 .000 .889 1.125
Motiv .565 .077 .443 7.306 .000 .889 1.125
Collinearity Diagnosticsa
Model Dimension Eigenvalue Condition Variance Proportions
Index (Constant) efficay motiv
1 1 2.961 1.000 .00 .00 .00
2 .023 11.277 .02 .82 .49
3 .015 13.904 .98 .17 .51
Residuals Statisticsa
Minimum Maximum Mean Std. Deviation N
Predicted Value 22.0867 35.7072 28.4180 3.18496 189
Residual -9.79985 8.83422 .00000 3.95918 189
Std. Predicted Value -1.988 2.289 .000 1.000 189
Std. Residual-2.462 2.219 .000 .995 189
99
05
Quality of Work Life and Job

Satisfaction in Print Media
Garima Mathur, Richa Banerjee, Chanda Gulati, Sanjay Kant Prasad,
Priyadarshini Nagori, Anuj Bansal, Archana Singh, Monika Jain,
Shilpi Upadhyay, Megha Salunke, and Anushruti
ABSTRACT
Media has become a challenging profession these days. The environment in print media is
different from other professions. It involves new methods of doing work on a regular basis.
The type of work to be done requires lot of attentiveness. The physical environment, the
assigned tasks have impact on their personal lives too. In turn, it affects their satisfaction at
work. Most of the organizations are trying to provide better quality of life. The present
study is an attempt to find out the relationship between QWL and job satisfaction and the
results reveals a significant positive relationship between both the variables. Researches
also indicate that a focus of QWL has been shifted to job satisfaction from attracting talent,
job security (Elizur & Shye, 1990) etc.
Key words: Quality of Work Life, Job Satisfaction, Print Media
Introduction
There are many people who go to work daily and most of them find working as a necessary
evil. Except a few ‘work’ becomes the most influencing thing for their lives. With this attitude
it is unlikely to have better productivity. In fact the individuals will be poor in completing
their day to day task. The organization in their attempt to find out solution to this problem
developed the concept of quality of work life (QWL). QWL is a philosophy, a set of principles,
which holds that people are the most important resource in the organization as they are
trustworthy, dependable, responsible and capable of contributing in organizational
productivity so they should be treated with dignity and respect. Hence, QWL is a holistic
approach that includes an individual’s job related well-being and the extent to which he is
satisfied with the rewards, fulfillment at job and enjoys the absence of stress and other negative
personal consequences (Shamir, 1985). The term QWL caught attention in the late 1960s as a
way of concerns about effects of job/work on health and general well-being and ways to
positively influence the quality of a person’s work experience. The term refers to the
favorableness or un-favorableness of a total job environment for people. Organizations are
opting their way out to provide better work life. Quality of Work Life programs are one of
them. Through them organizations recognize their responsibility to develop jobs and working
conditions that are excellent for people as well as for economic health of the organization.
Many early Quality of Work Life efforts were focused on job enrichment. In addition to
improving the work system, Quality of Work Life programs usually emphasize development
of employee skills, the reduction of occupational stress and the development of more co-
operative labour-management relations.
As cited in Shoab Ahmad (2013), Suttle (1977) defined the Quality of Work Life as, “the degree
to which workers are able to satisfy important personal basic needs through their experience
in the organization.” Beukema (1987) described quality of work life as the degree to which
employees are able to shape their jobs actively, in accordance with their options, interests and
needs. Hence, it can be derived that the organization empowers individual to design his job.
Through that they can satisfy their personal requirements.
Job satisfaction is the term that describes the feeling of man towards his job which means how
happy an employee feels at job. More satisfied the person is on the job, happier he will feel on
the job. Job satisfaction is one of the core constructs in management and is the most extensively
studied variable in industrial psychology. Many experts believe that job satisfaction trends
can affect labour market behaviour and influence work productivity, work effort, employee
absenteeism and staff turnover. Moreover, job satisfaction is considered a strong predictor of
overall individual well-being (Diaz-Serrano and Cabral Vieira, 2005).
Different authors have defined job satisfaction in different ways. Hoppock (1935) defined job
satisfaction as any combination of psychological, physiological and environmental
circumstances that causes an individual to remain happy on the job. Lately, Vroom (1964)
described job satisfaction as affective orientation on the part of individuals towards work
roles which they are presently occupying.
Furthermore, Thorndike and Barnhart (1979) defined job satisfaction as the “fulfillment of
conditions or desires”. Therefore, one would expect a person is satisfied when his or her
expectations or desires have been met. Job satisfaction represents a combination of positive or
negative feelings that workers have towards their work. Meanwhile, when a worker employed
in a business organization, brings with it the needs, desires and experiences which determinates
expectations that he has dismissed. Job satisfaction represents the extent to which expectations
are and match the real awards. Job satisfaction is closely linked to that individual’s behaviour
in the work place (Davis et al., 1985).
Job satisfaction is a feeling of accomplishment and achievement at work. It is by and large
seen to be straightforwardly connected to profitability and also to individual prosperity. Work
satisfaction suggests doing a task one appreciates, doing it well and being compensated for
one’s endeavors. Work satisfaction further infers excitement and satisfaction with one’s work.
Work satisfaction is the key fixing that prompts acknowledgment, pay, advancement, and the
accomplishment of different objectives that prompt an inclination of satisfaction (Kaliski, 2007).
Quality of Work Life and Job Satisfaction in Print Media 101
Literature Review
As per Guna Seelan Rethinam (2008) QWL is a construct which includes various interrelated
elements such as motivation, productivity, health, safety and well-being, job security, job
satisfaction, job involvement, work role ambiguity, work role conflict, work role overload, job
stress, organizational commitment and turn-over intentions (Ganguly, 2010; Baba and Jamal,
1991). Furthermore, components of QWL were divided in to extrinsic and intrinsic factors.
Extrinsic factors include wages, hours and working conditions (Taylor, 1979; Mirvis and Lawler,
1984) where as intrinsic is about the nature of the work itself (Taylor, 1979). Few more
components are safe work environment, equitable wages, equal employment opportunities
and opportunities for advancement (Mirvis and Lawler, 1984). In addition to that Lawler
(1982) defined quality of work life in terms of job characteristics and work conditions. He
highlighted that the core dimension of the entire quality of work life in the organization is to
improve employee’s well-being and productivity.
Efraty and Sirgy (1990) also conducted a study on 219 service deliverers and in this study they
concluded that need satisfaction (quality of work life) is positively related to job satisfaction,
job involvement, job efforts and job performance. Another study done by Bruce and Willa
(1989) to study empirically examine the relationship of job satisfaction and quality of work
life of municipal clerks in United States. They found out that the relationship between these
variables was very significant.
Quality of work life is a subjective wellbeing. It is the quality of relationship between employees
and their total working environment. It seeks to create that condition in the organization
which promote individual learning and development, provide individuals with influence and
control over what they do and how they do it. It make available to individuals interesting and
meaningful work as a source of personal satisfaction and means to valued personal reward.
There are two types of determinants those which influence the importance of a particular
need to an individual and those which satisfy or frustrate that need. Thus, Quality of work
life is determined by interaction of personal (subjective) and external aspect of work related
rewards, work experience and work environment (Kaushik and Tonk, 2008). The QWL is
defined as the quality of relationship between the employees and the work environment –
which is such that employees have a significant influence in shaping organizational
environments in methods used to increase not only their own motivations and job satisfaction
but also the productivity and profits of the company (Ganguly, 2010).
Similar, results are also depicted in Indian context in a study done by Raju (2011) on the
banking sector employees. In this study it was made clear that the quality of work life affects
satisfaction level of employees of banking sector. He further suggested that quality of work
life can be enhanced by improving factors like adequate income and fair compensation, safe
and healthy working conditions, opportunities to use and develop human capacity etc.
Moreover in reducing dissatisfaction also QWL programs are quite helpful as reported by
(Raduan Che Rose, 2006). He further stated that to make the work interesting for both faculty
and management, QWL activities like mutually solving work-related problems, cooperating
with each other and good work environments must be promoted.

• To re-standardize the measures of job satisfaction and quality of work life.
• To find out relationship between quality of work life and job satisfaction.
Hypothesis
There is no impact of quality of work life on job satisfaction of employees of print media.
The study was empirical in nature, where the analysis of the impact of quality of work life on
job satisfaction in the organization was measured. The methodology used in the study was
quantitative that is the questionnaires, which were filled by the managers and executives. The
employees of the print media organization were considered as the sample. The sampling
element in research was the individual employee of the organization. The data has been
collected from a sample of 125 executives and for that approximately 140 employees were
contacted personally. The data were collected from the managers and other executives through
self designed/ Standardized questionnaires for the study.
The Measures: Standardized measures of (Hackman and Lawler, 1971) for QWL and five
itemed scale of (Brayfield A. H. and H. F. Rothe, 1951) for Job Satisfaction based on 1 to 5
likert scale were used for data collection.
Results and Discussion

Reliability
The alpha reliability for both the measures viz. Job satisfaction and Quality of Work life is
given below:
Table 5.1: Reliability statistics for total data
Measures Cronbach Alpha value Split half
Job satisfaction 0.901 0.876
Quality of work life 0.847 0.795
It is visible that all reliability values are greater than the standard value that is 0.7. It is
considered that reliability of all measure is adequate (Nunnally, 1978). So, the statements in
the questionnaires were treated as reliable statements.
Regression Analysis
The regression equation gives us the line that fits the point better than any other. The table 1
below states the model summary indicating goodness of fit. The r square value shows
“goodness of fit” also called as coefficient of determination, indicates the extent to which the
line fits the points. The r2 value (0.525) indicates that the quality of work life is contributing up
to 52.5% variance in the job satisfaction.

Model R R square Adjusted R square Std. error of the estimate
1 .725a .525 .521 5.10881
The ANOVA table assumes the null hypothesis that independent and dependent variables
are unrelated. Since the F value 136.080 is significant at 0 percent so null hypothesis is rejected
and further analysis can be done as both variables were found to be related.
Table 5.3: ANOVA Statistics

1 Regression 3551.675 1 3551.675 136.080 .000a
Residual 3210.293 123 26.100
Total 6761.968 124
a. Predictors: (Constant), qwl
b. Dependent Variable: job satisfaction
Table 5.4: Coefficientsa Statistics
Model Unstandardized Standardized
Coefficients Coefficients
B Std. Error Beta t Sig.
1 (Constant) 6.736 2.802 2.404 .018
Qwl .756 .065 .725 11.665 .000
Regression Equation
Y= a+bX
Y (dependent variable) =6.736 + 0.725X (independent variable)
Dependent variable: job satisfaction
Independent variable: quality of work life.
The statistic show that the beta value (0.725) is significant even at 0% so it can be concluded
that the null hypothesis is rejected stating there is no significant impact of quality of work life
on job satisfaction. Hence, the quality of work life is contributing in enhancing job satisfaction
of employees in print media.
The findings of present study are consistent with the results of Md. Zohurul Islam and Sununta
Siengthai (2009). They conducted research on Export Processing Zone in Bangladesh. Similarly,
an empirical study done by Bruce Willa (1989) on municipal clerk demonstrated significant
relationship between one of the factor of quality of work life and job satisfaction. The same
sort of study was done by Hossain and Islam (1999) on the nurses of government hospitals
and the results depicted a significant positive correlation between quality of work life and job
satisfaction. These reports of above mentioned researches assert the results of present study.
Though their context were different but it is prove notion almost everywhere that quality of
work life plays an important role in enhancing satisfaction on work. For a challenging job like
media to meet out ever changing environment it is really difficult to maintain working
conditions and to cope up with job characteristics.
Conclusion
Job satisfaction is over researched but still catches attention, as employers always want to
have a productive workforce. In fact the management is taking care of different issues which
lead to job satisfaction among employees. One of them is quality of work life which was
researched as a predictor of job satisfaction in print media. The result reveals a positive
significant relationship between both the variables. The profession such as newspaper media
it is assumed that the employees have to work hard day and night, and to work properly they
need good quality of work life which will in turn help in increasing job satisfaction . The
result of this research also authenticated the same assumption.
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06
Impact of NPA’s on Advances of Public Sector

Banks in India
Tarika Singh, Vinod Bhatnagar, Preeti Varshneya, Gayathri Mohan, Pratibha Jain,
Dattatray Jivram Chaudhari, Archana Dixit, Deepti Maheshwari,
Monika Gupta & Chandni Pamnani
ABSTRACT
The purpose of the study was to examine the impact of Impact of NPA’s on Profitability of
Public Sector banks in India. For the study data of public banks was taken from 2002-2012.
In all a sample size eight banks was finalised for final study purpose based on the availability
of data. Regression Analysis was carried out taking gross advances as dependent and gross
NPAs as in dependent variable. The results indicated weaker relationship between the two.
Results though don’t match the conceptual aspect but still has practical implications. Others
factors are needed to found out affecting the performance of the banks.
Key words: NPA, Profitability, Public Sector Banks
Introduction
As quoted by Yadav (2011) in his article : Banks affect economic development (Schumpter1961,
Gold Smith1969 and Anagdi 2003). Shrivastav (1981) quoted the main reason why banks are
established all over the world is to mobilize savings and invest into economy either directly
or indirectly for production and generation of income and employment. Gupta (2001) found
that during British rule in India, banks were geographically confined to urban areas and
provided credit particularly to business and trading class .
Banking system’s importance and necessity has been well realised post-independence and in
80s banks were restructured into nationalised or public sector banks to achieve broader
economic objectives (Chhipa1987 and Deb1988). After this banks showed an impressive
achievement in terms of branch expansion, deposits, credit and investment (RamMohan and
Ray2004).
Purakayastha (1996) in their paper have talked about restrictions on banking system and similar
discussions were also made by academician, policymakers and private players. The main
Impact of NPA’s on Advances of Public Sector Banks in India 107
concern regarding NPA came into existence in the year 1992 when its absolute amount
increased from Rs.39253 crore in1993 to Rs.48406 crore in 2006 (FICCI 1999) which clearly
indicated poor quality in recovery management leading to high degree of riskiness in the
credit-portfolio of the public.
A well organized and efficient banking system is a pre-requisite for economic growth. Banks
play an important role in the functioning of organized money market. In order to meet the
banking needs of various sections of the society, a large network of bank branches has been
established. There are four type of banking institutions.
• Commercial Banks
• Regional Rural Banks
• Co-operative Banks
• Development Banks (Term lending institutions)
Principal Enactment of Banking Functions:

There is an elaborate framework governing the functioning of banks in India. The principal
enactment of which governs the functioning of various banks are as under:-
• Banking Regulation Act 1949
• Banking Companies (Acquisition and Transfer of Undertaking) Act, 1970
• Banking Companies (Acquisition and Transfer of Undertaking) Act, 1980
• State Bank of India Act, 1955
• Regional Rural Bank Act, 1976
• Companies Act, 1956
• Co- operative Societies Act, 1912 or the relevant state Co-operative societies Act
Besides the above enactment the provisions of Reserve Bank of India Act, 1934 also effect the
functioning of banks. The Act gives wide powers to Reserve Bank of India to give directions
to banks; such directions also have considerable effect on the functioning of banks.
Banking in India
A bank is a financial institution that provides banking and other financial services. By the
term bank is generally understood an institution that holds a Banking Licenses. Banking licenses
are granted by financial supervision authorities and provide rights to conduct the most
fundamental banking services such asaccepting deposits and making assets. There are also
financial institutions that provide certain banking services without meeting the legal definition
of a bank, a so-called Non-bank. Banks are a subset of the financial services industry. The
word bank is derived from the Italian banca, which is derived from German and means bench.
The terms bankrupt and “broke” are similarly derived from banca rotta which refers to an out
of business bank having its bench physically broken. Moneylenders in Northern Italy originally
did business in open areas, orbig open rooms, with each lender working from his own bench
or table.
Classification of Assets
The assets may be classified in two types
• Performing asset
• Non- Performing Asset (NPA)
w.e.f. 31 march 2004 NPA is a loan or an advance where,
st
• Interest and/ or Installment of principal remain over due for a period of more than
90 days in respect of term loan.
• The account remain out of order for a period of more than 90 days in respect of an
over draft/ cash credit.
• The bill remains over due for a period of more than 90 days in the case of bills
purchased and discounted.
• Interest and/ or Installment of principal remain over due for two harvest seasons
but for a period not exceeding 2 years, in case of an advance granted for agricultural
purpose and in respect of advances granted for agricultural purpose w.e.f. 30th
September 2004, a loan granted for short duration crops will be treated as NPA, if
the installment of principal or interest thereon remains over due for two crops season
and loan granted for long duration crops will be treated as NPA, if the installment of
principal and interest thereon remain overdue for one crop seasons, and
• Any amount to be received remains overdue for a period of more than 90 days in
respect of other account.
Mishra (2011) Reserve Bank of India has laid down norms for classification of assets and
provisioning norms for NPA, like Temporary deficiencies, Natural calamities, Facilities
Backed by Central Government Guarantee etc.
The Reserve Bank of India’s guidelines are to be followed by all scheduled commercial banks
excluding regional rural banks for income recognition, asset classification provisioning and
other related matters.
Karunakar, Vasuki and Saravanan (2008) in their research paper discussed that for all the
banks, identification of NPA should be done on the basis of assets and liablilities on the
Balance sheet date. If any the account shows weakness on the asset side, the account should
be treated as NPA. Similarly the account where regular or advance credit limit has not been
renewed or reviewed since last 180 days from the due date, the account has to be treated as
NPA. Similarly if any of the credit facilities granted to a borrower become non performing, all
the facilities granted to the borrower will have to be treated as NPA.
Classification of advances
Banks classify advances into four broad categories:
a. Standard Asset: Assets which does not carry more than normal risk.
b. Sub Standard Asset: Asset which has been classified as NPA for a period not
exceeding 12 months.
c. Doubtful Asset: An asset which has remained NPA for a period exceeding 12 months.
• Loss of Asset: Where loss has been identified by either the Bank, Internal or External
auditor or Reserve Bank.
Non Performing Assets (NPA)

Karunakar, Vasuki and Saravanan (2008) also quoted in their paper that –”when the loans
and advances made by banks or financial institutions turnout as non - productive, non-
rewarding and non - remunerative then they will become Non Performing Assets (NPA)”.
NPA is an asset or account of a borrower, which is classified by a bank or financial institution
as sub-standard asset, doubtful asset and loss asset.
Impact of NPAs on Banking Operations:

The efficiency of a bank is not reflected only by the size of its balance sheet but also the levelof
return on its assets. The NPAs do not generate interest income for banks but at the sametime
banks are required to provide provisions for NPAs from their current profits.
The NPAshave deleterious impact on the return on assets in the following ways.The interest
income of banks will fall and it is to be accounted only on receipt basis.
1. Banks profitability is affected adversely because of the providing of doubtful debts
andconsequent to writing it off as bad debts.
2. Return on investments (ROI) is reduced.
3. The capital adequacy ratio is disturbed as NPAs are entering into its calculation.
4. The cost of capital will go up.
5. The assets and liability mismatch will widen.
6. The economic value addition (EVA) by banks gets upset because EVA is equal to the
net operating profit minus cost of capital .
7. It limits recycling of the funds
Ratios
Key Ratios Related to Banks
• Credit to deposit ratio
• Capital adequacy ratio
• Non-performing asset ratio
• Provision coverage ratio
• Return on assets ratio
Credit to deposit ratio: This ratio indicates how much of the advances lent by banks is done
through deposits. It is the proportion of loan-assets created by banks from the deposits received.
The higher the ratio, the higher the loan-assets created from deposits. Deposits would be in
the form of current and saving account as well as term deposits. The outcome of this ratio
reflects the ability of the bank to make optimal use of the available resources.
Capital adequacy ratio: A bank’s capital ratio is the ratio of qualifying capital to risk adjusted
(or weighted) assets. The RBI has set the minimum capital adequacy ratio at 9% for all banks.
A ratio below the minimum indicates that the bank is not adequately capitalized to expand its
operations. The ratio ensures that the bank do not expand their business without having
adequate capital.
Non-performing asset ratio: The net NPA to loans (advances) ratio is used as a measure of
the overall quality of the bank’s loan book. An NPA are those assets for which interest is
overdue for more than 90 days (or 3 months). Net NPAs are calculated by reducing cumulative
balance of provisions outstanding at a period end from gross NPAs. Higher ratio reflects
rising bad quality of loans.
The NPA ratio is one of the most important ratios in the banking sector. It helps identify the
quality of assets that a bank possesses. If we look at the chart below, we can clearly see a
differentiation between India’s largest banks. A bank such as ICICI Bank would garner one of
the highest NPA ratio amongst private banks on the back of its aggressive nature. As the
banks lends out strongly to customers, the chances of them defaulting also rises. Plus,
considering that private banks charge higher interest costs would only make things more
difficult for its customers. At the same time, the NPA ratio of a relatively much conservative
bank such as HDFC Bank would remain low. It is clearly evident from the above chart. The
marginal spurt in this ratio during FY09 is due to its acquisition of Centurion Bank of Punjab.
Further, Axis Bank has done well in the recent past to bring down its NPA ratio. So is the case
for Bank of Baroda (BoB). PNB has done well to keep its NPA levels low as well. As for India’s
largest bank SBI, its NPAs are relatively much higher than that of its PSU peers. This can also
be attributed to its aggressive period over the past few years.
Provision coverage ratio: As per the investment basics of The Business line, 6, September
2014, this ratio indicates the extent to which the bank has provided against the troubled part
of its loan portfolio. A high ratio suggests that additional provisions have to be made by the
bank in the coming years would be relatively low (if gross non-performing assets do not rise
at a faster clip).
Return on assets ratio: Returns on asset (ROA) ratio is the net income (profits) generated by
the bank on its total assets (including fixed assets). The higher the proportion of average
earnings assets, the better would be the resulting returns on total assets.
Impact of NPA
Profitability
NPA leads to blocking money in bad asset and it ultimately affects the opportunity cost. So
NPA not only affects current profit but also future stream of profit. Another impact of reduction
in profitability is low ROI which adversely affect current earning of bank .
Liquidity
Money is getting blocked, decreased profit lead to lack of enough cash at hand which lead to
borrowing money for shot\rtes period of time which lead to additional cost to the company.
Difficulty in operating the functions of bank is another cause of NPA due to lack of money.
Involvement of Management
Time and efforts of is another indirect cost which bank has to bear due to NPA. Time and
efforts of management in handling and managing NPA would have diverted to some fruitful
activities, which would have given good returns. Now a days banks have special employees
to deal and handle NPAs, which is additional cost to the bank.
Credit Loss
Bank is facing problem of NPA then it adversely affect the value of bank in terms of market
credit. It will lose its goodwill and brand image and credit which have negative impact to the
people who are putting their money in the banks.
Public Sector Banks

Before the independence, the banking system in India was primarily associated with urban
sector. After independence, the banks had to spread out into rural and unbanked areas and
make credit available to the people of those areas. In 1969 the government nationalized 14
major commercial banks. Still the wide disparities continued. To reduce the disparities the
government nationalized 6 more commercial banks in 1980 government came to own 28 banks
including SBI and its 7subsidiaries. Today, we are having a fairly well developed banking
system with different classes of banks-public sector banks, foreign banks, and private sector
banks-both old and new generation .In July 1993, New Bank of India was merged with Punjab
National Bank. Now, there are 25 banks in the public sector viz. State Bank of India and its
5 associates, 19 commercial banks exclusive of Regional Rural. In terms of sheer geographical
spread, the public sector system is the largest. The statistics are as follows: a network of 64000,
branches-one branch for every 14000 Indian with over 64 crores customers. This labour
intensive network has built-in cost, which makes the public sector banks inherently
uncompetitive. Reduction of branches to achieve cost saving has not received a munch thrust
as it should. Public sector banks are characterized by mammoth branch network, huge work
force, relatively lesser mechanization, and huge volume but of less value business transactions,
social objectives and their own legacy system and procedures. “Improving profitability in
general requires efforts in several directions, i.e. cutting in cost, improving productivity, better
recovery of loan and to reduce high level of NPAs “.
These can be further classified into:
1. State Bank of India
2. Nationalized banks
3. Regional Rural Banks
State bank group (eight banks)

This consists of the State Bank of India (SBI) and Associate Banks of SBI. The Reserve Bank of
India (RBI) owns the majority share of SBI and some Associate Banks of SBI. SBI has 13 head
offices governed each by a board of directors under the supervision of a central board. The
boards of directors and their committees hold monthly meetings while the executive committee
of each central board meets every week.
Nationalized Banks
In July 1969, 14 banks with a deposit base of Rs.50 crores or more were nationalized. Again in
1980, six more private banks were nationalized, bringing up the number to twenty. These
Banks were:
(1) Bank of Baroda (2) Punjab National Bank (3) Bank of India (4) Canara Bank (5) Central
Bank of India (6) Indian Bank (7) Indian Overseas Bank (8) Syndicate Bank (9) UCO Bank (10)
Allahabad Bank (11) United Bank of India (12) Oriental Bank of Commerce (13) Corporation
Bank (14) Vijaya Bank (15) Dena Bank (16) Bank of Maharashtra (17) Andhra Bank (18) Punjab
& Sind Bank (19 New Bank of India (20) Corporation Bank.
Regional Rural Banks (RRBs):

In 1975, the state bank group and nationalized banks were required to sponsor and set up
RRBs in partnership with individual states to provide low-cost financing and credit facilities
to the rural masses.
Impact of NPA on Public Sector Banks

Soon after independence, as India embarked upon planned economic growth, like any other
country, it needed a strong and efficient financial system to meet the multifarious requirements
of credit and development. To achieve this objective it adopted a mixed pattern of economic
development and devised a financial system to support such development. The success it
achieved, particularly in taking banking to the masses and making the banking system a potent
vehicle for furthering public policy has few parallels in the world.
The rapid growth of the banking system in terms of presence as well as penetration over the
two decades immediately following nationalization of banks in 1969 was impressive. Even as
the banking system’s branch network was growing at a fast pace, by the beginning of 1990s, it
was realized that the efficiency of the financial system was not to be measured only by
quantitative growth in terms of branch expansion and growth in deposits/advances or merely
by fulfillment of social obligations of development. The Banking Industry has undergone a
sea change after the first phase of economic liberalization in 1991 and hence credit management.
While the primary function of banks is to lend funds as loans to various sectors such as
agriculture, industry, personal loans, housing loans etc., in recent times the Banks have become
cautious in extending loans reason being “NON PERFORMING ASSETS” (NPA’S).
Ethical Issues and Factors Contributing to NPAs

• Poor Credit discipline and Inadequate Credit & Risk Management
• Diversion of funds by promoters Funding of non-viable projects and Inadequate

mechanism to gather and disseminate credit information amongst commercial banks
• In the early 1990s PSBs started suffering from acute capital inadequacy and lower/
negative profitability. The parameters set for their functioning did not project the
paramount need for these corporate goals.
• The banks had little freedom to price products, cater products to chosen segments or
invest funds in their best interest.
• Since 1970s, the PSB’s functioned as units cut off from international banking and
unable to participate in the structural transformations and new types of lending
products.
• Audit and control functions were not independent and thus unable to correct the
effect of serious flaws in policies and directions
• Banks were not sufficiently developed in terms of skills and expertise to regulate the
humongous growth in credit and manage the diverse risks that emerged in the process.
Literature Review
NPAs impact on Banks
Das (1999) through his study has found out how non-performing assets not only increasing
the working cost of banking sector but also affects productivity and efficiency.
Stensarma (2005) problem was that banking staffs are engaged in preparing papers for filing
suits to recover loan and over dues on the borrower instead of devoting time for planning to
mobilization of funds.
SAJMMR (December, 2011) has tried to analyse the impact of NPA’s on the financial institution,
and has found out that public sectors are highly affected .then they have found out what all
preventive measures government should take.
Kaur and Kapoor (2007) through his study has tried to evaluate profitability of PSBs in India
in post-liberalisation period and analyse the relative efficiency and identify the approaches
to increase profits of PSBs in India in post-liberalisation period.
Impact on Profitability
Ramamurthy (1998), through his study has stated that the banking structure and profitability
structure of the banking system across the country have a bearing on the profitability of the
banks. When banks are considered as groups in terms of big, medium and small, bigger banks
have greater scope for economies of scale. The author opined that one of the main determinants
of banks’ profitability is the network of branches, frequently termed as franchise strength.
The researcher concluded that Indian banks have-
• Higher interest spreads than banks abroad;
• Higher operating costs than banks abroad; and
• Higher risk provision level.
Kewaljeet (1999) in his article, “Profitability Performance of Nationalised Banks: Some Issues”,
made an attempt to analyze the profitability performance of State Bank of Patiala keeping in
mind the changing economic reward. According to the author, percentage in growth in gross
income after the reform process started in 1991-92 decreased from a growth of 201.92 per cent
during 1985-86 to 1989-90 to a growth of 74.80 per cent during 1990-91 to 1994-95 (the period
of liberalization). As a result of liberalization, there is continuous decline in the profits of
commercial banks.
Amandeep (1991, pp.43-53) in her paper on determinants of banks’ profitability considered
eleven factors, which reflected different dimensions of banks’ operations and hence affected
the banks’ profitability. According to her, the profitability of banks was determined and affected
mainly by two factors viz., spread and burden.
Patidar and Kataria (2012) in their study they have done Comparison of NPA in Priority
Sector of Public Sector Banks with that of Private Sector Banks to find out the significant
impact of Priority Sector Lending on the total NPA of banks. For this they have divided the
components of Priority sector lending in 3 categories: 1. Agriculture, 2. Small Scale Industries,
3. others.
Comparative Study
Reddy (2002) highlighted that financial sector reform in India has progressed but progress on
the structural-institutional aspects has been much slower. Sethi and Bhatia (2007), clarified on
implications of NPA accounts that Banks cannot credit income to their profit and loss account
to the debit of loan account unless recovery thereof takes place. Interest or other charges
already debited but not recovered have to be provided for and provision on the amount of
gross NPAs also to be made. All the loan accounts of the borrower would be treated as NPA,
if one account is NPA.
Reasons for NPAs

Siraj (2012) through his study has founded that “Non Performing Assets engender negative
impact on banking stability and growth. Issue of NPA and its impact on erosion of profit and
quality of asset was not seriously considered in Indian banking prior to 1991. There are many
reasons cited for the alarming level of NPA in Indian banking sector. Asset quality was not
prime concern in Indian banking sector till 1991, but was mainly focused on performance
objectives such as opening wide networks/branches, development of rural areas, priority
sector lending, higher employment generation, etc. The accounting treatment also failed to
project the problem of NPA, as interest on loan accounts were accounted on accrual basis.”
Chandrashekhar and Ray (2005) show that public sector banks have increasingly opted
for investment in risk-free returns of government securities, their share in total earning assets
rising from 26 to 33 percent during the 1990s.This trend has been reversed in the 21stcentury.But
there is no doubt that enforcement of stringent prudential norms, capital adequacy stipulations,
setting up of the Board for Financial Supervision (BFS) and pressure to reduce NPAs have
made banks so risk-averse that they have reduced their exposure to private loans with even a
modest risk of non-recovery .
Sirisha(2011), study strives to examine the state of affair of the Non performing Assets (NPAs)
of the public sector banks and private sector banks in India with specialreference to weaker
ections. The study was based on the secondary data retrieved from Report on Trend and
Progress of Banking in India.
Mittal,(2012) in his study analyzed how good Public and Private sector banks have been
managing NPA. Further they found the magnitude of NPA was comparatively higher in
public sectors banks compared to private banks.
Chaudhuri (2005) examined and found that a resolution strategy is required for recovery of
dues from NPAs to put them in place quickly and efficiently otherwise these assets would
deteriorate in value over time and banks would be able to realize lower value and sometimes
at the end may be scrap only.
Otchere (2005) did a comparison of the performance of privatized banks in developed and
developing countries observed that investorsview privatization announcements as
foreshadowing bad news for rival banks.

To evaluate the Impact of NPA’s on Advances of Public Sector banks in India
The main purpose of the study was to examine the impact of NPA’s on Profitability and
Productivity of Public Sector banks in India. The study was empirical in the nature and the
population includes all the banks in India. The public banks were the sampling elements and
the sampling frame was from 2002-2012. The convenience sampling technique was used to
analyze the data. The sample size includes eight banks. Yearly NPA, Profitability and
Productivity data was taken from RBI as well as individual bank’s website. Data was analyzed
through linear regression.
Results & Discussions

To fulfil the objective of the research, regression was applied. The results of the same are
discussed below. Before proceeding for regression, normality of the data was checked through
KS test.
The results of KS test indicate that the data of Gross NPA’s and Gross advances normally
distributed. So, further progression for regression analysis can be made.
Regression
Regression Analysis was carried out taking gross advances as dependent and gross NPAs as
in dependent variable. The results are discussed as:
Table 6.1: Model Summaryb

Change Statistics
Model R R Square Adjusted R Std. Error of R Square
the Estimate Change F Change df1 df2 Sig. F
Change
1 .385a .148 .042 8.65647E5 .148 1.394 1 8 .272
a. Predictors: (Constant), Gross.NPA
b. Dependent Variable: Gross.Advances
R Square in the model summary is computed as R to the power of 2. R square value is 14.8%
This means that 14.8% variation in Gross Advances is shown by Gross NPAs. This expresses
the proportion of variance in Y that is “explained” or “accounted for” by knowledge of X.
Analysis of Variance
The ANOVA summary table is given below.
F-Ratio for Regression Model
The F-ratio for the regression model is computed by taking a ratio of MS Regression to MS
Residual. As such, for our data, it is equal to 1.394. It is a test of the null hypothesis that R
Square (or just R) is equal to zero in the population from which our sample was drawn. The
test of significance reveals that the probability of obtaining an F-stat as the one we’ve obtained
or more extreme from an F distribution on 1 and 9 degrees of freedom is 272. Hence, we fail to
reject the null hypothesis that R Square in the population is equal to zero, and conclude the
statistical alternative hypothesis that it is equal to zero.
F statistic also tests the model fit. The null hypothesis in this case is that model is not fit. At
27.2% significance level, we fail to reject the null hypothesis. This means model is not fit and
we have to go ahead to check the relationship further.
Table 6.2: ANOVAb

1 Regression 1.044E12 1 1.044E12 1.394 .272a
Residual 5.995E12 8 7.493E11
Total 7.039E12 9
a. Predictors: (Constant), Gross.NPA
b. Dependent Variable: Gross Advances
Regression Model Coefficients
Next in our output, we have the regression model coefficients, which contain essential
information for interpreting our regression analysis. Included in this output will be the intercept
(noted as “constant” in the SPSS output), as well as the predictor variable X. The output that
follows reveals our regression equation to be
Gross Advances=a+b*Gross NPA
Table 6.3: Coefficientsa

Model Unstandardized Coefficients Standardized
Coefficients
B Std. Error Beta t Sig.
1 (Constant) -246548.358 1459905.919 -.169 .870
Gross.NPA 33.801 28.632 .385 1.181 .272
a. Dependent Variable: Gross.Advances
First, we interpret the constant. It is equal to -246548.358. This means that the least-squares
line touches the ordinate axis at a value of Y = -246548.358. Equally, it is also the predicted
value for Y when X = 0. Hence, for our data, this means that if Gross.NPA is equal to 0 (i.e., X
= 0), then the expected or predicted value for Gross.Advances is -246548.358. That is,
Y’ = -246548.358+ 33.801 (0)
Next, we interpret the coefficient for Gross.NPA, which is the slope parameter. It is equal to
33.801. The interpretation of the slope is as follows: for a one-unit increase in Gross.NPA, the
expected, or “average” change in Gross.Advances is an increase of 33.801units. This means
that if we increase X by one unit, on average, our predicted value for Y should reflect an
increase of approximately 33.801 units.
Beta: Standardized Regression Coefficient

The Beta, otherwise called the standardized regression coefficient. This is the slope coefficient
that results when X and Y are both standardized (i.e., transformed into z-scores) before the
analysis is run. The value for Beta for our data is .385. The interpretation for Beta is as follows:
for a one-standard deviation increase in X, we can expect Y to increase by .385 of a standard
deviation. The coefficient of.385 essentially means that a one standard deviation increase in X
is associated with 38.5% of a standard deviation increase in Y.
Also if we check the t value and its significance, we find that beta value is significant at 27.2
percent. This shows that the results are valid for the sample but can’t be generalised for he
population.
Conclusion
The study conducted on the relationship of Advances on NPA’s in public sector banks. There
came out to be a weak relationship between the two. NPAs account just for 38% variation in
Advances. The results are contradictory to the theory.
In a layman’s perception, NPA formation in a bank is paradoxical. Unlike moneylenders who
on several occasions lend money without any collateral, the advances made by the banks are
generally backed by some kind of collateral, which can be liquidated in case of default. This
collateral is in fact insisted on while making an advance to guard against the possibility of
default. In banking circles, it is argued that the international norm relates the NPA ratio to
assets and not to advances. It may be argued that an asset, which has been degenerated into
NPA in the current year, may relate to either advances made in the current year or to advances
made in the earlier years.
There is no problem with a moderate NPA as it can be taken care of by differential rates of
interest on advances made to different sectors. However, there is a limit to which the rate of
interest can be increased in order to reflect the high profile of an asset category. If NPA becomes
very high, it will be difficult to deal with its aftermath by means of an increase in rate of
interest.
In case of large NPA accumulation by a bank, it may also react by decreasing its exposure to
the particular sector generating high NPA and changing its composition of advances. However,
this is also not without problems. With change in the composition of advances and increase in
advances to non-risky sectors, rate of interest offered to these sectors will fall.
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07
Impact of Mcx Turnover on GDP :

A Bivariate Analysis
Tarika Singh, Vinod Bhatnagar, Preeti Varshneya, Gayathri Mohan, Pratibha Jain,
Dattatray Jivram Chaudhari, Archana Dixit, Deepti Maheshwari,
Monika Gupta and Chandni Pamnani
ABSTRACT
The present study was done in Indian context to find out the impact of MCX turnover (gold
specifically) on the GDP of Indian economy. The impact was tested on reverse side also. For
the study purpose the data of GDP and MCX turnover was taken from the year 2006 to
2012. Bivariate analysis using PAWS 18 and E-views 5 was done to check the relationship.
Data was analyzed through Bi-variate regression method taking GDP as dependent variable
and MCX turnover as independent variable and in second time taking MCX turnover as
dependent and GDP as dependent variable. The results indicated lesser or no impact of
either variable on each other. Though MCX been a commodity exchange should have been
impacted by GDP changes.
Keywords: GDP, commodity, MCX etc.
Introduction
Multi Commodity Exchange
Incorporated in 2003, Multi Commodity Exchange of India Ltd (MCX) is a market leading
electronic commodity futures exchange. It is a de-mutualised exchange and has received
permanent recognition from the Government of India on 26 September 2003, to facilitate
nationwide online trading, clearing and settlement operations of commodities futures
transactions.
There are five officially recognized electronic multi-commodity national exchanges in India –
MCX, NCDEX, NMCE, ICEX and ACE. These five national multi-commodity exchanges
accounted for 99.5% of the turnover of commodity futures contracts traded in India. MCX is
the largest among these and has above 80% of the market share of the Indian commodity
futures exchange industry.
Impact of Mcx Turnover on GDP : A Bivariate Analysis 121
The people behind MCX

As quoted by http://stockshastra.moneyworks4me.com: Financial Technologies (FTIL) is the
promoter group of MCX and owns 31.18% of its equity capital. Mr. Jignesh P. Shah is the
Vice Chairman and Non-Executive Non-Independent Director. Other large shareholders of
MCX include financial institutions and other entities from the financial sector, such as State
Bank of India, FID Funds (Mauritius) Limited (an affiliate of Fidelity International), Euronext
N.V. (an affiliate of NYSE Euronext) and Merrill Lynch Holdings (Mauritius).
GDP
As quoted by www.sciencedaily.com , Gross domestic product (GDP) is the market value of
all officially recognized final goods and services produced within a country in a given period.
GDP per capita is often considered an indicator of a country’s standard of living; GDP per
capita is not a measure of personal income (See Standard of living and GDP). Under economic
theory, GDP per capita exactly equals the gross domestic income (GDI) per capita (See Gross
domestic income). Investopedia describes GDP as the primary indicators used to gauge the
health of a country’s economy. Commodityonline.com says that the fear of decelerating GDP
in Asian countries like China and India has turned into reality and is another blow to the
instability prevailing in global economy.
Further, in 2012 commodityonline.com quoted that India’s GDP growth slumped to the lowest
in last nine years, reaching to 5.3% in January-March quarter against the consensus estimate
of 6.1%. India Finance Minister, Pranab Mukherjee, has pointed out that the poor performance
in the manufacturing sector is the main cause of the great fall in the GDP. India’s economic
situation has also become precarious with INR falling to record lows against dollar since last
month.
Commodity
In economics, a commodity is the generic term for any marketable item produced to
satisfy wants or needs. Economic commodities comprise goods and services.
Wikipedia.com and bornreadyek.blogspot.com explains exchange as a place where various
commodities and derivatives products are traded. Most commodity markets across the world
trade in agricultural products and other raw materials (like wheat, barley, sugar, maize, cotton,
cocoa, coffee, milk products, pork bellies, oil, metals, etc.) and contracts based on them.
Projected Future Growth Drivers of the Industry

Indian Economic Growth
India’s GDP is currently in the top 5 global growth drivers. Commodities futures trading
volumes are expected to increase as there is a relation, mostly seen in developed countries,
between physical quantity of commodities consumed and that of the commodity volumes on
the exchanges.
Commodity Options to be introduced
The Futures Industry Association, FIA, estimates on options trading suggest that options
trading constitue 50.8% of the total commodities derivatives volumes globally for the six months
period ended June 30, 2011. If the Government of India introduces options trading in
commodities, planning process ongoing, then this would lead to increased volumes and invite
further participation which would further lead to the overall growth of the Indian commodity
derivatives markets.
Introduction of innovative new commodities
There could be possibility of newer innovative commodities which could be allowed on the
commodities exchanges to be traded, which would lead to newer contracts and further enhance
volumes.
Deepen Investor Participation
As the commodities exchanges become more accessible and many more investors become
informed on how to trade the commodities, more participants are expected to trade in
commodities. The newer participants could include individual investors who look to diversify
their investment portfolio over various asset classes, commodity manufacturers and oil refiners
who are looking to hedge their price volatility risks.
The Government of India could adjust the regulations so as to allow banks, mutual funds and
foreign institutional investors to participate in the Indian Commodities markets to bring
liquidity and depth in its functioning and overall participation.
MCX’s Investments
Dubai Gold and Commodities Exchange DMCC
MCX, 5% equity shareholder, entered a Joint Venture MOU with Financial Technologies (India)
Limited and the Dubai Metals and Commodities Centre (now known as Dubai Multi
Commodity Centre) to establish the DGCX. DGCX commenced operations with gold futures
trading in November 2005; by end of FY2006 introduced silver futures and by Q1FY2007
added currency futures trading.
MCX Stock Exchange Limited (“MCX-SX”)
MCX and its promoter group, Financial Technologies (India) Ltd (FTIL) promoted the MCX-
SX in 2008. Currently FTIL is a non-controlling shareholder and MCX has a 5% equity stake in
the entity. MCX-SX is a SEBI recognised stock exchange, currently having approval for currency
futures trading.
MCX-SX Clearing Corporation Limited (“MCX-SX CCL”)
MCX-SX CCL is a Clearing and settlement entity, only the second to be granted permission by
SEBI, of the MCX-SX. MCX-SX CCL is capable to undertake clearing and settlement of trades
in multi-asset securities. MCX has a direct stake of 26.0% in MCX-SX CCL.
Multi Commodity Exchange Clearing Corporation Limited (“MCX CCL”)
MCX CCL, a 100.0% subsidiary, was established as a separate clearing house to undertake
clearing and settlement of trades and to provide for the provision of counterparty risk guarantee
on our Exchange. MCX CCL has not commenced operations as it is awaiting the approval of
FMC.
SME Exchange of India Limited (“SME”)
SME, a 51% subsidiary, was incorporated to operate as a stock exchange for small and medium
scale enterprises who wish to list their equity shares and eventually have their derivatives.
FMC approval is received.
Economy and Commodity Exchange

As shown by one of the research carried out by Sindhu (2012) commodity exchanges have
posted 20% CAGR in volumes over the past 25 years. The agri sector in India accounts for
16% of India’s GDP. As per AGMIN , India has over 7,000 regulated mandis . As of 2011,
World Gold Council report say that accumulated gold stock in India is estimated at ~20k
tonnes, accounting for 13% of the global gold stock. Further, Indians account for ~20% of
global gold jewellery demand. Silver is also purchased as an appealing investment. India is
also highly exposed to global oil price movements. As per International Aluminium Institute,
JPC, World Steel Association and Edelweiss research, Iron & steel, aluminium, and copper
are the most consumed metals in the country. Annual aluminium and copper consumption
stood at ~1,800k MT and ~700k MT, respectively, for CY11.
Such an active spot commodities market makes a strong case for huge growth potential in
commodity futures trading in the country. As per a report of Mc Kinsey, India’s secular
economic growth trend (GDP growth of 8% plus) will drive the underlying demand for physical
commodities.
Worldwide, huge growth potential for volumes of commodity exchanges is seen. Also,
Government of India’s initiatives to modernise the futures market will stimulate trading interest
in commodity futures. Similarly launch of option trading, launch of new commodity futures
(including intangible) and increased investor participation will also drive growth in futures
volume. Over a period of time, there is an expectaton that migration from unorganised futures
market or OTC products to national exchange will be there as products become more
standardised.
Wellman (1993), in his approach of multi commodity flow problem he found out that careful
construction of the decision process according to economic principles can lead to efficient
distributed resource allocation and that the behaviour of the system can be meaningfully
analyzed in economic terms.
Ahuja (2006) in his study has shown that commodities derivatives market has seen ups and
downs, but seem to have finally arrived now. The market has made enormous progress in
terms of technology, transparency and the trading activity. Interestingly, this has happened
only after the Government protection was removed from a number of commodities, and market
forces were allowed to play their role. This should act as a major lesson for the policy makers
in developing countries, that pricing and price risk management should be left to the market
forces rather than trying to achieve these through administered price mechanisms. The
management of price risk is going to assume even greater importance in future with the
promotion of free trade and removal of trade barriers in the world.
According to Gilbert (1989), a general appreciation of the dollar will result in a corresponding
fall in the dollar prices of primary commodities. The elasticity with respect to the value of the
dollar will depend on supply and demand elasticities and on shares in world production and
consumption of the commodity, but should be in the zero-one interval. Published estimates
have indicated substantially greater elasticities, implying excess volatility of primary
commodity prices. The author shows that this apparent excess volatility may be accounted
for in terms of use of an inappropriate exchange rate index and through omission of wealth
effects on LDCs associated with dollar-denominated debt.
According to Swift(2001) Exporters of homogeneous commodities are usually regarded as
‘price takers’ who operate in perfectly competitive international markets, so that the pass-
through of exchange rate changes to foreign-currency prices must be zero. However, many
Australian commodities are subject to influences that may produce more complex pricing
strategies, for example, markets in which Australia is a dominant exporter, or where there are
few buyers and sellers due to the presence of large multi-national corporations. This study
uses multivariate co-integration techniques to examine the pricing of Australian metal exports,
with particular emphasis on the degree and timing of the pass-through of exchange rate and
other changes.
According to Edge (2008), to provide a status report on pilot project “enabling farmers to
leverage commodity exchanges” highlighting clear analysis of outcomes, to suggest possible
areas of intervention in for facilitating scaling up of intervention between MCX /aggregators,
farmers and other stakeholders, to capture and document the constraints and limitations faced
by stake holders involved in initiative for hedging the price risk of farmers through MCX.
Literature Review on Effect of MCX Turnover on Economy

According to a study by Levin and Wright (2006), gold is considered as a store of value (without
escalation) whereas stocks are regarded as return on value (escalation from probable real
price increase plus dividends). This view gained attractiveness in 19th century due to stable
political climate with strong property rights and little turmoil in USA. But according to
Pritchard (2010) recent global recession has contradicted this view and once again investors
are converging on gold investments. Trend in stock investment has sharply declined and
many stock markets in the world have been crashed. Therefore, in addition to various other
factors demand of gold has appreciated the value of gold price. In 2005 before the global
recession, the price of gold was around at the level US$415 per ounce which crossed the limit
of US$1000 per ounce in March 2008 while currently it has reached at the record height of
US$1421 per ounce in November 2010 (Forex, 2011).
According to Shahzadi (2011) evaluated the impact of gold prices on KSE which is major
stock exchange of Pakistan by using data of five years from 2006 to 2010. For this task, statistical
techniques like Unit Root Test of Augmented Dickey Fuller (ADF), Unit Root Test of Phillip
Perron, Johansen’s Co Integration Test and Granger Causality Test (GCT) have been used.
Kumar and Pandey (2011), investigated the cross market linkages of Indian commodity futures
for nine commodities with futures markets outside India. They applied Bivariate GARCH
model (BEKK) to investigate volatility spillover between India and other World markets. e
find that futures prices of agricultural commodities traded at National Commodity Derivatives
Exchange, India (NCDEX) and Chicago Board of Trade (CBOT), prices of precious metals
traded at Multi Commodity Exchange, India (MCX) and NYMEX, prices of industrial metals
traded at MCX and the London Metal Exchange (LME) and prices of energy commodities
traded at MCX and NYMEX are cointegrated. In case of commodities, it is found that world
markets have bigger (unidirectional) impact on Indian markets. In bivariate model, we found
bi-directional return spillover between MCX and LME markets. However, effect of LME on
MCX is stronger than the effect of MCX on LME. Results of return and volatility spillovers
indicate that the Indian commodity futures markets function as a satellite market and assimilate
information from the world market.
Mukherjee (2011) made an attempt to re-validate the impact of futures trading on agricultural
commodity market in India. The findings significantly showed that comparative advantage
of futures market in disseminating information, leading to a significant price discovery and
risk management, that can again help to successfully develop the underlying commodity
market in India.
Baskara (2007) analyzed the share of agricultural commodities traded across National Level.
To study the relationship between spot and futures price of the selected agricultural
commodities traded in the National Level commodity Exchanges.
Jena and Goyari (2010) empirically examined the volatility and the presence of high volatility
regimes in Indian gold and crude oil futures‘markets using the Markov regime-switching
ARCH (SWARCH) model of Hamilton and Susmel (1994). It also examines the dynamic
relationship between futures return and trading volume of these commodity futures markets
in India using the bivariate VAR model. The analysis is based on the daily trading futures
contract price, collected from the website of Multi Commodity Exchange (MCX) for the period
from 1-June 2005 to 31-August 2009. The study found that there is one directional causal
relationship from trading volume to returns in both commodities. It is also found that there
exists high volatility during the global financial crisis that might be caused either by local or
global financial crisis. But each state is short lived after crisis and all markets return to low
volatilities after the crisis.
Bose main purpose of the study was to look into some characteristics of the Indian commodity
futures market in order to judge whether prices indicate efficient functioning of the market or
otherwise, particularly as this market is less developed compared to the financial derivatives
markets, being constrained by its chequered history with many policy reversals. The results
also help to build a case for opening up of parts of the Indian agricultural futures market.

1. To evaluate the Impact of MCX turnover on GDP
2. To evaluate the Impact of MCX turnover on GDP
The main purpose of the study is to evaluate the Impact of MCX turnover on GDP in India.
The study was empirical in the nature and the total population includes all the stock Indices
in India. The sampling frame of the study consisted of all the stock indices in India. Sampling
element was multi- commodity exchange of India and the data for the same was taken for the
financial years 2006-2012. The judgmental sampling technique was used to analyze the data.
Yearly MCX turnover data was taken from mcxindia.com and GDP data was taken from
economywatch.com website. Data was analyzed through Bi-variate regression method taking
GDP as dependent variable and MCX turnover as independent variable and in second time
taking MCX turnover as dependent and GDP as dependent variable.
Results & Discussions

To fulfill the objective of the research, regression was applied. The results of the same are
discussed below.

Change Statistics
Model R R Square Adjusted R Std. Error of R Square
the Estimate Change F Change df1 df2 Sig. F
Change
1 .035a .001 -.044 1.42205 .001 .028 1 22 .869
a. Predictors: (Constant), mcx
b. Dependent Variable: gdp
R Square in the model summary is computed as R to the power of 2. R square value is 1% This
means that .1% variation in GDP is shown by MCX turnover. This expresses the proportion of
variance in Y that is “explained” or “accounted for” by knowledge of X.
Analysis of Variance
Table 7.2: ANOVAb
1 Regression .056 1 .056 .028 .869a
Residual 44.489 22 2.022
Total 44.545 23
a. Predictors: (Constant), mcx
b. Dependent Variable: gdp
F statistic also tests the model fit. The null hypothesis in this case is that model is fit. At 86.9%
significance level, we fail to reject the null hypothesis. This means model is fit and we can go
ahead to check the relationship further.
Regression Model Coefficients

Next in our output, we have the regression model coefficients, which contain essential
information for interpreting our regression analysis. Included in this output will be the intercept
(noted as “constant” in the SPSS output), as well as the predictor variable X. The output that
follows reveals our regression equation to be : GDP=a+b*MCX turnover
Table 7.3: Coefficient Statistics

Coefficientsa
1 (Constant) 1.902 .322 5.900 .000
Mcx .000 .001 -.035 -.167 .869 1.000 1.000
a. Dependent Variable: gdp
First, we interpret the constant. It is equal to 1.902. This means that the least-squares line
touches the ordinate axis at a value of Y =1.902. Equally, it is also the predicted value for Y
when X = 0. Hence, for our data, this means that if MCX turnover is equal to 0 (i.e., X = 0), then
the expected or predicted value for GDP is 1.902. That is,
GDP = 1.902+ .000 (MCX TURNOVER)
Next, we interpret the coefficient for MCX turnover, which is the slope parameter. It is equal
to .000. The interpretation of the slope is as follows: for a one-unit increase in mcx turnover,
the expected or “average” change in GDP is an increase of Zero units.
Beta: Standardized Regression Coefficient
The Beta, otherwise called the standardized regression coefficient. This is the slope coefficient
that results when X and Y are both standardized (i.e., transformed into z-scores) before the
analysis is run. The value for Beta for our data is -.035. The interpretation for Beta is as follows:
for a one-standard deviation increase in X, we can expect Y to decreases by .035 of a standard
deviation. The coefficient of.035 essentially means that a one standard deviation increase in X
is associated with 3.5% of a standard deviation decrease in Y.
Normality Test for Residuals: The normality of residuals was checked using one sample KS
test. The residuals were found to be normally distributed. The same can be seen through the
results below.
Table 7.4: One-Sample Kolmogorov-Smirnov Test Statistics
Unstandardized Unstandardized
Predicted Value Residual
N 24 24
Normal Parametersa Mean 1.9250000 .0000000
Std. Deviation .04938398 1.39079127

Most Extreme Differences Absolute .133 .226
Positive .117 .226
Negative -.133 -.158
Kolmogorov-Smirnov Z .651 1.105
Asymp. Sig. (2-tailed) .790 .173
Test For Stationarity: Unit Root Test

The Augmented Dickey-Fuller (ADF), tests for whether the series (or it’s first or second
difference) is stationary must specify four sets of options to carry out a unit root test. The test
was applied on MCX turnover and GDP data. The results are discussed below:
Table 7.5: Unit Root Statistics

Variable Stationarity Stationarity Stationarity Stationarity Results
Without With 1st With 2nd With Log
Difference Difference Difference
T P T P T P T Prob.
Value Value Value Value Value Value Value
Mcx Turnover 0.19 0.96 -4.05 0.005 -4.74 0.001 -3.72 .049 Series
Stationary
At Second
Difference
Constant(Mcx 0.24 0.80 1.94 .0.06 0.52 0.61 -0.13
Turnover)
Gdp -6.31 0.00 -6.28 0.00 -5.53 0.00 Series
Stationary
At Normal
Level
Constant 5.050515 0.0001 -0.30 0.7617 -5.53 0.00
(Gdp)
The results show that MCX turnover Series is stationary at second difference and GDP at
normal level. Therefore we have use 2nd difference of MCX turnover data and GDP data
(without differencing), to carry out least square regression.
Ordinary Least Squares

This technique minimizes the sum-of-squared residuals for each equation, accounting for any
cross-equation restrictions on the parameters of the system. If there are no such restrictions,
this method is identical to estimating each equation using single-equation ordinary least
squares. E-Views displays both the estimates of the coefficients and the fixed effects.
A few of these summary statistics require discussion. First, the reported R-squared and F-
statistics are based on the difference between the residuals sums of squares from the estimated
model, and the sums of squares from a single constant-only specification, not from a fixed-
effect-only specification. As a result, the interpretation of these statistics is that they describe
the explanatory power of the entire specification, including the estimated fixed effects. Second,
the reported information criteria use, as the number of parameters, the number of estimated
coefficients, includes fixed effects. Lastly, the reported Durbin-Watson stat is formed simply
by computing the first-order residual correlation on the stacked set of residuals.
Taking GDP as dependent and 2nd difference of MCX turnover as independent, ordinary least
square was carried out. The results obtained were as follows:
Table 7.6: Ordinary Least Square Statistics

GARCH = C(3) + C(4)*RESID(-1)^2 + C(5)*GARCH(-1)
Coefficient Std. Error z-Statistic Prob.
C 1.981911 0.240124 8.253707 0.0000
DDMCX -0.000120 0.001169 -0.102829 0.9181
Variance Equation
C 0.128913 0.152946 0.842863 0.3993
RESID(-1)^2 -0.178752 0.098552 -1.813790 0.0697
GARCH(-1) 1.136352 0.001483 766.5025 0.0000
R-squared 0.009095 Mean dependent var 1.922727
Adjusted R-squared -0.224059 S.D. dependent var 1.446484
S.E. of regression 1.600350 Akaike info criterion 3.583068
Sum squared resid 43.53902 Schwarz criterion 3.831033
Log likelihood -34.41375 F-statistic 0.039008
Durbin-Watson stat 2.524119 Prob(F-statistic) 0.996809
Regression Equation
1. GDP= Bo + B1 *DDMCX + E
R2 coefficient of determination is the fraction of the variance of the dependent variable explained
by the independent variables, Here only .9% variation.. Durbin-Watson stat: test statistic for
serial correlation in the residuals. The value here is 2.5 which mean that there negative auto
correlation between the residuals. Akaike info criterion: used in model selection. The model
value, 3.58 indicate that the model has considerably less support. F-statistic: tests the hypothesis
that all of the slope coefficients (excluding the constant, or intercept) in a regression are zero.
here the f vale is not significant at 5% level of significance. Model is not fit.
Durbin Watson Sat = 2.52 (Negatively correlated)

R square = 0.009095
Akaike info criterion = 3.583068
SIC = 3.831033
Similarly a reverse regression was carried out to check the reverse relationship i.e. effect of
GDP on MCX Turnover, Taking 2nd difference MCX Turnover as dependent and GDP as
dependent. Ordinary least square regression was carried out. The results obtained were as
follows:
Table 7.7: Regression Statistics

Variable Coefficient Std. Error t-Statistic Prob.
C 3216.564 285.8773 11.25156 0.0000
GDP -51.40152 121.2208 -0.424032 0.6757
R-squared 0.008107 Mean dependent var3117.616
Adjusted R-squared -0.036979 S.D. dependent var794.4958
S.E. of regression 809.0524 Akaike info criterion16.30926
Sum squared resid 14400449 Schwarz criterion 16.40743
2. DDMCX= Bo + B1 * GDP + E
Durbin Watson Sat = 1.97 (Positively correlated)
R square = -0.013833
Akaike info criterion = 14.69415
SIC = 14.94211
R2 coefficient of determination is the fraction of the variance of the dependent variable explained
by the independent variables, Here only .8% variation.. Durbin-Watson stat: test statistic for
serial correlation in the residuals. The value here is 1.97 which means that there positive auto
correlation between the residuals. Akaike info criterion: used in model selection. The model
value, 14.69 indicate that the model has considerably very less support. F-statistic: tests the
hypothesis that all of the slope coefficients (excluding the constant, or intercept) in a regression
are zero. Here the f vale is not significant at 5% level of significance. Model is not fit.
Conclusion
The present study was done to find out a relationship between MCX turnover and gross GDP
and vice-versa. Theory states that the gross GDP should have an impact on the MCX turnover.
In the study we have tried to test the theory and opposite too by taking data for multi-
commodity exchange of India for gold turnover and the data for the GDP for the financial
years 2006-2012. The results of regression analysis in SPSS and bivariate analysis through E-
views indicate the same results. The results indicate a weaker relationship between the variables
and poor model fit. The results are against the theory, though India is the largest consumer of
gold in the world. Gold is a major vehicle of saving for large number of low and middle
income households in rural and urban areas. India’s gold demand is significantly influenced
by real income and a set of variables pertaining to monetary, fiscal and financial sector policies
such as interest rate, exchange rate, personal income tax, government spending to ease
economic and social uncertainty and wealth (asset price), besides the relative price of gold.
Study done by Kannan and Sarat (2008) proves this fact empirically.
References
• Baskara M. (2007). Commodity Futures Trading In India: A Role Of National Commodity
Exchanges, Th9518, University Library, University of Agriculture Science, Dharwad.
• Bose, S. (2008). Commodity Futures Market in India A Study of Trends in the Notional Multi-
Commodity Indices, ICRA Bulletin money & finance , 125-128.
• Cardinal Edge Management Services (P) Ltd. (2008), Enabling farmers to leverage commodity
exchanges.
• Gilbert, C.L. (1989). The Impact of Exchange Rates and Developing Country Debt on
Commodity Prices, 99(7), 773-784.
• Goyal, A., Tripathi, S. (2012). Regulations and price discovery: oil spot and futures markets,
Indira Gandhi Institute of Development Research, Mumbai. Retreived from http://
www.igidr.ac.in/pdf/publication/WP-2012-016.pdf
• Karunakar, M., Vasuki, K. and Saravanan, S. (2008). Are non - Performing Assets Gloomy or
Greedy from Indian Perspective? Research Journal of Social Sciences, 3, 4-12.
• Narender L. Ahuja (2006) Commodity Derivatives Market in India: Development, Regulation
and Future Prospects International Research Journal of Finance and Economics, 2, 153-162.
• Mishra, N. (2011). Bank NPA and Impact on Indian Economy. Retrived from http://
www.caclubindia.com/articles/banks-npa-and-impact-on-indian-economy-8146.asp
• Sahoo, P., Kumar, R. (2008), Impact of Proposed Commodity Transaction Tax On Futures
Trading In India, Singapore Economic Review, 56(3), 1-18.
• Swift, R. (2001). Exchange rates and commodity prices: the case of Australian metal exports,
33(6), 745-753.
• Wellman, M.P. (1993). A market oriented Programming Environment and its Application to
Distributed Multi Commodity Flow Problems, 1, 1-23.
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Public Sector Banks In India. AFBE Journal,4(1).
08
Attitude Towards Clearance Sales of

Liked and Disliked Brands
Shilpa Sankpal, Yogendra Mathuriya, Lovely Sukhani, Zeba Siddqui,
P K Singh, Hilsa Mishra, Shikha Sharma and Abhijeet Khanwilkar
ABSTRACT
Clearance Sales figure as one of the crucial selling policies that business firms have. In a
clearance sale, the selling price of the product tanks with the fading of the fashion or the
season, and allows the seller to offload excess goods into the market. In the study, we undertook
the study of Attitude towards Clearance Sales of Liked and Disliked Sales. The study yielded
five factors of the attitudes towards clearance sales of liked and disliked brands. These factors
were Excitement, Brand Preference, Brand Opinion Leadership, Price-Image Sensitivity
and Peer Influence. Two demographic variables were considered, and the difference between
the samples on the basis of gender and family income was observed. In the study, it has been
found that gender and family income individually, and gender and family income together
do not affect the attitude towards clearance sales of liked and disliked brands.
Keywords: Clearance Sales, Attitude, Consumer Behaviour
Introduction
Sales are an inevitable phenomenon in retailing. Especially in the case of apparels and fashion
driven items, retailers often initiate sales to either counter sluggish movement of stock or
when the season is changing and space is needed for the stocking and display of fresh items.
These sales serve as phenomenal deals for shoppers who would then like to get their hands
on items of use.
It is a given deal in marketing literature that every consumer has a consideration set of brands
in product categories relevant to them. Not every brand available is remembered and recalled
by the consumer. Not every recalled brand is recalled in a favourable light. Hence, even for
the brands that are thus evoked, there is a sense and perception of liking and not liking these
brands.
Clearance Sales by marketers are usually end of the season and they are designed to sponge
off maximum attention from the consumers and offload maximum stock in the market. Hence,
Attitude Towards Clearance Sales of Liked and Disliked Brands 133
the discounts are delicious and there is often bundling and offers made available on the same.
Sometimes, it is observed that brands that are not really top of the mind for consumer get
bought by him or her, because of the kind of sales that were on.
Nocke and Peitz (2007) have differentiated between three kinds of price profiles in line with
selling policies of a firm. In uniform pricing, the seller will set the price such that all items are
sold at the same price. In two different demand periods, the price remains the same. In
introductory offers, the seller sets a lower price in the initial demand period and then the
price is raised for the subsequent demand period. The assumption here is that some goods are
sold in all demand conditions. In clearance sales, the seller sets a lower price in the subsequent
demand period, rather than the initial or main demand period. Here again, the assumption is
that some units will be sold in each demand period.
As elaborated by Nocke and Peitz (2007) further, clearance sales are held usually for selling
season goods. Durables such as season based apparel and season dependent outdoor gear
(e.g. skis, cardigans and pullovers etc) are typically sold before the season fully ends. Because
the manufacturers are restrained in their capacity to increase production at short notice, sellers
have to decide on stocks before the commencement of the season, thus being vulnerable to
uncertainty about which items will prove more popular and which not so much. Non-moving
items are then marked down in the middle of the season when summer or winter sales usually
start. Clearly, consumers anticipate that such a price cut will occur but they are aware of the
risk that the particular good they want to purchase may no longer be available by then.
Clearance sales have the following properties:
(i) The firm charges a high price initially and later a lower price (as a discount or mark-
down on the regular price), and
(ii) In the period of clearance sales, there is a positive probability of purchase by the
consumer.
The parameter of retail success translates to high gross margins and customer service levels
with the minimum inventory possible [Mattila et al (2002)]. Especially with reference to fashion
content, factors such as the ability to predict accurately, process lead-time, and being able to
source judiciously from offshore and local vendors, along with avenues for replenishment
affects the success of the retailers. For all of these factors, the considerations are several. The
nature of the very product and speed of procurement when order is placed will directly counter
the forecast accuracy.
Traditionally speaking, the lead time for product delivery is long and orders can be placed
seven to eight months in advance before the season actually starts. Any mistakes made in the
predictions would translate to overstocking resulting into clearance sales, and there can be
stockouts and lost sales too. This prediction error and the bid to offset it is the cause of higher
mark-up prices for fashion products, among other contributing factors.
Robinson and Bailey (1994) studied discount retailing from a British perspective. Discount
retailing has become popular owing to the fallout of recession, and it has taken the shape of
American style warehouse clubs. The authors have suggested that in UK, the retailing of this
kind is marked by core discounting, as well as clearance outlets. The other markers are high
degree of planned purchasing, effective use of information technology and relationship
building with manufacturers; ensuring service and image-building for attracting and retaining
customers.
Buckley (1991) developed a S-O-R model for purchase of a product in a store and the
characteristics he included as influencers were price, quality, branding and promotions. As
Monroe and Della Bitta (1978) and Rao (1984) have illustrated, price and quality do exert
some influence on choice. As substantiated by Bemmaor (1984), Bilemel (1984) and Laroche et
al (1986) the drop in the price of a branded product is looked upon as good value for money
because these brands are having an associated brand image, and hence quality is imbibed
while when the price of a generic product is reduced, it is seen as a resetting of the price to a
more reasonable level.
Walker (1999) developed a model for determining the price markdowns of seasonal
merchandize. The sellers of such merchandise are dealing with profit maximization over a
short selling season, and with a limited stock of goods. The timing and amount of markdowns
are critical to belt optimum profits. Decision support in the face of the sunk costs is a tactical
move for maximizing revenue.
In a very interesting paper on shoe sales conducted in the Malaysian context, Tong et al (2012)
found that women shoppers preferred first day sales, for the first buyers’ advantage. Also,
music was a crucial element of ambience considered by women shoppers. Malaysia being a
multi-racial society, the ethnic group interaction was taken into account. It was found in the
study that it did not impact sales promotion purchase at all. Dawson and Kim (2010) in a
study in the online context, investigates the external cues on apparel websites that promote
impulse buying. The authors suggest that impulse trigger cues such as sales, promotion,
purchase and suggested items can potentially increase impulse purchase on websites.
A slightly different angle in which price promotions has been studied is that by Hyunjoo and
Kyong-Nan(2009) who have investigated the consumer response to price promotions in stores
and online, during the holiday season. It was found that in the holiday season too, consumers
remain sensitive to price promotions. That price promotions increase offline spending is a
given. It was found that price promotions can improve online spending too.
Nocke and Peitz (2007) posited that high-valuation consumers buy goods at a higher initial
price to avoid rationing. However, low-valuation consumers wait for the prices to drop to
purchase items. Clearance sales are an optimal inter-temporal selling policy according to the
authors. Möller and Watanabe (2010) in a paper approached advance selling problems to look
at why some commodities are sold cheaper to early purchases while for some commodities
there are discounts and price-offs for those who are late purchasers. The late purchasers run
the risk of non-availability of choice in the item, and yet are attracted to the sales. It was found
by the authors that when the total demand is more than the supply, the advance discounts are
just as effective as the clearance sales. However, the focus will turn to capacity costs and the
capacity available, the resale price and the price commitment along with the rationing of the
commodities.

1. To design, develop and standardize a measure that identifies Attitude towards
Clearance Sales of Liked and Disliked Brands.
2. To identify the underlying factors those encompass the Attitude towards Clearance
Sales of Liked and Disliked Brands.
3. To compare respondents on their Attitude towards Clearance Sales of Liked and
Disliked Brands on the basis of gender and family income.
4. To identify avenues for further research.
The study was exploratory in nature and survey method was used to complete the study. The
population for the study comprised shoppers in Gwalior region. The sample size was of 66
shoppers. Because a complete list of population was not available, non-random sampling,
specifically quota sampling was utilized. For data collection, a self-designed questionnaire
was administered. The questionnaire had a five point Likert type scale, where 1 indicated
minimum agreement and 5 indicated maximum agreement (see A-1). The demographic data
was collected for respondents on the basis of their gender and family income. The collected
data was subjected to analysis through PASW 18.0. The data collected was analyzed for
checking item to total correlation, so that the internal consistency could be established. Also
reliability was determined through Cronbach Alpha. The validity was established through
Face Validity method. Further, the factors in the measure were identified via Factor Analysis
and then ANOVA was utilized for comparing the respondents in their attitude for clearance
sales of liked and disliked brands.

Sample Description
The data was collected in the month of August 2012. The following sample descriptive will be
of value in understanding the sample characteristics. The demographic variables on which
data was taken from the respondents were Gender and Family Income (see Table 1).
Table 8.1: Cross Tabulation of the Respondents

Gender * Familyincome Cross Tabulation
Familyincome Total
1 2
Gender 2 19 17 36
1 15 15 30
Total 34 32 66
Reliability
Reliability for the questionnaire was calculated through PASW 18.0. The statistics (see A-3,
Table 2) came out as:
Table 8.2: Reliability Statistics
Cronbach’s Alpha N of items
0.649 10
It was found that (see A-3) deleting the items in the questionnaire did not improve the reliability
of the given questionnaire, and hence no changes were done to the questionnaire and all the
items were retained for further analysis.
Validity
Validity was checked through Face Validity Method and found to be high.
Factor Analysis
To identify the underlying factors of the attitude for clearance sales of liked and disliked
brands, Factor Analysis using Principal Component Matrix with Varimax Rotation was applied.
The KMO Measure of Sampling Adequacy (see A-4) was 0.553 which indicates that there was
scope of increasing the sample size. The Bartlett’s test of Sphericity statistics were 98.313 at
0% level of significance. Five Factors emerged after applying Factor Analysis (see Table 3).
The factors that emerged were:
Table 3: Emerged Factors

Factor Name Eigen % of Loading Item Converged
value var.
1.Excitement 1.697 16.975 .776 1.Clearance sales are always
.721 exciting whether I like the brand
.642 or not.
5.I will never visit a clearance
sale if it is of a brand I dislike.
6.Clearance sales are always
attractive.
2.Brand Preference 1.569 15.690 .871.778 10.For Brands I like, I wait for
the clearance sales to be
announced so that I can buy the
clothes.
2.I will visit the clearance sale
of a brand I like, even if the
discount is not very heavy.
3. Brand Opinion Leadership 1.437 14.372 .816.803 3. I will visit a clearance sale
only if of a brand I like.
9. I will encourage my friends
to come along for the sale, if it

is a brand I like.
4 Price – Image Sensitivity 1.277 12.771 .846.563 8. I do not like to shop in
clearance sales.
7. If there is a very heavy
discount, I will visit the sale,
even if I do not particularly like
the brand.
5 Peer Influence 1.229 12.286 .858 4. I will discourage my family
and friends from visiting a
clearance sale, if it is of a brand
I dislike.
Description of Factors
1. Excitement: This factor has emerged as the most important determinant of attitude
towards clearance sales of liked and disliked brands with a total variance of 16.975.
Major elements of this factor Include Q1. Clearance sales are always exciting whether
I like the brand or not 0.776, Q5. I will never visit a clearance sale only if it is of a
brand I like 0.721, Q6. Clearance sales are always attractive 0.642.
2. Brand Preference: This factor has a total variance of 15.690. Major elements of this
factor include Q10.for Brand I like, I wait for the clearance sales to be announced so
that I can buy the clothes 0.871, Q2. I will visit the clearance sale of a brand I like,
even if the discount is not very heavy 0.778.
3. Brand Opinion Leadership: This factor has a total variance of 14.372. Major elements
of this factor include Q3. I will visit a clearance sale only if of a brand I like 0.816, Q9.
I will encourage my friends to come along for the sale, if it is a brand I like 0.803.
4. Price-Image Sensitivity: This factor has a total variance of 12.771 Major elements of
this factor include Q8. I do not like to shop in clearance sales 0.846, Q7. If there is a
very heavy discount, I will visit the sale, even if I do not particularly like the brand
0.563.
5. Peer Influence: This factor has a total variance of 12.286. Major elements of this factor
include Q4. I will discourage my family and friends from visiting a clearance sale, if
it is of a brand I dislike 0.858.
ANOVA
There were three hypotheses in the study:
H01: There is no difference between males and females in their attitude towards clearance
H02: Family Income yields no difference in the respondents’ attitude towards clearance
H03: There is no difference between respondents on the basis of gender and family
income in their attitude towards clearance sales of liked and disliked brands.
When ANOVA was applied through PASW, and it yielded the following output (see A-5,
Table 4)
Table 8.4: Output of ANOVA

Source Type III Sum Df Mean Square F Sig Partial Eta
of Squares Squared
Gender 1.098 1 1.098 .035 .852 .001
Family Income .651 1 .651 .021 .886 .000
Gender*Family Income 29.032 1 29.032 .930 .339 .015
As is visible from the table above, all the F values are significant at more than 0.05 level of
significance. The Significance value must be less than .05 to reject the null hypothesis. But
given the yielded significance level, the null hypotheses cannot be rejected. Hence, for the
sample under consideration in this study, there is no effect of gender and family income
individually on attitude towards clearance sales of liked and disliked brands. Also, gender
and family income together do not influence the attitude towards clearance sales of liked and
disliked brands.
Avenues for Further Research

This study can be replicated on a larger and more representative sample. Also, a greater
demographic representation would improve the richness of area under study. A general sense
during the research was that there is a dearth of studies on this topic in Indian context. Several
brands employ a range of selling policies for their brands. A potent study would imbibe the
impact of change in the selling policy on the effectiveness of sales. The kind of study that has
been presented here, with a change in methodology can employ an experimental design for
its execution. This would also be a valuable change to the study.
Conclusion
In the current study, we undertook the study of Attitude towards Clearance Sales of Liked
and Disliked Sales. The study yielded five factors, namely - Excitement, Brand Preference,
Brand Opinion Leadership, Price-Image Sensitivity and Peer Influence. Two demographic
variables were considered, and the difference between the samples on the basis of gender and
family income was observed. It has been found that gender and family income individually,
and gender and family income together do not affect the attitude towards clearance sales of
liked and disliked brands.
References
• Bemmaor, A. C. (1984). Testing Alternative Econometric Models on the Existence of Advertising
Threshold Effect. Journal of Marketing, 21 (Aug), 298-308.
• Bilemel F. W. A. (1984). Brand Choice under Price-Quality Considerations: an Integrative Theory,
Working Paper, School of Business, Queen’s University, Kingston, Ontario, Canada.
• Buckley, P. G. (1991). An S-O-R Model of the Purchase of an Item in a Store, in Advances in
Consumer Research Volume 18, eds. Rebecca H Holman and Michael R Solomon, Association
for Consumer Research, 491-500.
• Dawson, S. and Kim, M. (2010). Cues on apparel web sites that trigger impulse purchases,
Journal of Fashion Marketing and Management, 14(2), 230 – 246.
• Heikki, M., King, R. and Ojala, N. (2002). Retail performance measures for seasonal fashion,
Journal of Fashion Marketing and Management, 6(4), 340 – 351.
• Laroche, M., Jeny, R., Wahler, L. and Bilemel, F. (1986). Economic Consideration for Dispensing
Pharmacists: The Impact of Price-Quality Evaluation on Brand Categorization, Journal of
Pharmaceutical Marketing and Management, 1, 41-60.
• Möller, M. and Makoto, W. (2010). Advance Purchase Discounts Versus Clearance Sales, The
Economic Journal, 120(547), 1125-1148.
• Monroe, K. B. and Bitta, A. J. D. (1978). Models of Pricing Decision, Journal of Marketing Research,
15(August), 413-428.
• Oh, H. and Kwon, K-N. (2009). An exploratory study of sales promotions for multichannel
holiday shopping, International Journal of Retail & Distribution Management, 37(10), 867 – 887.
• Rao, Vithala R (1984), Pricing Research in Marketing: The State of the Art, Journal of Business,
57(1), S39-S61.
• Robinson, T. M. and Bailey, J. (1994). Discount Clothing Retailing in the UK, International
Journal of Retail & Distribution Management, 22(1), 29 – 37.
• Tong, D. Y. K., Kim, P. L. and Xue, F. T. (2012). Ladies’ purchase intention during retail shoes
sales promotions, International Journal of Retail & Distribution Management, 40 (2), 90 – 108.
• Volker, N. and Peitz, M. (2007). A Theory of Clearance Sales, The Economic Journal, 117 (July),
964-990.
• Walker, J. (1999). A model for determining price markdown of seasonal merchandise, Journal
of Product & Brand Management, 8(4), 352-361.
ANNEXURE
A-1 QUESTIONNAIRE
The questions seek to know your opinion about clearance sales of apparels. Mark the following
statements on a scale of 1 to 5, where 1 indicates minimum agreement and 5 indicates maximum
agreement.
Clearance sales are always exciting whether I like the brand or not.
1 2 3 4 5
I will visit the clearance sale of a brand I like, even if the discount is not very heavy.
1 2 3 4 5
I will visit a clearance sale only if it is of a brand I like.
1 2 3 4 5
I will discourage my family and friends from visiting a clearance sale, if it is of a brand I
dislike.
1 2 3 4 5
I will never visit a clearance sale if it is of a brand I dislike.
1 2 3 4 5
Clearance sales are always attractive.
1 2 3 4 5
If there is a very heavy discount, I will visit the sale, even if I do not particularly like the
brand.
1 2 3 4 5
I do not like to shop in clearance sales.
1 2 3 4 5
I will encourage my friends to come along for the sale, if it is a brand I like.
1 2 3 4 5
For brands I like, I wait for the clearance sales to be announced so that I can buy the clothes.
1 2 3 4 5
Name:
Gender: Male Female
Family Income (Annual):
< or equal to 3 lacs > 3 lacs
A-2 DESCRIPTIVES
Frequency Table
Gender
Frequency Percent Valid Cumulative
Percent Percent
Valid 2 36 54.5 54.5 54.5
1 30 45.5 45.5 100.0
Total 66 100.0 100.0
Familyincome
Frequency Percent Valid Cumulative
Percent Percent
Valid 2 32 48.5 48.5 48.5
1 34 51.5 51.5 100.0
Total 66 100.0 100.0
A-3 RELIABILITY – Table 8.2

Item-Total Statistics
Scale Mean if Scale Variance if Corrected Item- Cronbach’s Alpha if
Item Deleted Item Deleted Total Correlation Item Deleted
VAR00003 29.36 26.850 .227 .641
VAR00004 29.53 26.099 .276 .632
VAR00005 29.45 25.421 .286 .631
VAR00006 29.95 26.536 .178 .655
VAR00007 29.61 22.242 .487 .581
VAR00008 29.52 24.038 .431 .599
VAR00009 29.61 25.842 .308 .626
VAR00010 29.82 25.259 .352 .617
VAR00011 29.20 26.376 .312 .626
VAR00012 29.59 25.938 .277 .632
ANOVA
Sum of Squares df Mean Square F Sig
Between People 196.648 65 3.025
Within People Between Items 27.176 9 3.020 2.846 .003
Residual 620.624 585 1.061
Total 647.800 594 1.091
Total 844.448 659 1.281
Grand Mean = 3.28
A-4 FACTOR ANALYSIS

KMO and Bartlett’s Test
Df 45
Sig. .000
Rotated Component Matrixa

Component
1 2 3 4 5
VAR00003 .776 -.396
VAR00007 .721
VAR00008 .642
VAR00012 .871
VAR00004 .778
VAR00005 .816
VAR00011 .803
VAR00010 .846
VAR00009 .382 .563 -.413
VAR00006 .858
Extraction Method: Principal Component Analysis. Rotation Method: Varimax with Kaiser
Normalization.
a. Rotation converged in 6 iterations.
A-5 ANOVA
Univariate Analysis of Variance
Tests of Between-Subjects Effects
Dependent Variable:AttitudeTCS
Source Type III Sum df Mean Square F Sig. Partial Eta
of Squares Squared
Corrected Model 31.473 a
3 10.491 .336 .799 .016
Intercept 70478.606 1 70478.606 2.258E3 .000 .973
Gender 1.098 1 1.098 .035 .852 .001
Familyincome .651 1 .651 .021 .886 .000
gender * familyincome 29.032 1 29.032 .930 .339 .015
Error 1935.011 62 31.210
Total 73182.000 66
a. R Squared = .016 (Adjusted R Squared = -.032)
Estimated Marginal Means

1. Grand Mean
Mean Std. Error 95% Confidence Interval
Lower Bound Upper Bound
32.837 .691 31.456 34.218
2. Gender
Gender Mean Std. Error 95% Confidence Interval
Male 32.967 1.020 30.928 35.006
Female 32.707 .933 30.843 34.572
3. FamilyIncome
FamilyIncome Mean Std. Error 95% Confidence Interval
less than 3 lacs 32.937 .965 31.008 34.865
more than 3 lacs 32.737 .990 30.759 34.715
4. Gender * FamilyIncome
Gender FamilyIncome Mean Std. Error 95% Confidence Interval
Male less than 3 lacs 32.400 1.442 29.517 35.283
more than 3 lacs 33.533 1.442 30.650 36.417
Female less than 3 lacs 33.474 1.282 30.912 36.036
more than 3 lacs 31.941 1.355 29.233 34.650
Profile Plots wshowing Interaction effect

145
09
Impact of Product Packaging, Brand Impression

and Brand Personality on Purchase Intention
Shailja Bhakar, Abhay Dubey, Shilpi Nagariya, Megha Mishra, Ambika Rathi, Ruchi Sao,
Arti Pipariya, Falguni Rambhasha , Ankit Gupta and Nagendra Singh
ABSTRACT
Branding and brand-based differentiation are important means for creating and sustaining
competitive advantage (Aggarwal, 2004). Lots of branding constructs and measurements
has been developed such as product packaging, brand personality and brand impression
that help in differentiation. This research examines the impact of product packaging, brand
personality and brand impression on purchase intention. Various researches have been
conducted to know the individual impact of product packaging, brand personality and brand
impression on purchase intention but no research have been conducted taking these variables
together. The data was collected using non probability quota sampling technique from 100
customers and the results indicated that there is a significant impact of product packaging
on brand impression and brand personality, also brand impression has a significant impact
on brand personality. Finally brand personality has an impact on purchase intention and
brand impression does not have a significant impact on purchase intention.
Key words: Branding, Purchase Intention, Brand Impression
Conceptual Framework
Package Design
Package design is a strong tool to differentiate one organizations brand from other competing
brands (Underwood et al., 2001; Silayoi & Speece, 2004). It helps customers in evaluating a
products quality, ingredients, price etc. literature indicates that purchase behavior of customers
can be influenced through impressive package designs (Wells, Farley & Armstrong, 2007), it
also helps in building strong image of the brand in the minds of customers (Rundh, 2005).Thus
package performs an important role in marketing communications and could be treated as
one of the most important factors influencing consumer’s purchase decision. In this context,
seeking to maximize the effectiveness of package in a buying place, the researches of package,
its elements and their impact on consumer’s buying behavior became a relevant issue.
Brand Impression
It is always said that first impression is the last impression, therefore it is important for the
organizations to concentrate on what impression they want to portray, of their brands, in the
minds of the customers. The first impression of an organizations brand is created through the
communication messages through different mediums or we can say advertisements. Keller
(1993) stressed that every message that an organizations conveys to its customers should be
able to be understood in the intended manner which will only happen when the message can
be interpreted in only one way (Underwood 2003). Misinterpretation of the message can lead
to difficulties in forming brand impressions that the organization wants. Package designs are
another source of forming a brands impression in the minds of the customers (Aaker 1991;
Batra and Homer 2004; Schmitt and Simonson 1995).
Brand Personality
Personality is the overall behavior, physical appearance and characteristics of a person that
differentiates him from others (Soysal, 2008; Erkal, 2004; Çetin and Beceren, 2007; Batra et al,
1993). Customers have different personality portrayal of different brand and products in their
minds. Customers buy products and brands on the basis of evaluation of the personality of
products and brand and their matchup with their own personalities (Johar et al, 2005; Escalas
and Bettman, 2005; Belk, 1988; Aaker, 1997). Brand personality is the base in creating emotional
part of brand image, the rational part of brand image is created through features, price etc of
the brand (Ouwersloot and Tudorica, 2001; Aaker, 1997)
Purchase Intention
Purchase Intention is a kind of decision in which it is studied why a customer purchases a
brand in particular. The purchase intention is the probability of purchase of a product or a
given brand (Lacoeuilhe, 1997). It is “an expressed attitude concerning a future choice behavior
and of economic decisions” (Marketing Dictionary). The reciprocal and mutual benefits of
consumer-brand relationship provide a solid foundation for the further development of a
long-term relationship between consumer and firm.
Literature Review
There are hoards of products in the market with little or no difference in the features and
which has increased the complexity of customers while purchasing products. Product package
design is generally used as a peripheral to differentiate one organizations product or brand
from other organization (Berkowitz, 1987; Bloch, 1995; Henderson et al,. 2003; Schmitt and
Simonson, 1995).
Different elements of product packaging like visual elements: size, material and verbal
elements: product information, country of origin, effect consumers choice and purchase
decisions (Kuvykaite et al., 2009), customers in low involvement products believe on visual
effects of package design then compared to verbal effects (Orth & Malkewitz, 2006). Sioutis
(2011) added some more elements of package designs such as graphics, shape, color and
visibility that have effect on product preference. In his study shape and visibility were identified
as the most important contributors of product preference, whereas color was the least important
factor.
Impact of Product Packaging, Brand Impression and Brand Personality on... 147
Raghavan (2010) study was based upon the golden ratio concept in mathematics and the
study identified the effect of rectangle shapes of product packages and its impact on product
preference and purchase intention. The results indicated significant effect of rectangular shape
of product package design on the preference and purchase intention. Underwood et al., (2002)
conducted a study to identify whether consumers beliefs of product and brands are altered
by product packaging in food products. The results indicated significant effect of product
packaging on consumer beliefs, also if the product picture is displayed on the package
customers were able to evaluate the basic features of the product and form positive attitude
towards the brand. Horsky & Honea (2009) found that product package design effects the
quality evaluation of customers in evaluating the taste and purchase decision of a product in
food products. According to them if a products quality is poor that can be hidden behind an
attractive package.
Package designs also help in creating brand impression in the minds of customers (Orth &
Malkewitz, 2006). Different impressions can be created using different types of designs such
contrasting designs are symbol of excitement, delicate design is a symbol of sophistication,
natural designs brings freshness and sincerity with them (Orth & Malkewitz, 2008). A good
brand impression further helps in generating purchase intention towards the product (Yen
and Tseng, (2007); Tsui-Yii Shih, 2011; Lee et al., 2008)
Literature has also indicated that package designs also help in creating brand personality in
the minds of customers (Orth & Malkewitz, 2006). Strong brand personalities lead to higher
purchase intentions in customers (Bouhlel et al., 2011; Wang and Yang, 2011; Akýn, 2011).
Punyatoya (2011) in his literature review also supported these findings. His study indicated
that in both high and low involvement products brand personality affects purchase intentions
but in case of high involvement products the effect is higher. The study also revealed what
factors create strong brand personalities for both low and high involvement products.
Celebrities are effective tools for low involvement products whereas strong messages created
strong brand personality for high involvement products.
Objectives
1. To develop and standardize a questionnaire on product packaging, brand impression,
brand personality and purchase intention
2. To find the cause and effect relationship between product packaging on brand
impression and brand personality
3. To find the cause and effect relationship between brand impression and brand
personality on purchase intention
4. To find the cause and effect relationship between product packaging, brand
impression and brand personality on purchase intention
5. To open new areas for further research
The study was causal in nature with survey method being used to collect the data. The
population included respondents residing at Gwalior during the data collection phase of the
study, individual customers were taken as the sampling element. Data was collected from 200
customers using non probability quota sampling technique Data was collected through self
designed questionnaire on package design, Brand Impression and Purchase intention and
standardized questionnaire on brand personality by Aaker (1990). The questionnaire was
developed on a seven point Likert type scale where 1 indicated minimum agreement and 7
indicated maximum agreement. Cronbach’s Alpha reliability was applied to check the
reliability of the questionnaire, principal component factor analysis with Kaizer normalization
and Varimax rotation on all the questionnaire of the study was applied to find out underlying
factors of the questionnaires, multiple and linear regressions were applied to check the
relationships between the variables and ANOVA was applied to find out the difference between
all demographic variables on all continuous variables.
Proposed model for testing

Reliability
Reliability test was carried out on service quality questionnaire using SPSS software and the
result of Cronbach Alpha reliability test is given below:

S No. Variable Cronbach Alpha Value
1 Package Design .783
2 Brand Impression .760
3 Brand Personality .838
4 Purchase Intention .627
Reliability test was carried out on questionnaires to evaluate whether the questionnaires were
reliable for conducting the study or not. If the value of reliability test is found to be more than
0.7 the questionnaire is considered as reliable. Cronbach Alpha reliability value for all the
variables of the study was more than 0.7 therefore the questionnaire were considered reliable
for conducting the study.
Table 9.2: Kaiser- Meyer-Olkin Measure of Sampling Adequacy and Bartlett’s Test of
Sphericity
Variable Name KMO Bartlett’s Test of Sphericity Significance level
Package Design .739 371.605 .000
Brand Impression .771 355.316 .000
Brand Personality .843 653.585 .000
Purchase Intention .630 62.998 .000
Kaiser-Meyer-Olkin (KMO) measure of sampling adequacy: The Kaiser-Meyer-Olkin (KMO)

measure of sampling adequacy is an index used to examine the appropriateness of factor
analysis. High values (between 0.5 and 1.0) indicate factor analysis is appropriate. Values
below 0.5 imply that factor analysis may not be appropriate. The Kaiser - Meyer - Olkin Measure
of Sampling Adequacy value for the measures were found more than 0.6 indicating that the
sample was adequate to consider the data suitable for factor analysis.
Bartlett’s test of Sphericity: Bartlett’s test of sphericity is a test statistic used to examine the
hypothesis that the variables are uncorrelated in the population. In other words, the population
correlation matrix is an identity matrix; each variable correlates perfectly with itself (r = 1) but
has no correlation with the other variables (r = 0). The Bartlett’s Test of Sphericity for all the
variables package design, brand impression, brand personality and purchase intention was
tested through Chi-Square value having values 371.605, 355.316, 653.585 and 62.998 significant
at 0% level of significance indicating that the data was suitable for factor analysis.
Factor Analysis Package Design
Principle component factor analysis with varimax rotation and Kaiser Normalization was
applied. The factor analysis converged on 3 factors after four iterations. The details about the
factors, the factor name, variable number, variable convergence and their Eigen value is given
in the table given below.
Table 9.3: Factor Statistics of Package Design

S No Variable Eigen Value % of Variance Items Item Loading
1 Variance 1.989 22.105 2 Color .819
3 Size .774
1 Graphic .739
2 Structure 1.896 21.065 4 Form .761
7 Producer .761.
6 Product Information .712
3 Make 1.822 20.246 8 Country of Origin .849
9 Brand .824
5 Material .510
Factor Analysis Brand Impression

applied. The factor analysis converged on 3 factors after thirteen iterations. The details about
the factors, the factor name, variable number, variable convergence and their Eigen value is
given in the table given below.
Table 9.4 : Factor Statistics of Brand Impression

1 Elegant 2.311 21.006 9 Impress friends .804
8 Stylish .701
10 Value for Money .623
11 Masculine .450
2 Established 2.012 18.291 3 Everyday .766
2 Corporate .707
1 High Quality .618
4 Cheap .532
3 Vigorous 1.592 14.474 5 Feminine .766
6 Happy Memories .661
7 Healthy .562
Factor Analysis Brand Personality

applied. The factor analysis converged on 4 factors after fifteen iterations. The details about
the factors, the factor name, variable number, variable convergence and their Eigen value is
given in the table given below.
Table 9.5 : Factor Analysis Brand Personality

1 Victorious 2.499 16.658 11 Successfu .716
l10 Intelligent .713
12 Upper Class .579
9 Reliable .568
2 Amiable 2.127 14.182 15 Tough .715
14 Outdoorsy .646
13 Charming .492
3 Decent 2.013 13.421 3 Wholesome .742
1 Down-to-earth .676
2 Honest .595
4 Cheerful .586
4 Inventive 1.911 12.740 7 Imaginative .738
8 Up-to-date .637
5 Daring .579
6 Spirited .548
Factor Analysis Purchase Intention

applied. The factor analysis converged on 1 factor. Therefore the questions of the questionnaire
can be taken as it is for further researches.
Linear and Multiple Regression

Linear regression was applied taking package design as independent variable and brand
impression as dependent variable, package design as independent variable and brand
personality as dependent variable and brand impression as independent variable and brand
personality as dependent variable as well as Multiple regression was carried out taking brand
impression and brand personality as independent variable and purchase intention as dependent
variable. The result of regression is as follows:
H0 (1): There is no significant effect of package design on brand impression
H0 (2): There is no significant effect of package design on brand personality
H0 (3): There is no significant effect of brand impression on brand personality
H0 (4): There is no significant effect of brand impression and brand personality on
purchase intention
Table 9.6 : Factor Analysis Purchase Intention

Variables F Sig Beta T Sig R
Square Adjusted
R Square
Package Design and Brand 71.410 .000 .542 8.450 .000 .293
Impression
Package Design and Brand 80.313 .000 .564 8.962 .000 .318
Personality
Brand Impression and Brand 187.380 .000 .722 13.689 .000 .521
Personality
Brand Impression, Brand 33.499 .000 .008.525 .0885.599 .930.000 .282
Personality on Purchase
Intention
Y= a + bx
Y= 6.760 + .205x + (-.096)x + .659x
Where,
X= Package Design (independent variable)
Y= Brand Impression (dependent variable)
The model having package design as independent variable and brand impression as dependent
variable was having a good fit indicated by F test value of 71.410 significant at 0.000 level of
significance. The beta value 0.542 tested through t test value of 8.450 significant at .000 indicated
a significant effect of product package on brand impression. The R square value indicated
29.3% effect of product package on brand impression.
Where,
X= Package Design (independent variable)
Y= Brand Personality (dependent variable)
The model having package design as independent variable and brand personality as dependent
variable was having a good fit indicated by F test value of 187.380 significant at 0.000 level of
significance. The beta value 0.564 tested through t test value of 8.962 significant at .000 indicated
a significant effect of product package on brand personality. The R square value indicated
31.8% effect of product package on brand personality.
Where,
X= Brand Impression (independent variable)
Y= Brand Personality (dependent variable)
The model having brand impression as independent variable and brand personality as
dependent variable was having a good fit indicated by F test value of 71.410 significant at
0.000 level of significance. The beta value 0.722 tested through t test value of 13.699 significant
at .000 indicated a significant effect of brand impression on brand personality. The R square
value indicated 52.1% effect of brand impression on brand personality.
Where,
X= Brand Impression and Brand Personality (independent variable)
Y= Purchase Intention (dependent variable)
The model having brand impression and brand personality as independent variable and
purchase intention as dependent variable was having a good fit indicated by F test value of
33.499 significant at 0.000 level of significance. The beta value 0.542 tested through t test value
of 8.450 significant at .000 indicated a significant effect of product package on brand impression.
The R square value indicated 29.3% effect of product package on brand impression.
MANOVA
Multiple analyses of variance was applied to find out the difference between all the continuous
variables in case of both differentiating variables i.e. brand and gender.
Table 9.7: MANOVA Statistics

Levene’s Test of Equality of Error Variancesa
F df1 df2 Sig.
ProductPackaging 1.818 7 166 .087
BrandImpression 1.852 7 166 .081
BrandPersonality .731 7 166 .646
PurchaseIntention 1.608 7 166 .136
groups.
a. Design: Intercept + BrandName + Gender + BrandName * Gender
Tests of Between-Subjects Effects

Source Dependent Variable Type III Sum df Mean Square F Sig.
of Squares
Corrected ProductPackaging 931.174a 7 133.025 1.816 .087
Model
BrandImpression 1232.060b 7 176.009 1.759 .099
BrandPersonality 3122.223 c
7 446.032 2.582 .015
PurchaseIntention 141.202 d
7 20.172 1.625 .131
Intercept ProductPackaging 343181.412 1 343181.412 4.686E3 .000
BrandImpression 454822.665 1 454822.665 4.545E3 .000
BrandPersonality 879203.590 1 879203.590 5.090E3 .000
PurchaseIntention 41436.828 1 41436.828 3.339E3 .000

BrandName ProductPackaging 711.584 3 237.195 3.239 .024
BrandImpression 1154.022 3 384.674 3.844 .011
BrandPersonality 2633.487 3 877.829 5.082 .002
PurchaseIntention 76.379 3 25.460 2.051 .109
Gender ProductPackaging 77.905 1 77.905 1.064 .304
BrandImpression 46.943 1 46.943 .469 .494
BrandPersonality 2.499 1 2.499 .014 .904
BrandName * ProductPackaging 83.486 3 27.829 .380 .768
Gender BrandImpression 123.085 3 41.028 .410 .746
BrandPersonality 570.078 3 190.026 1.100 .351
Error ProductPackaging 12157.085 166 73.235
BrandImpression 16610.906 166 100.066
BrandPersonality 28672.328 166 172.725
PurchaseIntention 2060.137 166 12.410
Total ProductPackaging 377693.000 174
BrandImpression 499638.000 174
BrandPersonality 964304.000 174
PurchaseIntention 46203.000 174
Corrected ProductPackaging 13088.259 173
Total BrandImpression 17842.966 173
BrandPersonality 31794.552 173
PurchaseIntention 2201.339 173
b. R Squared = .069 (Adjusted R Squared = .030)
c. R Squared = .098 (Adjusted R Squared = .060)
d. R Squared = .064 (Adjusted R Squared = .025)
The model having brand name and gender as differentiating variables and product packaging,
brand impression, brand personality and purchase intention as dependent variable was having
a poor fit for product packaging, brand impression and purchase intention as indicated by F-
test value of 1.816, 1.759 and 1.625 significant at 0.087, 0.099 and 0.131 level of significance
whereas the model was a good fit in case of brand personality having F Value of 2.582 significant
at 0.015. The intercept value is indicating a significant effect of cross intersections of

differentiating variables on dependent variables with F-test value of 4.686E3, 4.545E3, 5.090E3
and 3.339E3 significant at 0.000 level of significance, a significant difference was found in the
perception towards product packaging, brand impression and brand personality for all the
brands indicated by F test value of 3.239, 3.844 and 5.082 significant at 0.024, 0.011 and 0.002
whereas no significant difference was found in case of purchase intention of all the brands
tested through F test value of 2.051 significant at 0.109. No gender differences was found in
the responses of respondents towards product package, brand impression, brand personality
and purchase intention tested through F test value of 1.604, 0.469, 0.014 and 1.435 significant
at 0.304, 0.494, 0.904 and 0.233 level of significance.
Table 9.8: Post Doc Between Brands Statistics

Multiple Comparisons
Dependent (I) (J) Mean Std. Error Sig. 95% Confidence
Variable Brand Brand Difference Interval
Name Name (I-J)
Lower Upper
Bound Bound
Product 1 2 -2.8090 1.89916 .452 -7.7378 2.1198
Packaging 3 -1.0715 1.87218 .940 -5.9303 3.7873
4 -5.6529 *
1.90887 .018 -10.6069 -.6990
2 1 2.8090 1.89916 .452 -2.1198 7.7378
3 1.7375 1.77572 .762 -2.8709 6.3459
4 -2.8439 1.81436 .400 -7.5526 1.8648
3 1 1.0715 1.87218 .940 -3.7873 5.9303
2 -1.7375 1.77572 .762 -6.3459 2.8709
4 -4.5814 1.78611 .054 -9.2168 .0539
4 1 5.6529 *
1.90887 .018 .6990 10.6069
2 2.8439 1.81436 .400 -1.8648 7.5526
3 4.5814 1.78611 .054 -.0539 9.2168
Brand 1 2 -6.8595 *
2.21995 .012 -12.6208 -1.0982
Impression 3 -3.3345 2.18842 .426 -9.0139 2.3450
4 -5.4822 2.23130 .071 -11.2730 .3086
2 1 6.8595 *
2.21995 .012 1.0982 12.6208
3 3.5250 2.07566 .328 -1.8619 8.9119
4 1.3773 2.12083 .916 -4.1268 6.8813
3 1 3.3345 2.18842 .426 -2.3450 9.0139
2 -3.5250 2.07566 .328 -8.9119 1.8619

4 -2.1477 2.08780 .733 -7.5661 3.2706
4 1 5.4822 2.23130 .071 -.3086 11.2730
2 -1.3773 2.12083 .916 -6.8813 4.1268
3 2.1477 2.08780 .733 -3.2706 7.5661
Brand 1 2 -10.0967 *
2.91660 .004 -17.6660 -2.5274
Personality 3 -2.6273 2.87518 .798 -10.0891 4.8346
4 -7.0780 2.93152 .078 -14.6860 .5300
2 1 10.0967 *
2.91660 .004 2.5274 17.6660
3 7.4694 *
2.72704 .034 .3921 14.5468
4 3.0187 2.78638 .700 -4.2126 10.2500
3 1 2.6273 2.87518 .798 -4.8346 10.0891
2 -7.4694 *
2.72704 .034 -14.5468 -.3921
4 -4.4508 2.74299 .369 -11.5695 2.6680
4 1 7.0780 2.93152 .078 -.5300 14.6860
2 -3.0187 2.78638 .700 -10.2500 4.2126
3 4.4508 2.74299 .369 -2.6680 11.5695
Purchase 1 2 -1.1177 .78180 .483 -3.1467 .9112
Intention 3 .5670 .77069 .883 -1.4331 2.5671
4 .2697 .78580 .986 -1.7697 2.3090
2 1 1.1177 .78180 .483 -.9112 3.1467
3 1.6847 .73099 .101 -.2124 3.5818
4 1.3874 .74689 .251 -.5510 3.3257
3 1 -.5670 .77069 .883 -2.5671 1.4331
2 -1.6847 .73099 .101 -3.5818 .2124
4 -.2973 .73526 .978 -2.2055 1.6108
4 1 -.2697 .78580 .986 -2.3090 1.7697
2 -1.3874 .74689 .251 -3.3257 .5510
3 .2973 .73526 .978 -1.6108 2.2055
Based on observed means. The error term is Mean Square(Error) = 12.410.
*. The mean difference is significant at the .05 level.
The post doc test was applied to find out the individual differences between the brands. There
were four brands of soaps taken in the study Vivel, Dove, Fiama Di Wills, Lux. The post doc
test indicates a significant difference between the product packaging of vivel and lux, fiama
di wills and lux. There was a significant difference between the brand impression of vivel and
dove, there was significant difference found between the brand personality of vivel and dove,
fiama di wills and dove. No significant difference was found between the purchase intentions
of all four brands.
Conclusion
The results of the study indicated that there is a significant impact of product packaging on
brand impression and brand personality. A strong impact of brand impression was also
identified on brand personality and finally it was found that brand personality effects purchase
intention but brand impression does not have an impact on purchase intention.
ANOVA was applied to identify difference between demographic variables on all continuous
variables. Significant difference was found between the packaging, brand impression and
brand personality of all four brands i.e. Vivel, Lux, Dove and Fiama Di Wills, whereas no
significant difference was found between purchase intentions of all the four brands. No
significant difference was found between the responses of both the genders towards package,
brand impression, brand personality and purchase intention towards all four brands.
The implications of this research for the manufacturing organizations is that product packaging
creates both brand impressions and brand personality which in turn converts into purchase
intention of products. Therefore organizations having attractive packaging can expect good
impressions of their brands in the customers perception as well as it will convert into strong
brand personality. Both will further increase the purchase intention of the product of the
organization.
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10
Predictors of Career Choice Among Students of

High School and Higher Secondary School
Shailja Bhakar, Abhay Dubey, Shilpi Nagariya, Megha Mishra, Ambika Rathi, Ruchi Sao,
Arti Pipariya, Falguni Rambhasha, Ankit Gupta and Nagendra Singh
ABSTRACT
Career choice has become a complex science with the advent of information technology, the
emergence of post industrial revolution and job competition. Many factors affect career choices of
high school students. The study focused on three factors that have influence over career choice of
male and female students i.e. parents, events and other factors such as advertisements on radio,
television, internet etc.
The results indicated a significant effect of all independent variables that is gender, personal
factors, events and other influencers on career choice. Out of all the influencers it was found that
other influencers such as radio, television, internet etc. has highest influence on career choice.
Key words: Predictors of Career Choice, advertisements.
Introduction
Career is the direction that students choose while going through their learning stage. It is the
decision related to the job prospects that the student wants’ to open for himself/ herself after
education. Oxford’s definition defines “career as the progression in life related to both learning
and work. “Career choice decisions are very crucial in a life of a student. A right career will
always bring satisfaction as well as it will lead to the path of fulfilling one’s dream. There are
both objective and subjective factors to choose a career. The objective criterion is related to
salary expectations, growth and location of the job whereas the subjective criterion is related
to self esteem, social interactions, interest etc.
There are three major stages in life that decide the career options for a student such as : the
subject that individuals chooses in 11th and 12th class, the graduation course individuals enrolls
themselves and finally the post graduation course. It’s a challenging task for the adolescents
to choose the correct career path (Havighurst, 1972). An adolescent’s personal interest,
opportunities as well as the career choice options create confusion in the minds of adolescents.
Predictors of Career Choice Among Students of High School and Higher ... 161
Therefore they depend on number of factors while choosing their careers such as parents,
school, teachers, career fairs etc (Vondracek, et al., 1986).
Literature indicates that parent have highest influence in career choice of students (Kracke,
2001, Whiston & Keller, 2004). Adolescents trust on their parents, their experience, knowledge
etc are key factors that increase the effect of parent’s suggestions in career choice. Gender
difference has been identified by some researchers in case of parental influence on career
choice of students. Females get higher support of parent in career choice then males (Paa and
McWirther 2000) the reason may be girls do more exploration while making their career choice
(Wallace-Broscious et al., 1994).
The other influencers found in different researches in career choice of adolescents are vocational
counseling, and training opportunities, career masters or counselors, teachers, brother and
sister, friends etc. Career Choice is also affected by personal preference and identification
with figures and role models. Even students are becoming more confident now a day they
find their career choices on their own from various informational sources such as internet,
magazines, fairs etc. The current study includes all these factors along with personal factors
such as parents influence, brother, sister, career counselors influences and other personal
sources on career choices of tenth and twelfth class students as this is the stage where the
options are more and the students are inexperienced to take the decision and as students
move towards graduation and post graduation classes they get matured and the choices also
shrink and it becomes easier to choose career options at that stage.
Literature Review
Lent et al., (1998) described student facing a career choice can be imagined as being in an
innermost circle of a cocoon, surrounded by his or her external environment influencing this
choice. Stebleton, (2007) indicated that students generally have external locus of control at
this stage and have feeling of indecisiveness. Research indicated that the indecisiveness is
caused due to anxiety and that anxious individuals have higher levels of indecisiveness
(Campagna and Curtis, 2007). According to M¨uller, (1996); Shavit & Blossfeld, (1993) the
younger the student, the less information about his or her academic potential is available; the
more uncertainty is involved in the decision.
Öztemel, (2013) found no significant differences in students’ career indecision both in the test
as a whole and at the sub-scales level according to gender, grade level and seeking assistance
status. Career indecision of students studying at occupational high schools was found to be
significantly higher than that of the students studying at general high schools.
State-anxiety has more effect on career indecision than trait-anxiety does. This means that
counselors can affect an individual’s current state (state-anxiety) more than their personality
(trait-anxiety); it is easier to reduce state-anxiety than trait-anxiety. Research indicated that
anxiety causes indecisiveness and that anxious individuals have higher levels of indecisiveness
(Campagna and Curtis, 2007; Öztemel, 2013)
Gati et al., (2011) & Öztemel, (2012) found that the career indecision of individuals who were
in doubt was higher than the ones who were certain. Similarly, Albion, (2000) and Albion and
Fogarty (2002) indicated that students who are unable to choose a career or a field of study
show a higher level of career indecision. Furthermore, Albion and Fogarty, (2002) stated that
indecisiveness could be an aspect of career decision behavior for students who are at Super’s
discovery stage or not ready to take over field selection. Therefore, the fact that the level of
career indecision of individuals who have not decided on a profession or field of study is
higher could be because they over take a broad view or misinterpret indecisiveness as being a
common personality trait. Another possible explanation is that individuals who are not decided
on their career may not have sufficient knowledge about either themselves or environmental
factors.
Literature has indicated that parents have highest influence on student’s career choice
(Stebleton, 2007; Lent & Brown, 1996; Obiunu & Ebunu, 2010; Stambler, 1998; Biggart et al.,
2004; Whiston & Keller, 2004). Kagitcibasi, (1994) identified that Chinese culture places a high
importance on parental control and on children’s compliance in a hierarchical family context.
In a study of Asian-Americans’ career choices, Tang et al., (1999) suggested that Asian-
Americans might choose a job that is acceptable to their parents, rather than one based on
their own interests. Therefore, Tang et al. suggest it is important to find information about
family background and parental expectations when studying the career choices of Asian-
Americans.
Noack et al., (2010) examined influences schools and parents on adolescents’ occupational
exploration. The author collected data from 859 6th, 8th, and 10th graders who were attending
high- and lower-track high schools in the German federal state of Thuringia and suggested
more extensive exploration among students closer to the school-to-work transition. Besides
cross-sectional effects of parenting and achievement orientation at school, acceptance and
openness students experienced exploratory behaviors. Multilevel analyses indicated, that
school effects operated on the level of subjective perceptions (individual level), but not on the
level of inter subjective reality (classroom level).
Oyamo and Amoth, (2008) conducted studies in Kenya and the results indicated that compared
to urban students rural students tend to seek more help from parents and parents play a
major role than teachers in career choices of students.
Alika, I. H., (2010) found that there was no significant relationship between peer group
influences and career choice in humanities in secondary school adolescents. The study also
indicated that there was no significant relationship between parents influence and career choice
in humanities among secondary school adolescents. The fact that children are becoming more
independent today could be responsible for the result. The findings were consistent with
Oyebode, (1980) research in which he found that irrespective of parental influence children
choose jobs that are highly rated in the society. The author indicated that the reason behind
these results could be globalization where children are exposed to information technology,
where they can explore the internet to find out more about the world of work.
There are other influencers as well on career choice of a student such as Schnabel, (2002)
strongly supported the assumption that educational systems implicitly influenced by family
background when students leave important decisions at the discretion of the legal guardian(s).
Although the consideration processes which finally determines the relevant decision were
not observed in either longitudinal study, decision-making models like the one suggested by
Erikson and Jonsson, (1996b) provide explanations for the observation, as well as others like
M¨uller, (1996); Shavit & Blossfeld, (1993), showed that the influence of family background is
more prominent when those decisions have to be made early in the students’ school career..
Uncertainty, however, favors “conservative” decisions, which means in this context to stick
with the parents’ own biography as a guiding model by default. This mechanism seems to be
rather universal and applies not only to both societies but also across the full developmental
period from the end of elementary school up to the point where the pros and cons of college
education are being weighed.
Edwards and Quinter, (2011) indicated that students’ career choices can be influenced by
number of factors such as outcome expectancies, individual options such as personal interests,
personal contacts, learning experiences, gender and environmental factors. Results indicated
that outcome expectancies were the most influential factors in students’ career choices’ whereas
gender and environment were having a very little role when it comes to career choice. Family
members were having more influence on students’ career choices as compared to other persons.
Peers advice was found to be less important as compared to family members, teachers and
career counselors. However teachers were more influential compared to career counselors.
According to Oyamo and Amoth, (2008) the choice of a career is influenced by parents,
counselors and friends though variations can occur from one population to other. In Kenya,
every year four secondary school students make their career choices prior to sitting for their
final Kenya Certificate of Secondary Examination. Mutekwe et al., (2011) used qualitative
method of data collection that is focus group discussion to identify factors affecting female
students’ career choices and aspirations in Zimbabwe. The factors revealed after applying
content analysis were teachers, parents, subject studied, image of the occupation etc. The
study concluded that there is a strong need for significant others, especially parents and
teachers, to help girls and females by breaking the stereotypes or perceptions of roles society
considers appropriate for girls or boys.
Obiunu & Ebunu, (2010) stated that parents, teachers, friends and mentors are important
agents for career development also hereditary factors affect career development of secondary
school students. This means that physical appearance and aptitude affect the career
development of secondary school students. The study also revealed that psychological,
sociological and economic factors affect career development of secondary school students
significantly. Finally, the findings of research stated that educational factors affect career
development of secondary school students. This means that a student’s position in school and
skills acquired affect career development significantly
ACT (2009) findings indicated that strong academic achievement, certainty of occupational
choice, and college readiness promote degree and job attainment in careers of interest and job
satisfaction. These results reinforced the need for all high school graduates to be prepared for
college and career. Students who meet all four ACT College Readiness Benchmarks and develop
more-certain occupational choices are more likely to have early career success. Even for young
people who may not be able to directly apply all of their career interests in the world of work
(e.g., due to limited opportunities in various fields during difficult economic times), academic
preparation and strong career preferences can better position individuals to make career choices
that are suited to their skills and interests. Such preparation can strengthen the future workforce
and ensure students’ long-term success in the U.S. labor market.
Objectives
1. To develop and standardize a questionnaire on personal factors, events and other
factors effecting career choice
2. To find the cause and effect relationship between personal factors, events and other
factors effecting on making career choice
3. To find gender differences in making career choices.
4. To open new areas for further research
The study was empirical in nature with survey method being used to collect the data. The
population of the study included respondents residing at Gwalior during the data collection
phase of the study where individual students were taken as the sampling element. Data was
collected from 360 students of 10th class female and male students using Non probability
quota sampling technique. Data was collected using self designed questionnaire on personal
factors, events and other factors affecting career choice on a five point Likert type scale where
1 indicated minimum agreement and 5 indicated maximum agreement. Cronbach’s Alpha
reliability test was used to check the reliability of the questionnaires. Principal component
factor analysis with Kaizer normalization and Varimax rotation was used to identify underlying
factors of the questionnaires. Logit test was used to identify the effect of independent variables
on dependent variables.

Reliability
Reliability test was carried out on service quality questionnaire using SPSS software and the
result of Cronbach Alpha reliability test is given below:
Table 10.1 : Reliability Statistics

S No Variable Cron Bach Alpha Number of items
1 Personal .749 16
2 Event .697 8
3 Others .735 10
Reliability test was carried out on questionnaires to evaluate whether the questionnaires were
reliable for conducting the study or not. If the value of reliability test is found to be more than
0.7 the questionnaire is considered as reliable. Cronbach Alpha reliability value for all the
variables of the study was more than 0.7 therefore the questionnaire were considered reliable
for conducting the study.
Factor Analysis
Kaiser- Meyer-Olkin Measure of Sampling Adequacy and Bartlett’s Test of Sphericity was
applied to check the sample adequacy as well as to identify whether the data is spherical or
not.
Table 10.2 : Factor Analysis Statistics
S No Variable KMO Bartletts Test of Spericity Sig
1 Personal .714 528.956 .000
2 Event .731 229.064 .000
3 Others .782 350.642 .000
Kaiser-Meyer-Olkin (KMO) Measure of Sampling Adequacy: The Kaiser-Meyer-Olkin
(KMO) measure of sampling adequacy is an index used to examine the appropriateness of
factor analysis. High values (between 0.5 and 1.0) indicate factor analysis is appropriate.
Values below 0.5 imply that factor analysis may not be appropriate. The Kaiser - Meyer -
Olkin Measure of Sampling Adequacy value for the measures were found more than 0.6
indicating that the sample was adequate to consider the data suitable for factor analysis.
Bartlett’s Test of Sphericity: Bartlett’s test of sphericity is a test statistic used to examine the
hypothesis that the variables are uncorrelated in the population. In other words, the population
correlation matrix is an identity matrix; each variable correlates perfectly with itself (r = 1) but
has no correlation with the other variables (r = 0). The Bartlett’s Test of Sphericity for all the
variables package design, brand impression, brand personality and purchase intention was
tested through Chi-Square value having values 371.605, 355.316, 653.585 and 62.998 significant
at 0% level of significance indicating that the data was suitable for factor analysis.
Factor Analysis Table for Personal Factors
Table 10.3: Factor Analysis Table for Personal Factors

1 Associations 2.210 13.812 13 home school 781
coordinator
10 classmates 754
12 teacher 687
11 mother 544
2 Experts 2.167 13.542 7 professional from 807
community
5 job training 691
partnership act
coordinator
14 principa 676
l2 tribal leader 619
3 Family Units 1.764 11.026 1 older brother or 790
sister
9 father 625
15 relatives 468
4 Acquaintances 1.576 9.853 6 girl or boyfriend 804
4 guidance counselor 587
3 family friend 404
5 Experienced 1.562 9.761 8 minister or clergy 798
people 16 grandparents 733
Factor Analysis Table for Event

Table 10.4 : Factor Analysis Table for Event

1 Methodological 1.713 21.413 4 visit from military 799
recruiter
3 Visit from four year 702
college
7 Trip to 2 year 623
vocational/
technical school
evaluation
2 Job Prospects 1.616 20.201 8 factory tour or trip 753
to future job site
5 assignment to high 648
school workexperience
program 1 high school
career fair 593
3 Syllabus 1.387 17.342 6 Trip to four year 736
Evaluation college/university
2 visit from two-year 697
vocational/technical
school recruiter
Factor Analysis Table for Other Factors

Table 10.5 : Factor Analysis Table for Other Factors

1 Information 2.017 20.168 1 desire to stay near .756
family
10.Internet .702
Information
(World Wide Web)
7 Mailed material .569
5 Magazine article .497
2 Probabilities 1.966 19.661 9 Challenge offered .723
by career choice
8 Potential for high .659
salary
3 Television show .610
4 Newspaper .594
advertisement
3 Unusual 1.537 15.372 2 desire to be out on .830
your own
6 Radio advertisement .631
Logit Test
Logit test was applied between Personal, Event, Other Influencers as well as gender as
independent variable and Career Choice as dependent variable
Table 10.6: Model Fitting Information

Model Model Fitting Criteria Likelihood Ratio Tests
-2 Log Likelihood Chi-Square Df Sig.
Intercept Only 502.308
Final 74.713 427.595 212 .000
Table 10.7: Likelihood Ratio Tests

Effect Model Fitting Criteria Likelihood Ratio Tests
-2 Log Likelihood of Reduced Model Chi-Square Df Sig.
Intercept 74.713a .000 0 .
Gender 99.314 b
24.601 2 .000
Personal 270.122 195.409 84 .000
Event 225.368 150.654 48 .000
Others 292.915 218.202 62 .000
Table 10.8: Pseudo R-Square

Cox and Snell .845
Nagelkerke .952
McFadden .851
The model having Personal, Event, Other Influencers as well as gender as independent variable
and Career Choice as dependent variable was having a good fit as indicated by chi square
value of model fitting information table that is 427.595 significant at .000. The likelihood ratio
test table indicated a significant effect of gender, personal, event and other influencers on
career choice with chi square values 24.601, 195.409, 150.654 and 218.202 significant at .000
level of significance. The chi square values also indicated that other influencers such as
magazines, newspapers television ads etc has highest influence on career choice with chi
square value 218.202 next is the personal factors such as parents, relatives, teachers etc with
chi square value 195.409, next is the events such as career fair, visit to different institutions etc
with chi square value 150.654 and least effect was found in case of gender with chi square
value 24.601. The Pseudo R-Square table indicated that all these independent variables that is
gender, personal, event and other influencers explain most of the variances in career choice.
According to Cox and Snell the variance explained is 84.5%, according to Nagelkerke it is 95.2
according to McFadden it is 85.1%.
T Test
Table 10.9: T Test was applied taking gender as independent variable and
personal, event and other factors as dependent variables
Group Statistics
Gender N Mean Std. Deviation Std. Error Mean
Personal 1 127 51.5276 10.84145 .96202
2 102 53.0294 10.25174 1.01507
Event 1 127 28.2677 6.61941 .58738
2 102 29.0588 5.60909 .55538
Others 1 127 31.5669 6.80755 .60407
2 102 31.5098 7.71618 .76402
Independent Samples Test

Levene’s Test t-test for Equality of Means
for Equality
of Variances
tailed) Differ- Error Interval of the
ence Differ- Difference
ence
Lower Upper
Personal Equal variances .754 .386 -1.067 227 .287 -1.50185 1.40712 -4.27453 1.27082
assumed
Equal variances -1.074 221.001 .284 -1.50185 1.39852 -4.25800 1.25429
Event Equal variances 4.669 .032 -.961 227 .337 -.79111 .82305 -2.41290 .83069
assumed
Equal variances -.979 226.327 .329 -.79111 .80837 -2.38400 .80179
not assumed
Others Equal variances .467 .495 .059 227 .953 .05713 .96075 -1.83601 1.95026
assumed
Equal variances .059 203.119 .953 .05713 .97397 -1.86327 1.97752
not assumed
Differences Between Male and Females on Personal Influencers

Levene’s test for equality of variances was evaluated through F Test value .754 which was
significant at 0.386 indicating that the variances of the two groups were equal therefore T Test
assuming equal variances was applied. The T value for equal variances assumed was -1.067
which was significant at .287 indicating no significant difference between the male and female
in case of personal influencers. Mean values from group statistics table indicated that the
effect of personal influencers was higher in females compared to males.
Differences Between Male and Females on Events

Levene’s test for equality of variances was evaluated through F Test value 7.267 which was
significant at 0.032 indicating that the variances of the two groups were not equal therefore T
Test assuming equal variances not assumed was applied. The T value for equal variances not
assumed was -0.961 which was insignificant at 0.337 indicating no significant difference
between males and females in case of events. Mean values indicated that events such as career
fair, visit to institutions etc have higher influence on females compared to males.
Differences Between Male and Females on other Influencers

Levene’s test for equality of variances was evaluated through F Test value .467 which was
significant at .495 indicating that the variances of the two groups were equal therefore T Test
assuming equal variances was applied. The T value for equal variances assumed was .059
which was insignificant at .953 indicating no significant difference between males and females
in case of other influencers such as magazines, newspapers, television etc. Mean values
indicated that males were influenced by other influencers more compared to females.
Conclusion
Self designed questionnaires on personal, event and other influencers were standardized using
reliability and factor analysis test in SPSS. The questionnaires were found to be reliable and
therefore suitable for data collection for the current study. Logit test was applied to find out
the effect of gender, personal, event and other influencers on career choice and it was found
that all were having a significant effect on career choice. Therefore institutions can target
students for the courses they are running by spreading information in other influencers such
as internet, news papers, magazines, television etc about the importance of the courses, they
can also contact and convince personal factors such as parents, relatives, teachers about their
courses as well as they can use events to attract students directly such as career fairs, free trips
to institutions etc to explain the courses and their importance directly to the students. It was
also found that the other influencers have highest influence on career choice so institutions
should concentrate more on magazines, newspapers, internet, and television mediums to
spread information about their courses. T Test was applied to find out gender differences in
case of personal, event and other influencers and it was found that females trust more on
personal factors and events whereas males trust more on other influencers. Therefore for
promoting courses among female students institutions have to use personal factors as well as
events and in case of males they have to use other influencers.
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173
11
Patience and Logical Resoning as Predictors of

Programming Skills
Nitin Paharia, Vani Agrawal, Pinky Sodhi, Satish Bansal, K. K. Yadav, Ram Paliwal,
Pramod Shridhar Jadhav, Shekhar Kulshreshtha, Sandeep Jain &Priyanka Jain
ABSTRACT
In this research article we have examined the Effect of Patience and Logical Reasoning on
students programming skills and also cause and effect relationship has been established
between patience and logical reasoning as independent variables and programming skills as
dependent variable. The data was collected from 77 students of PIM at Gwalior City of
Central India. Results are analyzed through Curve Estimation. Linear multiple regression
was also applied between independent variable and dependent variables.
Key words: Patience, Reasoning and Programming skills
Introduction
Study tells in order to enhance the learning capacity of a student; there are several factors that
must be considered. These include the student himself and his learning environment. Learning
environment includes various factors that increase the mental capability of a student.
Progamming is one of the factors. Having knowledge of programming is recognized as one of
the complex activity by a large number of students as it includes various difficulties, like the
programming language syntax, student’s motivation level, mathematics and science
background and so on. So, this research foretells about the fact that whether patience and
logical thinking are helpful in enhancing the programming skills of a student or not. If yes,
then to what extent.
Patience
It can be called a person’s ability to wait something out or endure something tedious, without
getting riled up. It requires a lot of patience for being a programmer as he will certainly make
small mistakes that can cost him hours of debugging just for realizing that he was misspelling
a variable name so that the compiler thought it to be as another variable. If a programmer is
not willing to work patiently through possible hypotheses, he will probably find programming
to be frustrating.
Logical Reasoning
Logical reasoning is weighing all the available options, using facts based on the situation and
thus making the choice based on the pros and cons of the given situation. (2)Though
programming is mostly associated with the field of Computer Science, but writing good and
optimized code is mainly an art.
Programming Skills
Programming skills can be defined as the skills through which a person becomes capable of
writing logics to solve any problem using selection, iterations, looping, and conditional
statements. These skills can be grabed by the person having patience and good logical
reasoning.
Carbone, Ian Mitchell, Dick Gunstone, John Hurst (2009) conducted a review paper on Factors
influencing Student Learning in Programming. The study was conducted on First Year IT
undergraduate students. The results indicated that students who lacked programming skills
were negatively motivated and the students possessing good programming skills were very
positively motivated. The findings also indicate that there were five technical skills that students
lack: effective code modification, problem solving skills, ability to closely track the code,
debugging skills, and the ability to break down a programming task. Out of these five,
debugging, close tracking, and code modification were found to be interdependent i.e., the
students who can track their code closely, can also locate the problems easily, thereby
understanding the issues well, they can make informed changes in the code. It was also
indicated that the other two technical skills, problem-solving and breaking down the
programming task were also interdependent i.e., students who do not possess good problem-
solving skills, cannot break down programming tasks that are complex and large.
Simon et al (2006) conducted a research paper on Predictors of Success in a First Programming
Course. The study was multi-national and was conducted on multiple institutions for
introductory programming courses in the academic year 2004. The study included four tasks
for diagnosis: a behavioral task to evaluate simple map designing ability, a paper folding or
spatial visualization task, one more behavioral task to evaluate search strategy articulation
ability, and an attitudinal task to evaluate learning and studying approach. The results indicated
that the correlation between a deep approach towards learning and marks was highly positive,
whereas the surface approach indicated a negative correlation. The scores of paper folding
task and marks of programming indicated a very small positive correlation. These correlations
suggested that other IQ components apart from spatial skills may also affect the success in
programming (Mayer et al 1989).
Caspersen (2007) conducted a research on Educating Novices in the Skills of Programming.
The researchers focused their investigation on five factors: gender, specialization, mathematical
capability, study seniority and student endeavor. The results indicated that a significant effect
of these five factors was found on programming skills. Overall these factors were explaining
36% variance in programming skills. But it was also found that three factors, gender,
Patience and Logical Resoning as Predictors of Programming Skills 175
specialization and study seniority had no significant effect on programming skills, whereas
the other two factors, mathematical capability and student endeavor were contributing 24%
variance in programming skills. Further analysis indicated that out of these two factors also,
mathematical capability had twice as much effect as the student endeavor. Mathematical
capability alone was contributing 15% variance in programming skills.
The authors provided a theoretical framework on how to learn programming in a step-wise
manner. The theoretical framework enabled a perception of measure of correctness that played
a major role in step-wise learning improvement. The theoretical framework was used to provide
a programming method and instructional design for novices.
In another study conducted by Annegret Goold, Russell Rimmer on Factors affecting
performance in first-year computing, Problem Solving Skills and Learning Style were found
to be important factors influencing the performance of students of Information Technology.
Objective of the Study

Main Objective
To evaluate the effect of Patience and Logical Reasoning on programming skills of the student
of BCA course at PIM, Gwalior.
Other Objectives
1. To design and re-standardize measures for evaluating effect of Patience and Logical
Reasoning on Programming skills in present study’s context.
2. To identify the underlying factors of Logical reasoning, patience and Programming
skills.
Hyothesis of the Study

H01: There is no effect of Patience on Programming skills.
H02: There is no effect of logical reasoning on Programming skills.
The study was causal in nature and the survey method was used for data collection. Sample
design consists of the size of population, sample element, sampling size and sampling
technique. Population of the current study was students of BCA programme of PIM, Gwalior.
Students of BCA course were selected for the study. Out of that, 68 percent were females and
the rest were males. An individual student was treated as element of study.
The data has been collected through standarised questionnaire.

The questionnaire used was standardized by testing the reliability, validity and consistency,
through the standarised tools and SPSS software. Further, the data collected was analysed
using regression models. The assumption of regression model being that data should be normal;
therefore, KS normality test was applied. Hence, the regression models were framed.

Reliability Test of Patience, Logical Reasoning and Programming Skills
The test was performed using standardized questionnaire. Angela et al (2009) in his paper
recommended the reliability of the questionnaire. Therefore, the Questionnaire can be treated
as reliable for the study.
The data was tested for suitability of applying regression analysis. The first assumption of
linear multiple regression is linear relationship of independent and dependent variables. This
was tested using curve fitting and the R2 and F test values for linear curve was found to be 1
of the highest and significant and therefore the relationship between both the independent
variables taken individually with the dependent variable was found to be linear.
Normality
Descriptive Statistics
N Mean Std. Deviation Minimum Maximum
Standardized Residual 77 .0000000 .98675438 -1.56519 2.17164
One-Sample Kolmogorov-Smirnov Test

Standardized Residual
N 77
Normal Parametersa,b Mean .0000000
Std. Deviation .98675438
Most Extreme Differences Absolute .093
Positive .093
Negative -.092
Kolmogorov-Smirnov Z .820
Asymp. Sig. (2-tailed) .513
b. Calculated from data.
CURVE FIT
Dependent Variable : Programming Skills
Curve R2 F Value Level of Significance
Linear .036 2.786 .099
Log .026 2.029 .158
Inverse .016 1.253 .267
Quadratic .053 2.089 .131
Cubic .058 1.508 .220
Independent Variable : Logical Reasoning
Dependent Variable : Programming Skills

Equation R2 F Value Level of Significance
Linear .052 4.141 .045
Logarithmic .050 3.930 .051
Inverse .040 3.112 .082
Quadratic .052 2.044 .137
Cubic .057 1.462 .232
Independent Variable : Patience
Normality of standardized residual values was tested using histogram. The linearty was suspect
as number of actual values was higher or lower than the curve. Therefore the data was tested
using one-sample KS test. The KS Z value was found to be .820 significant at .513 indicating
that the null hypothesis assuming normal distribution of standardized residuals was not
rejected. Therefore the residuals are normally distributed.
Multiple Regression Analysis
The overall cause and effect relationship between patience and logical reasoning as independent
variables and programming skills as dependent variable indicating through adjusted R2 was
found to be .045. The regression coefficient was tested using ANOVA and the F test value was
found to be 2.776 significant at .069 indicating the relationship is significant at 10% level of
significance.
Model Summaryb
Model R R Square Adjusted R Std. Error of Durbin-Watson
Square the Estimate
1 .264 a
.070 .045 8.20770 1.879
a. Predictors: (Constant), Patience, Logicalreasoning
b. Dependent Variable: Programmingskills
ANOVAb
1 Regression 373.976 2 186.988 2.776 .069a
Residual 4985.115 74 67.366
Total 5359.091 76
a. Predictors: (Constant), Patience, Logicalreasoning
b. Dependent Variable: Programmingskills
Coefficientsa
1 (Constant) -4.244 6.582 -.645 .521
Logicalreasoning .059 .050 .137 1.179 .242 .926 1.080
Patience .124 .076 .191 1.644 .104 .926 1.080
a. Dependent Variable: Programmingskills
The Beta value for Logical reasoning was 0.137 tested using t test with a value of 1.179 was
significant at 0.242 indicating that logical reasoning did not have significant effect on
programming skills.
Regression equation –
Y=a+b1x1 + b2x2 + e
Here,
Y=dependent variable (Programming skills)
a=the “y intercept”
b1 = the change in y for each 1 increment change in x1 (logical reasoning)
b2 = the change in y for each 1 increment change in x2 (patience)
x1=an X score on first independent variable (logical reasoning) for which we tried to predict a
value of y.
x2=an X score on second independent variable (patience) for which we tried to predict a value
of y.
E=error
Y= -4.244 + (0.059) X1 + (0.124) X2 + e
Conclusion
The Main objective of the current study was to evaluate the effect of Patience and logical
reasoning on Programming skills. The value of “R Square” represents the coefficient of
determination which is the proportion of variance in the dependent variable (programming
skills) and explained by the independent variables (logical reasoning and patience). In this
study R 2 value is 0.045 that are independent variability of our dependent variable
(programming skills). The test has shown that there is no significant effect of patience and
logical reasoning on programming skills.
References
• Byrne, P., & Lyons, G. (2001, 25-27 June). The effect of student attributes on success in
programming. Paper presented at the Sixth Annual Conference on Innovation and Technology
in Computer Science Education (ITiCSE 2001), University of Kent, Canterbury, United
Kingdom.
• Carbone, A., Mitchell, I., Gunstone, D., Hurst, J. (2009). An Exploration of Internal Factors
Influencing Student Learning of Programming. Conference Proceeding in the conference of
Research and Practice in information Technology, 95, Margaret Hamilton and Tony Clear,
Eds.
• Caspersen, M.E. (2007). Educating Novices in the Skills of Programming. DAIMI PhD
Dissertation PD-07-4, ISSN 1602-0448 (Paper).
• Goold, A., Rimmer, R. (2000). Factors affecting performance in first-year computing, ACM
SIGCSE Bulletin, 32(2), 39-43.
• Simon, Fincher, S., Robins, A, Baker, B., Box, I., Quintin Cutts, Michael de Raadt, Patricia
Haden, John Hamer, Margaret Hamilton, Raymond Lister, Marian Petre, Ken Sutton, Denise
Tolhurst, Tutty, J. (2006). Predictors of Success in a First Programming Course, Proceeding
ACE’06 Proceedings of the 8th Australasian Conference on computing education- 52, 189-196.
12
Emotional Intelligence and Entrepreneurial

Orientation : A Study of Professional Students
Gaurav Jaiswal, Ravindra Pathak, Sanjay Gupta, Jyoti Tiwari, Urvashi Garud, Megha Lad,
Anirudha Khanwalkar, Zaheer Sabir, Manoj Rathod & Sunita Jethwani
ABSTRACT
The purpose of the current study was to examine the emotional intelligence and
entrepreneurship orientation among the professional students. This study discusses the
features of emotional intelligence, helping students to develop the entrepreneurial traits.
For this purpose, the empirical study was carried out, where a relationship between emotional
intelligence and entrepreneurship orientation was analyzed. It was identified, that
advancement of entrepreneurship is related to a competence of an individual to analyze his/
her emotions and values. We concluded this study with a discussion of the study’s findings,
research limitations, and implications for future research.
Key words: emotional intelligence, personal feeling, entrepreneurship, entrepreneurial
orientation, and development of entrepreneurship.
Introduction
In present scenario, more and more students are going for a professional program in India.
These students are pursuing the different professional program either to make career in
Industries or to start their own venture. This shows the tendency of entrepreneurship in the
students. Entrepreneurship development becomes more popular in the sciences of
management, psychology and sociology in today’s research. An entrepreneurship is related
to the state’s economic growth and social welfare.
Mayer J.D., Salovey P., and Caruso D.R., (2002) defined emotional intelligence as a capability
to express emotions, to use emotions for facilitating thinking, to understand and argue by
means of emotions, to manipulate them inside and while communicating with other effectively.
Mayer et al., (2002) explained that Capability of emotional intelligence consists of the process
of emotional control (mood variations, control of emotions) and recognition of emotions
(memory, perception, behavior.
Emotional Intelligence and Entrepreneurial Orientation : A Study of... 181
Features of emotional intelligence are related to individual characteristics of emotions. The

assumption may be done, that emotional intelligence is an important construct in
entrepreneurship development. Over the past century, intelligence has played a central role
in illuminating our understanding of human performance (Schulte, Ree, & Carretta, 2004).
Moreover, educational institutions have focused primarily on two types of intelligence: logical
and linguistic (Fatt & Howe, 2003).
Emotional intelligence is related to human emotions and thinking. Goleman D., (1998) qualify
an emotional intelligence more widely by stating, that it is a set of personal (self-awareness,
confidence, diligence and motivation) and social (empathy, communication, management of
conflicts) capabilities.
Zampetakis L.A., et al., (2009) made a significant input in creation of theoretical model,
connecting emotional intelligence and entrepreneurship attitudes, as well as entrepreneurial
intentions. The authors integrate emotional intelligence and entrepreneurial intentions of an
individual, by which entrepreneurship attitudes of an individual are formed. Despite a massive
interest in development of entrepreneurship in academic level, the efficiency aspect of
development of entrepreneurship is analyzed only slightly. This paper tries to highlight the
possible relationship of Emotional Intelligence and Entrepreneurial Orientation.
Emotional intelligence
Thorndike (1920) was first studied the emotional intelligence and is rooted in studies of social
intelligence of that time. Thorndike classically described social intelligence as a capability to
know and appreciate others in human relations and to be wise in these relationships.
Goleman (1998) described EI as “managing feelings so that they are expressed appropriately
and effectively, enabling people to work together smoothly toward their common goals.”
According to Goleman, the four major skills that make up emotional intelligence are:
• Self-Awareness
• Self-Management
• Social Awareness
• Relationship Management
The implication of EI for work had been established; (Goleman, 1995; Goleman et al., 2004)
popularized and conceptualized EI as a broad collection of skills that steer leadership
performance. Goleman’s EI model consisted of two broad domains. Personal competencies
pertain to abilities to manage ourselves and comprise of awareness of self and managing self;
and, social competencies, which he called social awareness, and relationships management.
EI was reasoned as being vital for success of the organization and was regarded as the tool of
primal leadership and viewed that the EI skills were not inborn but learned, and can be acquired
and enhanced with age (Goleman, 1995; Goleman et al., 2004).
EI is not about the self or others in broad terms, but instead focuses on recognizing and using
personal emotions and emotions of another in order to resolve difficulties and control behavior
(Salovey et al., 2004).
Emotional intelligence is estimated by means of self-examination, where capabilities of

emotional intelligence are assessed by measured individual perception (Mayer et al., 2002).
Capabilities of emotional intelligence are assessed by analyzing thinking and behaviour of
individual (Petriides and Furnham, 2001). While considering the meaning of emotions in the
process of business organization a few studies were carried out. Shepherd D.A., (2004)
underlined the critical meaning of emotional factors to the future business mistakes. It is said,
that the settlement of stress is one of possible ways relating emotional intelligence to a positive
attitude towards entrepreneurship and entrepreneurial intentions.
Zampetakis L.A., et al., (2009) stated that the entrepreneurial intentions as the result of emotional
intelligence. Lee S.H., and Wong P.K., (2004) also had presented the model of entrepreneurial
intentions. The intentions were assessed by affecting the behavior of individuals and were
useful while realizing the choice of a student’s career, related to behavior of own business
organization.
Entrepreneurial Orientation
Moraless et al, (2006) defined Entrepreneurship as an attitude, a way of thinking, and behaving.
It is a state of mind; an artful, insightful and innovative mentality rather than business
administration.
The entrepreneurship may be initiated by an individual, a small firm, or a strategic business
unit of a large corporation. This can be initiated by anyone. Entrepreneurship had become an
important issue for policy. At one level, enterprise creation was recognized as important for
employment growth and effecting structural change; at another, they were concerned to
encourage existing firms to become more entrepreneurial as a means of enhancing international
competitiveness. Drawing upon work in social psychology, entrepreneurship had been studied
as intended, planned behavior by individuals (Bagozzi, et al. 1989; Ajzen, 1991, Krueger et. al.
2000).
Entrepreneurial orientation was a commonly used measure in entrepreneurship literature.
Entrepreneurial orientation was the presence of organizational- level entrepreneurship
(Wiklund and Shepherd 2005). Several researchers had agreed that entrepreneurial orientation
could be explained by innovation, proactiveness, and risk taking (Wiklund 1999). A large
proportion of entrepreneurship studied assumed entrepreneurial orientation to be a unitary
concept (Covin and Slevin 1989; Wiklund 1999).
Emotional Intelligence and Entrepreneurial Orientation

Shepherd D.A., (2004) highlighted the critical meaning of emotional factors to the future
business mistakes. It is said, that the settlement of stress is one of possible ways relating
emotional intelligence to a positive attitude towards entrepreneurship and entrepreneurial
intentions.
The study carried out by Zampetakis L.A., et al., (2009) states the entrepreneurial intentions as
the result of emotional intelligence. Krueger N.F.J, et al., (2000), Lee S.H., and Wong P.K.,
(2004) have presented the model of entrepreneurial intentions. The intentions are assessed by
affecting behavior of individual and are useful while realizing the choice of a student’s career,
related to behavior of own business organization (Krueger et al., 2000).
Emotional self-efficiency is considered as an important element of proactive behavior. Parker
S.K., et al., (2006) relates proactive behavior to confidence while implementing the foreseen
goals. Students, having a higher emotional intelligence better face stress, are more confident
in their experience, create and control own business establishment. This enables them to show
more initiative and to search for information. George J.M., (2000) has settled that individuals
having a higher emotional intelligence control his/her behavior by means of emotions.

1. To develop and standardize a measure for evaluating the Emotional Intelligence and
Entrepreneurship Orientation.
2. To find out underlying factors of Emotional Intelligence and Entrepreneurship
Orientation.
3. To compare the gender difference in Emotional Intelligence and Entrepreneurship
Orientation of Professional Students.
4. To analyze the cause and effect relationship between Emotional Intelligence and
Entrepreneurship Orientation.
5. To open new vistas of research
Hypothesis
H01: Gender does not affect Emotional Intelligence of Professional Students.
H02: Gender does not affect Entrepreneurship of Professional Students.
H03: Course does not affect Emotional Intelligence of Professional Students..
H04: Course does not affect Entrepreneurship Orientation of Professional Students.
H05: There is no cause & effect relationship between Emotional Intelligence and
Entrepreneurship Orientation of Professional Students.
The study was exploratory in nature with survey method being used to complete the study.
The population included was Professional Students of different colleges in Gwalior region.
Individual student was the sampling element. Non probability Purposive sampling technique
was used to select the sample. The Sample size was 120 students. Standardized questionnaire
was used for measuring the Emotional Intelligence and Entrepreneurship Orientation of
Professional Students. Data was collected on a likert type scale, where 1 stands for minimum
agreement and 5 stands for maximum agreement. Item to total correlation was applied to
check the internal consistency of the questionnaires. The measures were standardized through
computation of reliability and validity. Factor analysis was applied to identify the underlying
factors of Emotional Intelligence and Entrepreneurship Orientation. T-test was applied to
know the gender difference in Emotional Intelligence and Entrepreneurship Orientation of

Professional Students. Regression was applied to know the relationship between the Emotional
Intelligence and Entrepreneurship Orientation.
Results & Disscussions

Reliability Measure:
Reliability test was carried out by using SPSS software and the reliability test measures are
given below:
Variable Cronbach’s Alpha No. of Items
Emotional Intelligence .748 26
Entrepreneur Orientation .862 16
It is being considered that the reliability value should be more than 0.7, and it can be seen that
reliability value is higher than the standard value, so all the items in the questionnaire are
reliable.
Validity Measure
Face validity was applied to the questionnaire and it was found to be fairly high.
Factor Analysis
Principle component factor analysis with Varimax rotation was applied. The factor analysis
resulted in 10 factors. KMO and Bartlett’s Test value is .627 which shows the sample adequacy.
The details about factors, the factor name, Eigenvalue, Variance% and Loadings are given in
the table.
The details about factors, the factor name, Eigen value, Variance% and Loadings are given in
the table.
Table 12.2: Factor Analysis for Emotional Intelligence Statistics

Factor name Eigen Variance Variable Convergence Loadings
Value %
1.Self Assessment 2.637 10.143 Assessing my whole life .743
Assessment of my strengths & .731
weakness
Assessment of my inner feelings .578
Assessment of mine with peers .565
2.Self Management 2.064 7.939 Management of my mind .676
Management of my emotion .631
Management of mine with peers .612

Management of my trustworthiness .554
3.Conflict Management 1.682 6.469 Managing conflicts .710
Managing communication conflicts .700
4. Emotional Awareness 1.669 6.418 Awareness of self emotion .704
Awareness of peer’s emotions .639
5.Self Confidence 1.659 6.380 Confident of life .815
Do not confident on other’s feelings .569
6.Service Orientation 1.553 5.972 Do not have service orientation .815
7.Cooperation & 1.538 5.914 Cooperation with my emotion .767
Collaboration Can collaborate with stress .575
Cooperation with peers .455
8 Self Control 1.534 5.899 Control on my strengths .733
Control on my qualities .642
Control on other feelings .443
9. Influence 1.4t48 5.570 Influence on my emotions .788
Influence of mine on peers -.657
10. Empathy 1.445 5.559 Empathy with peers .728
Empathy on one’s feeling -.655
Table 12.3: Factor Analysis for Entrepreneurship Orientation Statistics

Factor name Eigen Variance Variable Convergence Loadings
Value % Convergence
1. Family Enjoyment & 3.028 18.926 To enjoy my life .728
Opportunity For the happiness of my family .726
Saw a strong future in this work .672
To provide a new service .567
2.Altruism 2.766 17.289 To get into the world .744
To do something worthwhile .728
3.Development 1.933 12.082 Technical Skills .846
Marketing Skills .568
4. Autonomy and 1.515 9.471 To be my own Boss .745
Material Advancement To increase my income .576
T-Test using SPSS

H01: Gender does not affect Emotional Intelligence of Professional Students.
Table 12.4: Independent T-Test Statistics

Independent Samples Test
for Equality
of Variances
ence
Lower Upper
VAR00001 Equal variances 3.89 .051 2.59 103 .011 5.03 1.94 1.18 8.89
assumed
Equal variances 2.73 102.93 .007 5.03 1.83 1.39 8.68
not assumed
T-test was applied to evaluate difference of gender on emotional Intelligence. Levene’s test
for equality of variances was tested using ‘F’ test which was found to be 3.896 which is
significant at .051. Therefore the hypothesis equal variance assumed was rejected and the
result of Levene test of equality of variance indicating that there is no equal variance of gender
on emotional Intelligence.
The other hypothesis of t-test that equal variance not assumed was tested using T-test for
equality of means using value of ‘t’ which was found 2.739 which is significant at .007. That
indicates the hypothesis of equal variance not assumed was not rejected. Therefore it indicates
gender have no effect on Emotional Intelligence.
H02: Gender does not affect Entrepreneurship of Professional Students.

for Equality
of Variances
ence
Lower Upper
VAR00001 Equal variances .398 .529 2.289 103 .024 3.67101 1.60348 .49090 6.85113
assumed
Equal variances 2.360 100.936 .020 3.67101 1.55566 .58498 6.75705
not assumed
T-test was applied to evaluate differences of gender on Entrepreneurship Orientation. Levene’s

test for equality of variances was tested using ‘F’ test which was found to be 3.896 which is
result of the Levene test of equality of variance indicating that there is no equal variance of
gender on Entrepreneurship Orientation.
equality of means using a value of ‘t’ which was founded 2.360 which is significant at .020
That indicates the hypothesis of equal variance not assumed was not rejected. Therefore it
indicates gender has no effect on Entrepreneurship.
H03: Course does not affect Emotional Intelligence of Professional Students.
Table 12.6: Independent Samples Test Statistics

for Equality
of Variances

ence
Lower Upper
VAR00001 Equal variances 0.75 0.38 -.99 102 .324 -2.01665 2.03352 -6.05013 2.01683
assumed
Equal variances -.960 76.214 .340 -2.01665 2.10072 -6.20040 2.16710
not assumed
T-test was applied to evaluate difference of course on Emotional Intelligence. Levene’s test
for equality of variances was tested using ‘F’ test which was found to be .752 which is significant
at .388. Therefore the hypothesis equal variance assumed was rejected and the result of the
Levene test of equality of variance indicating that there is no equal variance of course on
Emotional Intelligence.
equality of means using value of ‘t’ which was found -0.960 which is significant at .340 That
indicates the hypothesis of equal variance not assumed was rejected. Therefore it indicates
that course have an effect on Emotional Intelligence.
H04: Course does not affect Entrepreneurship Orientation of Professional Students.
Table 12.7: Independent Samples Test Statistics

for Equality
of Variances
ence
Lower Upper
Entre Equal variances .293 .589 -.485 103 .629 -.80159 1.65364 -4.08120 2.47803
assumed
Equal variances -.477 82.993 .635 -.80159 1.68102 -4.14508 2.54190
not assumed
T-test was applied to evaluate difference of course on Entrepreneurship Orientation. Levene’s

test for equality of variances was tested using ‘F’ test which was found to be .293 which is
result of Levene test of equality of variance indicating that there is no equal variance of course
on Entrepreneurship Orientation.
equality of means using value of ‘t’ which was found -0.477 which is significant at .635 That
indicates the hypothesis of equal variance not assumed was rejected. Therefore it indicates
that course have effect on Entrepreneurship Orientation.
Regression Analysis
Emotional Intelligence on Entrepreneur Orientation
The regression is calculated by taking the total of Emotional Intelligence and Entrepreneur
Orientation by using SPSS software. In this the Emotional Intelligence is independent variable
and Entrepreneur Orientation is the dependent variable. Therefore, regression is calculated
by taking dependent and independent variable.
Null hypothesis (Ho): There is no cause & effect relationship between Emotional Intelligence
and Entrepreneurship Orientation of Professional Students.
Model R R Square Adjusted Std. Error of the Estimate
R Square
1 .481a .231 .224 7.28638
a. Predictors: (Constant), emotional
b. Dependent Variable: entrepreneur
The coefficient of determination is 0.231; therefore, about 23.1% of the variation in the
entrepreneurship data is explained by emotional Intelligence. The regression equation appears
to be not useful for making predictions since the value of r 2 is very less than 1. It means there
are some other variables that also have significant contribution in explaining the
entrepreneurship orientation of professional students.
Table 12.9: Coefficientsa
B Std. Error Beta Lower Upper
Bound Bound
1 (Constant) 29.679 6.209 4.780 .000 17.365 41.993
emotional .394 .071 .481 5.567 .000 .254 .534
a. Dependent Variable: entrepreneur
T = 5.567, and p-value = 0.000
Therefore, H05- There is no relationship b/w emotional intelligence and Entrepreneurship

orientation of professional student. Hence hypothesis was rejected.
Conclusion
This research has an attempted to explore the relationship between Emotional Intelligence
and Entrepreneurial Orientation. In present scenario, more professional students have
inclination towards to become an entrepreneur in the future. In this study, both measures
were standardized by reliability analysis wherein cronbach alpha was found .748 and .862
respectively for Emotional Intelligence and Entrepreneurial Orientation, the measures were
also validated through face validity method. In order to find underlying factors, Varimax
rotation factor analysis test was applied. Factor analysis rotated 26 items of Emotional
Intelligence into 10 factors and 16 items of Entrepreneurial Orientation into 4 factors. The
result of T-Test has shown that there was a difference of Emotional Intelligence between the
male and female respondents. The T – Test of Entrepreneurial Orientation has shown the
similar result. The result of T-Test has shown that there was no difference of Emotional
Intelligence between the management and computer respondents. To know the cause and
effect relationship between Emotional Intelligence and Entrepreneurial Orientation, the linear
regression method was applied; in which independent variable explain the 23.1% variance on
the dependent variable. It means there are some other variables that also have significant
contribution in explaining the entrepreneurship orientation of professional students.
References
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Processes, 50, 179-211.
• Bagozzi, R., Baumgartner, H. and Yi, Y. (1989). An investigation into the role of intentions as
mediators of the attitude-behavior relationship. Journal of Economic Psychology, 10, 35-62.
• Covin, J.G., Slevin, D.P. (1989). Strategic management of small firms in hostile and benign
environments. Strategic Management Journal, 10, 75–87.
• Fatt, T. J. P., & Howe, I. C. K. (2003). Emotional intelligence of foreign and local university
students in Singapore: Implications for managers. Journal of Business and Psychology, 17(3),
345-367.
• George, J.M. (2000). Emotions and leadership: the role of emotional intelligence, Human
Relations, 53, 1027-55.
• Goleman, D. (1995). Emotional Intelligence: Why it can matter more than IQ for character,
health and lifelong achievement. NY: Batnam.
• Goleman, D. (1998). Working with emotional intelligence. NY: Bantam Books.
• Goleman, D., Boyatzis, R., Mckee, A. (2004). Primal leadership: learning to lead with emotional
intelligence. Boston: Harvard Business School Press.
• Krueger, N.F. (2000). The cognitive infrastructure of opportunity emergence. Entrepreneurship
Theory and Practice, 24, 5–23.
• Krueger, N.F.J., Reilly, M.D., Carsrud, A.L. (2000). Competing models of entrepreneurial
intention. Journal of Business Venturing, 15, 411-32.
• Lee, S.H., Wong, P.K. (2004). An exploratory study of technopreneurial intentions: a career
anchor perspective. Journal of Business Venturing, 19, 7-28.
• Mayer, J.D., Salovey, P., Caruso, D.R. (2002). MSCEIT User’s Manual, Multi-Health Systems
Inc., Toronto.
• Moraless, V. J. G., Llorens-Montes, F. J., Verdu-Jover, A.J. (2006). Antecedents and consequence
of organizational innovation an organizational learning in entrepreneurship. Industrial
Management & Data Systems, 106(1), 21-42.
• Parker, S.K., Williams, H.M., Turner, N. (2006). Modeling the antecedents of proactive
behaviour at work. Journal of Applied Psychology, 91(3), 636-652.
• Petrides, K.V., Furnham, A. (2001). Trait emotional intelligence: Psychometric investigation
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• Salovey, P., Brackett, M., Mayer, J. (2004). Emotional intelligence. Key readings on the Mayer
and Salovey model. NY: Dude publishing.
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191
13
Antecedents and Consequences of

Employee Engagement
K. K. Pandey, Manisha Pandey, Reeta Chauhan, Moksha shukla, Manjari Agrawal,
Rajshree Sharma, Swami P. Saxena, Sonam Bhadaoria,
Shilky Singhal & Upendra Singh Rana
ABSTRACT
Most often employee engagement has been defined as emotional and intellectual commitment
to the organization or the amount of discretionary effort exhibited by employees in their job.
Although it is acknowledged and accepted that employee engagement is a multi-faceted
construct. Employee engagement can be simply define as ‘passion for work’, a psychological
state which is seen to encompass the three dimensions of engagement i.e. Physical
engagement, Intellectual engagement and Emotional engagement. This study indicates that
there is a significant difference between job and organization engagements which perceived
organizational support. In addition, job and organization engagement mediated the
relationships between the antecedents and job satisfaction, organizational commitment,
intentions to quit, and organizational citizenship behavior. The objective of the study is to
make a distinction between job and organization engagement and to measure a variety of
antecedents and consequences of job and organization engagement.
Key words: Employees, Job satisfaction, organizational commitment, intentions to quit,
organizational citizenship behavior
Introduction
An “engaged employee” is one who is fully involved in, and enthusiastic about their work,
and thus will act in a way that furthers their organization’s interests. According to Scarlett
Surveys, “Employee Engagement is a measurable degree of an employee’s positive or negative
emotional attachment to their job, colleagues and organization that profoundly influences
their willingness to learn and perform at work”. Thus engagement is distinctively different
from employee satisfaction, motivation and organizational culture. Employee Engagement is
the extent to which employee commitment, both emotional and intellectual, exists relative to
accomplishing the work, mission, and vision of the organization. Engagement can be seen as
a heightened level of ownership where each employee wants to do whatever they can for the
benefit of their internal and external customers, and for the success of the organization as a
whole.
In a world that is changing both in terms of the global nature of work and the diversity of the
workforce, engaged employees may be a key to competitive advantage. Companies that
understand the conditions that enhance employee engagement will have accomplished
something that competitors will find very difficult to imitate. In fast-changing environments,
it becomes all the more difficult to precisely specify roles and responsibilities. To the extent
that employees are likely to be faced more frequently with unanticipated and ambiguous
decision-making situations, organizations must increasingly count on employees to act in
ways that are consistent with organizational objectives.
In addition, many employees are looking for environments where they can be engaged and
feel that they are contributing in a positive way to something larger than themselves. The
type of commitment is critical; employees who want to belong to the organization… are more
likely to perform well than those who need to belong. An organization’s HR System is the
primary driver of employee engagement. The HR system’s staffing, training and development
practices contribute to the development of employee competencies that enhance competitive
advantage and help to ensure organization and employee fit. Rewards, benefits, and
performance management practices help motivate employees to behave in ways that benefit
the organization. Organizational and job designs help create a work environment that is
conducive to employees’ development and effective work systems. Lastly, effective
management and leadership development helps to ensure a productive, fair, and supportive
working environment in which employees feel motivated to achieve organizational objectives.
In short, engagement can be described as the degree of employee-organization alignment.
Organizations must work to understand the dynamics of employee engagement in their
companies, how those dynamics compare to informative benchmarks for improving
engagement, then identify the specific and actionable levers that will improve engagement
levels.
Engagement can be complex to measure. Achieving a high level of satisfied employees may
be easier to realize, but it’s much harder to engage them so they are actively working to produce
great results for the organization. An accurate measure of engagement — one that identifies
both the drivers of engagement for organization and a solution to address behaviors and
practices that are hindering engagement, is an essential business tool.
Employees who indicated that their organizations were one of the best performers reported
double the level of engagement compared to employees who reported average organizational
performance. It is important that the organization find ways to clearly communicate successes
that demonstrate how the organization is performing, and especially to find ways to socialize
stories of superior performance. Clear, well-planned, high-impact messages can help employees
not only see the connection between their work and these successes, but also understand how
they support overall organizational performance, which ties directly to engagement levels.
Measuring engagement is not a one-time event. Organizations are continually evolving and
changing; therefore, you need to take the pulse of the living system to measure engagement
Antecedents and Consequences of Employee Engagement 193
and track the success of strategies you have under way to increase engagement and business
performance. Comprehensive surveys should be conducted across the organization annually
or biannually, supported by shorter quarterly tracking surveys. During times of extensive
change, quick pulse surveys every two months provide critical management information to
guide and direct change initiatives.
A rich body of literature has identified key drivers of employee engagement that are the result
of the proper alignment of HR practices, including: job characteristics, role clarity and fit,
coworker and management relations, leadership, and perceptions of fairness. Effective
managers are those who get the work done with the people they have and do not try to change
them; they attempt to capitalize on the competencies their people have, not what they, the
manager, wished they had. The relation with one’s immediate manager can have a dramatic
impact on an individual’s perceptions of the work environment. A supportive, and non-
controlling, relationship should foster perceptions of safety and enhance employee creativity.
Employee engagement is thus the level of commitment and involvement an employee has
towards their organization and its values. An engaged employee is aware of business context,
and works with colleagues to improve performance within the job for the benefit of the
organization. The organization must work to develop and nurture engagement, which requires
a two-way relationship between employer and employee.’ Thus Employee engagement is a
barometer that determines the association of a person with the organization.
Antecedents and Consequences of Engagement

In recent years, more studies have begun to look at the antecedents and consequences of
employee engagement. For example, Saks (2006) found a distinction between two types of
engagement, job engagement and organization engagement, which he argues are related but
distinct constructs. In addition, he argued that the relationships between both job and
organization engagement, and their antecedents and consequences differed in a number of
ways, suggesting that the psychological conditions that lead to job and organization
engagement, as well as their consequences are not the same. Whilst this study has provided a
new insight into employee engagement, it is important to note the survey was completed by a
small sample of 102 employees in Canada. Therefore, the results may not be generalize to
employees in the UK, for example, as definitions of engagement vary in different countries
and national differences may play a part in what leads to engagement in the first place.
Nevertheless, it adds a new insight into the existing body of literature as it is the first study to
make a distinction between job and organization engagement and to measure a variety of
antecedents and consequences of job and organization engagement; previous research has
focused primarily on engagement at the individual level.
Practitioners and academics tend to agree that the consequences of employee engagement are
positive (Saks 2006). There is a general belief that there is a connection between employee
engagement and business results; a meta-analysis conducted by Harter et al (2002) confirms
this connection. They concluded that, “…employee satisfaction and engagement are related
to meaningful business outcomes at a magnitude that is important to many organizations”.
However, engagement is an individual-level construct and if it does lead to business results,
it must first impact individual-level outcomes. Therefore, there is reason to expect employee
engagement is related to individuals’ attitudes, intentions, and behaviors.
Although neither Kahn (1990) nor May et al (2004) included outcomes in their studies, Kahn
(1992) proposed that high levels of engagement lead to both positive outcomes for individuals,
(eg quality of people’s work and their own experiences of doing that work), as well as positive
organizational-level outcomes (eg the growth and productivity of organizations).
The Gallup Organization (2004) found critical links between employee engagement, customer
loyalty, business growth and profitability. They compared the scores of these variables among
a sample of stores scoring in the top 25 per cent on employee engagement and customer
loyalty with those in the bottom 25 per cent. Stores in the bottom 25 per cent significantly
under-performed across three productivity measures: sales, customer complaints and turnover.
Gallup cites numerous similar examples. The International Survey Research (ISR) team has
similarly found encouraging evidence that organizations can only reach their full potential
through emotionally engaging employees and customers (ISR 2005).
Literature Review
Employee engagement was described in the academic literature by Schmidt et al. (1993). A
modernized version of job satisfaction, Schmidt et al.’s influential definition of engagement
was “an employee’s involvement with, commitment to, and satisfaction with work. Employee
engagement is a part of employee retention.” This integrates the classic constructs of job
satisfaction (Smith et al., 1969), and organizational commitment (Meyer & Allen, 1991). Harter
and Schmidt’s (2003) most recent meta-analysis can be useful for understanding the impact of
engagement.
Saks (2006) argues that organizational commitment also differs from engagement in that it
refers to a person’s attitude and attachment towards their organization, whilst it could be
argued that engagement is not merely an attitude; it is the degree to which an individual is
attentive to their work and absorbed in the performance of their role. In addition, while OCB
involves voluntary and informal behaviors that can help co-workers and the organization,
the focus of engagement is one’s formal role performance rather than purely extra-role and
voluntary behavior. Engagement is most closely associated with the existing construction of
job involvement (Brown 1996) and flow (Csikszentmihalyi, 1990). Job involvement is defined
as ‘the degree to which the job situation is central to the person and his or her identity (Lawler
& Hall, 1970). Kanungo (1982) maintained that job involvement is a ‘Cognitive or belief state
of Psychological identification.
To gain further understanding of the varying levels of attachment individuals expressed
towards their roles, Kahn (1990) examined several disciplines. It was found that psychologists
(Freud 1922), sociologists (Goffman 1961, Merton 1957) and group theorists (Slater 1966, Smith
and Berg 1987) had all recognized the idea that individuals are naturally hesitant about being
members of ongoing groups and systems. As a result they “seek to protect themselves from
both isolation and engulfment by alternately pulling away from and moving towards their
memberships” (Kahn 1990). The terms Kahn (1990) uses to describe these calibrations are
‘personal engagement’ and ‘personal disengagement’, which refer to the “behaviors by which
people bring in or leave out their personal selves during work role performances” (Kahn
1990:694). These terms developed by Kahn (1990) integrate previous ideas taken from
motivation theories that people need self-expression and self-employment in their work lives
as a matter of course (Alderfer 1972, Maslow 1954).
William H. Kahn (1990) completed some of the earliest work on engagement and defined
engagement as, “the harnessing of organization members’ selves to their work roles; in
engagement, people employ and express themselves physically, cognitively, and emotionally
during role performances.” The Gallup Organization, potentially the most widely recognized
name associated with employee engagement due to their bestselling book, “First, Break All the
Rules,” defines engaged employees as those who, “work with a passion and feel a profound
connection to their company” and “drive innovation and move the organization forward”
(GMJ, 2006).
The research of engagement has its roots in positive work psychology, a direction of psychology
that arose from resistance towards academic work psychology rhetoric revolving around
negative factors such as burnout, stress, job insecurity and workplace violence (Turner et al.,
2002). The negative factors of working life that affect the psyche of the worker are of course a
valid and important part of the reality of work, but it is nevertheless only one side of the coin,
and it would be inappropriate to overlook the effects of positive factors in work. Thus, models
such as the JD-R model (Job demands and resources) have been created to take both positive
and negative work life factors into account (Demerouti et al., 2001).
The origins of the conceptualization of engagement in working life lie in the 1990 work of
William A. Kahn, Psychological Conditions of Personal Engagement and Disengagement at Work.
In this article Kahn (1990, p. 694) defined what he called personal engagement as “…harnessing
of organization member’s selves to their work roles: in engagement, people employ and express
themselves physically, cognitively, emotionally and mentally during role performances.” Kahn
also defined the opposite of personal engagement to be personal disengagement, “the
simultaneous withdrawal and defense of a person’s preferred self in behaviors that promote
a lack of connections, physical, cognitive, and emotional absence, and passive, in-complete
role performances” (ibid, p. 701). In short, Kahn means that to be engaged is to be
psychologically present while performing and occupying a role in an organization, while
disengaging is the lack of psychological presence, a defense of the personal self.
Talent is now being referred to as the world’s most sought after commodity” (Bouchard, 2007,
p. 10). Cadence Human Systems (2007) concurred with this information, stating that one of
the top five challenges for Manitoba organizations is “locating enough good new employees”
(p. 1). As a result, it will be critical for Manitoba companies to improve retention rates of their
good employees, while increasing attraction of new employees. Linda Duxbury (as cited in
Macklem, 2005) stated, “How a company manages its workforce will be critical to its business
success—something the best employers in Canada have already figured out” (p. 26). As a
result, the need to attract and, more significantly, retain employees is becoming increasingly
important. Canadian employers cannot afford to incur the costs of recruiting and selecting
new employees only to lose them to their competition shortly after hiring them.
Objective of the Study

• To design, develop and standardize a measure for evaluating employee engagement.
• To design, develop and standardize a measure for evaluating antecedents and
consequences of employee engagement.
• To identify the underlying factors which influencing employee engagement.
• To evaluate the mediating effects of employee engagement on both antecedents and
consequences
• To open new vistas for further research
The study was exploratory in nature with survey being used as data collection method to
complete the study. A survey was completed by 200 employees working in public and private
organizations. The average age was taken 35 years old. Participants were having been in their
current job for an average of five years in their organization and on average 10 years of work
experience. The survey included measures of job and organization engagement as well as the
antecedents and consequences of engagement. The population for the study was employees
working in various organizations at Gwalior. The study was conducted on the employees of
various organizations. The overall sample size for the study was 200 employees. Individual
employees were used as the sampling elements of the study. Non-probability purposive
sampling technique was used. Self designed questionnaires for all the variables of the study
are used to collect responses of the employee of private and public sectors. The questionnaires
to evaluate the all variables included in the study are prepared after thoroughly reviewing
the literature. The data was collected on a scale of 1 to 5, where 1 would indicate minimum
presence of the element and 5 would indicate maximum presence of the element. Cronbach
Alpha Reliability of all measures are computed using SPSS after collecting the complete data
for the study but before carrying out any other evaluation of data. Internal consistency of
measures was established through item to total correlation. Items having insignificant
correlation coefficient value with total are removed from the measures. The reliability of all
the measures was computed by using SPSS software. Cronbach Alpha (a) reliability coefficients
was computed. Face validity of all the measures was ensured while selecting the statements
(elements) for the measures. Content validity was established through factor analysis and
support referencing. Factor Analysis of all the measures was computed by using SPSS software.
Kaier- Meyer- Olkin Measure of Sampling Adequacy and Bartlett’s Test of Sphericity is applied
to check the adequacy and level of significance. Linear and Multiple Regressions was used to
evaluate mediating effect of employee engagement on antecedents and consequences.
Consistency measure
Consistency of all the items in the questionnaires was checked through item to total correlation.
Under this any item if deleted found increasing reliability has dropped from the study and
declared as inconsistent.
Reliability Measure
Cronbach Alpha using SPSS software had applied to calculate reliability of all items in the
questionnaire and the reliability test measures are given below:
Variables Cronbach Alpha
Employee engagement .823
Job characteristics .773
Perceived organizational support .719
Perceived supervisor support .891
Rewards and Recognition .702
Procedural justice .752
Distributive justice .769
Job satisfaction .694
Organizational commitment .829
Intention to quit .816
OCBI .731
OCBO .794
It was considered that the reliability value more than 0.7 was good and it can be seen that in
almost all the reliability value was quite higher than the standard value, so all the items in the
questionnaire are highly reliable.
Table 13.2: Factor Analysis of Employee Engagement Statistics

KMO and Bartlett’s Test
Df 198
Sig. .000
Factor analysis was applied to find out the underlying factors of the questionnaire. Factor
analysis resulted into three underlying factors the table represents the factors name with their
eigen values and % of variance also the items which contributed to single factors are represented
in the table along with their loadings.
Table 13.3: Description of Factors

Factor name Eigen value Variables converged Loading
Total % Var.
Job Engagement 8.153 40.765 I really “throw” myself into my job. 0.899
So into my job that loses time. 0.886
Job is all consuming; I am totally into it. 0.862
I think of other things when doing 0.7960
my job (R).
I am highly engaged in this job. 0.671
Organisational 4.809 19.451 Being a member it is very captivating. 0.840
Engagement Involved with things happening 0.816
I am really not into the “goings- 0.691
on” in this organization (R).
Being a member of this organization 0.664
make me come “alive.”
Being a member of this organization is 0.573
exhilarating for me.
I am highly engaged in this organization .470
1. Job Engagement: This factor has emerged as the most important determinant of
research with a total variance of 8.153 and % variance of 40.765. Major elements of
this factor include really “throw” myself into my job (0.899), So into my job that loses
time (0.886), Job is all consuming; I am totally into it (0.862), My mind often wanders
and I think of other things when doing my job (0.796) and I am highly engaged in
this job (0.671).
2. Organizational Engagement: This factor has emerged as the most important
determinant of research with a total variance of 4.809 and % variance of 19.451. Major
elements of this factor include Being a member it is very captivating (0.840), Involved
with things happening (0.816), I am really not into the “goings-on” in this organization
(R) (0.691), Being a member of this organization make me come “alive” (0.664), Being
a member of this organization is exhilarating for me (0.573) and I am highly engaged
in this organization (0.470).
Regression Analysis
A simple linear regression analysis was conducted to investigate the relationship between
antecedents and employee engagement and consequences and employee engagement.
Similarly multiple regression analysis was conducted to investigate the relationship between
dependant and independent variables. The relationships between all the variables (dependent
and independent) were established by using Regression analysis with the help of SPSS-16.0
software.
Table 13.4: Showing Regression Analysis for the total data

Independent Dependent Constant Beta ‘F’ Sig. ‘T’ Sig.
Variable Variable Value Value level Value Level
‘a’ ‘b’
Employee engagement Job characteristic 9.370 0.524 0.735 34.353 0.0 18.691 0.0
Employee engagement Rewards and recognition 8.052 0.541 0.699 28.222 0.0 16.859 0.0
Employee engagement Distributive justice 11.731 0.819 0.754 39.57 0.0 19.813 0.0
Employee engagement Procedural justice 17.753 0.346 0.532 11.941 0.0 10.860 0.0
Employee engagement Perceived orgnal support 18.015 0.558 0.611 17.891 0.0 13.338 0.0
Employee engagement Percieved superior support 19.373 0.533 0.634 20.001 0.0 14.142 0.0
Job satisfaction Employee engagement 12.432 0.439 0.451 18.020 0.0 11.219 0.0
Orgnal commitment Employee engagement 7.281 0.727 0. 684 30.392 0.0 17.052 0.0
Intent to quit Employee engagement 16.914 0.823 0.749 14.285 0.0 14.034 0.0
Org. citizenship Employee engagement 8.095 0.582 0.553 27.702 0.0 15.908 0.0
behavior
The simple linear regression was applied between “job characteristics” (independent variable)
and “employee engagement” (dependent variable), between “rewards and recognition”
(independent variable) and “employee engagement” (dependent variable), between
“distributive justice” (independent variable) and “employee engagement” (dependent
variable), between “procedural justice” (independent variable) and “employee engagement”
(dependent variable), between “perceived organizational support” (independent variable)
and “employee engagement” (dependent variable), between “perceived superior’s support”
(independent variable) and “employee engagement” (dependent variable), “employee
engagement” (independent variable) and “job satisfaction” (dependent variable), “employee
engagement” (independent variable) and “organizational commitment” (dependent variable),
“employee engagement” (independent variable) and “intent to quit” (dependent variable)
and “employee engagement” (independent variable) and “organizational citizenship behavior”
(dependent variable). The resultant equations are shown below.
Conclusion
Study concluded that employee engagement is consistently shown as physical and mental
effort given by the employees who can benefit the organization through their commitment
and dedication, advocacy, discretionary effort, using own talents to the fullest and being
supportive of the organisation’s goals and values. A fully and appropriate engaged employees
feel a sense of attachment towards their organization. Engaged employees are more likely to
stay with the organization.
Regression analysis concluded that Job characteristics, reward and recognition, organizational
support, superior support, procedural justice (as independent variable) positively influence
employee engagement. Employee engagement positively effect to job satisfaction, job
commitment, and organizational citizenship behavior. Employee engagement negatively effect
to intention to quit from job. Thus employee engagement has mediating effect on above
antecedents and consequences.
Suggestions
Organizations that wish to improve employee engagement should:
1. Focus on employees’ perceptions of the support they receive from their organization
and from just superiors;
2. Understand the importance of social exchange, and provide employees with resources
and benefits that will oblige them to reciprocate with higher levels of engagement;
3. Understand that employee engagement is a long-term and on-going process that
requires continued interactions over time; and
4. View engagement as a broad organizational and cultural strategy that involves all
levels of the organization, including leaders who model the way. The quality of an
organization’s human resources is perhaps the leading indicator of its growth and
sustainability. The attainment of a workplace with high-caliber employees starts with
the selection of the right people for the right jobs.
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14
The Relationship Between Customer Satisfaction

and Customer Loyalty : An Empirical Study on
Health Care Sector
K. K. Pandey, Manisha Pandey, Reeta Chauhan, Moksha Shukla, Manjari Agrawal,
Rajshree Sharma, Swami P. Saxena, Sonam Bhadaoria,
Shilky Singhal & Upendra Singh Rana
ABSTRACT
To be considered loyal, it shouldn’t be enough for a customer/patient to feel a bond to a
health centre or to simply stick with the relationship. It should also require certain actions
or service taking behaviors, on the part of the patient. But as far as health care industry is
concern, a patient reaches there only when he/she is in physical trouble. His/her half problem
is removed by sympathetic reception only that’s why most health care centre measures of
customer loyalty focus on prompt service as well as feelings of the patients. If data about
patient’s satisfactions are added to the mix, it can help a health care centre to identify not
just who its truly loyal customers are, but which strategy are to be followed.
Key words: Customer Satisfaction, Customer Loyalty, Health Care
Introduction
Customer satisfaction begins with clear, operational definitions from both the customer and
the organization. Understanding the motivations, expectations, and desires of both gives a
foundation in how to best serve the customer. It may even provide information on making
improvements in the nature of business especially in Health Care Sector. Purpose of this paper
is to illustrate the relationships of Customer Satisfaction, Customer Loyalty & Profitability.
Profitability of Health Care Sector completely depends upon customer satisfaction as this
outcome influence directly to customer loyalty. It is based on the theory that customer
satisfaction is related to customer loyalty, which in turn is related to profitability. While this
theory has been advocated for service firms as a class, this paper presents an empirical analysis
of hospitals. The concept of customer satisfaction is composed of several components from
distinct sources.
The Relationship Between Customer Satisfaction and Customer Loyalty : An... 203
Loyalty can be of substantial value to both customers and the hospitals. Customers are willing
to invest their loyalty in hospitals that can deliver superior value relative to the offerings of
competitors (Reichheld, 1996). When they are loyal to a hospital, consumers may minimize
time expended in searching and in locating and evaluating alternatives. Also, customers can
avoid the experimental process that may consume the time and effort needed to become
accustomed to a new.
Loyal behavior may also result from inertia as customer does not move to another health care
center due to right treatment, comfort or relatively low importance of operation. If the choice
has low importance, there is no point to spend time and effort on searching for alternatives.
Thus, based on his faith in the suitability of the current treatment, the customer continues to
use it without checking alternatives. It’s in accordance to Oliver’s approach of cognitive loyalty:
the loyalty that is based on brand belief only. “Cognition can be based on prior or vicarious
knowledge or on recent experience-based information. If the transaction is routine, so that
satisfaction is not processed (e.g. trash pickup, utility provision), the depth of loyalty is no
deeper than mere performance” (Oliver; 1999). Hofmeyr and Rice (2000: 23) say that one of
the reasons that customers don’t switch brands when they are dissatisfied is that they feel that
the alternatives are just as bad as the brand they are using or even worse. Inertia may be
caused also by lack of information about attractive characteristics of the brands (Wernerfelt;
1991).
Relationship between Customer Satisfaction and Loyalty

Customer loyalty and profitability management recognizes that improved business result occur
as a result of higher satisfaction level of patients. The model below shows this holistic approach
to using patients’ research and focused financial analysis to achieve improved financial
outcomes from patients’ research investments. This kind of approach produces information
that enables a hospital to focus resources on specific requirements of patients that will provide
the best return in terms of revenue and profitability. However, it also requires a broader
organizational perspective than traditional satisfaction research.
Managing customer loyalty and profitability requires that the research supporting it be
designed to provide both strategic and tactical information regarding customer satisfaction.
Again, this requires design and application considerations outside the framework of traditional
approaches to only satisfaction metrics. For example, a customer loyalty and profitability
conceptual model might include measures of brand and hospital image, customer relationship,
health care performance, service performance and price. Thoroughly analyzed, these drivers
can predict attitudinal loyalty. However, it is also necessary to identify the impact of switching
inducements and switching barriers that modify behavior. Via inferential models, it is then
possible to arrive at the ultimate drivers of behavioral loyalty that result in customer retention
and increased market share.
Customer satisfaction
According to Oliver (1997), satisfaction is defined from the mixture of both affection (emotion)
and cognition approach as “the consumer’s fulfillment response. It is a judgment that a product
or service feature, or the product or service itself, provided (or is providing) a pleasurable
level of consumption-related fulfillment, including levels of under- or over-fulfillment” (Oliver,
1997). Satisfaction can be separated into two approaches either as a transaction-specific
satisfaction (Olsen & Johnson, 2003) or as a cumulative satisfaction/post-consumption
satisfaction (Oliver, 1997). After 1990s, many researchers view satisfaction as customers’
cumulative, after purchase, and overall judgment about purchasing behavior (Johnson,
Anderson & Fornell, 1995; Engel & Blackwell, 1982; Hunt, 1977; Oliver, 1997).
Customer satisfaction is viewed as influencing repurchase intentions and behavior, which, in
turn, leads to an organization’s future revenue and profits. However, Bowen and Shoemaker
(2003) stated that satisfied customers might not return to the firm and spread positive word-
of-mouth communications to others. One of the reasons is that the firm does not deliver what
customers need or want (Roig, Garcia, Tena & Monzonis, 2006). Woodruff (1997) further
identified that customer satisfaction measurement without fulfillment of customer perceived
value could not really meet the customer’s expectations. Therefore, other variables should
exist to further explain the relationship between satisfaction and customer loyalty.
Satisfaction is defined by different studies in different ways. Satisfaction can be obtained
because of what was expected. Satisfaction of customer is used for indication of future possible
revenue (Hauser, Simester & Wernerfelt, 1994).
Customer satisfaction is the necessary foundation for the company to retain the existing
customers (Guo, Xiao & Tang, 2009). The customers who are unsatisfied with the received
services would not be expected to have long run relationships with the company (Lin & Wu,
2011). Poor services can also cause to dissatisfaction. Like Inherently poor services or
satisfactory level of services, which cannot achieve customer, expectation may be cause of
dissatisfaction in customers (Rust & Zahorik, 1993).
Variation in the quality and value of products and services provided to customer creates
variation in customer satisfaction and that create variation in customer loyalty (Auh & Johnson,
2005). According to (Anderson, 1994) customer satisfaction is used to measure company
performance at both .internally to compensate human resource, observe performance and
assign funds as well as for externally the satisfied customer is also source of information for
all stake holders ( customers, public policy makers competitors and investors).. For developing
customer satisfaction, reliability in the providing of services and commitment to service
relationships a company must attempt to increase customer’s future expectations (Lin & Wu,
2011).
According to Rust and Zahorik (1993) customer satisfaction has direct impact on loyalty. Auh
and Johnson (2005) Argued that there are strong relationships between satisfaction and loyalty.
Similarly, Bodet (2008) confirmed the relationship between customer satisfaction and customer
loyalty. Shankar, Smith and Rangaswamy (2003) also provide evidence that there is positively
relationship between satisfaction and loyalty. As Kim, Jeong, Park, Park, Kim, and Kim (2007)
stated that customer satisfaction has impact on customer loyalty. Vesel and Zabkar (2009)
provide evidence that customer satisfaction is one of the significant determinants of customer
loyalty. Hallowell (1996) also support that satisfaction and loyalty are related to one another.
Customer satisfaction does have a positive effect on an organisation’s profitability. According

to Hoyer and MacInnis (2001), satisfied customers form the foundation of any successful
business as customer satisfaction leads to repeat purchase, brand loyalty, and positive word
of mouth.
Coldwell (2001) concluded in his study that a totally satisfied customer contributes 2.6 times
as much revenue to a company as a somewhat satisfied customer while a totally satisfied
customer contributes 17 times as much revenue as a somewhat dissatisfied customer. A totally
dissatisfied customer decreases revenue at a rate equal to 1.8 times what a totally satisfied
customer contributes to a business”.
Customer loyalty
Customer loyalty has been defined early that it is normally the willingness of customer to
maintain their relations with a particular firm or service/product (Kim & Yoon, 2004). In
reality loyalty should be explain as a customer commitment to do dealing with a particular
firm, buying their products and services and referring it to colleagues (Mcllroy & Barnett,
2000). By tradition, customer loyalty is divided into two components one is based on behavior
and the other is based on attitudes (Guillén, Nielsen, Scheike & Marín, 2011). Rauyruen and
Miller (2007) also explain customer loyalty as a merged concept of behavioral loyalty
(willingness of customer to repurchase from and continue relationships with the company)
and attitudinal loyalty (emotional attachments and advocacy of customers toward the
company).
Customer loyalty is focal point for numerous business organizations (Vesel & Zabkar, 2009).
The success of company sales are ensured by customer loyalty, which can be influenced by
management action (Gerpott, Rams & Schindler, 2001). In emerging business competitions
the loyalty of customers had shown as a main feature in getting continue competitive advantage
(Lin & Wang, 2006). Customer respect oriented business organization will attract and develop
loyal customers (Chang & Chen, 2007). It is crucial to understand the customer psyche for
building competitive policies to succeed in differentiation and winning of customer loyalty in
the competitive market (Chen & Hu, 2010). A firm can develop long lasting, jointly profitable
associations with customer by developing customer loyalty (Pan, Sheng & Xie, 2011). Customer
loyalty is a vital element for the continued existence and operating of firms business (Chen &
Hu, 2010). Loyalty can be measure by the intention of repurchase, recommending the product/
services to other and patience towards price (Kim & Yoon, 2004). Customer loyalty is use to
measure repeated purchasing and forbearance for price (Auh & Johnson, 2005).
Customer loyalty is commonly distinguished in three approaches including behavioral loyalty
approach (Grahn, 1969); attitudinal loyalty approach (Bennett & Rundle-Thiele, 2002; Jacoby,
1971; Jacoby & Chestnut, 1978), and integration of attitudinal and behavioral loyalty approach
(Dick & Basu, 1994; Jacoby, 1971; Jacoby & Chestnut, 1978; Oliver, 1997). The attitudinal loyalty
helps to examine the factors of loyalty, to avoid switching behavior (Caceres & Paparoidamis,
2007), and to predict how long customers will remain loyal (Jacoby & Chestnut, 1978).
Therefore, viewing loyalty as an attitude-behavior relationship allows integrated investigation
of antecedents and consequences of customer loyalty (Dick & Basu, 1994).
Customer loyalty can be classified as brand loyalty, service loyalty, and store loyalty (Dick &
Basu, 1994). Customer loyalty is a strategy that creates mutual rewards to benefit firms and
customers (Reichheld & Detrick, 2003). One benefit is that firms can increase the revenue.
With loyal customers, companies can maximize their profit because loyal customers are willing
to (1) purchase more frequently; (2) spend money on trying new products or services; (3)
recommend products and services to others; and (4) give companies sincere suggestions
(Reichheld & Sasser, 1990). Thus, loyalty links the success and profitability of a firm (Eakuru
& Mat, 2008).
Relation between Customer satisfaction and Customer loyalty

Studies have found positive evidence on the direct relationship between customer satisfaction
and loyalty of repeat purchase, less price sensitive, cross-buying behavior, and profit (Bloemer
& Odekerken-Schroder, 2002; Ibrahim & Najjar, 2008; Oliver, 1997). Sivadas and Baker-Prewitt
(2000) said “there is an increasing recognition that the ultimate objective of customer satisfaction
measurement should be customer loyalty. Satisfaction also influences the likelihood of
recommending a departmental store as well as repurchase but has no direct impact on loyalty.
Fornell (1992) said “high customer satisfaction will result in increased loyalty for the firm and
that customers will be less prone to overtures from competition”. This view was also shared
by Anton (1996) who said that “satisfaction is positively associated with repurchase intentions,
likelihood of recommending a product or service, loyalty and profitability”.
Loyal customers would purchase from the firm over an extended time (Evans and Berman,
1997). Guiltinan, Paul and Madden (1997) said that satisfied customers are more likely to be
repeat (and even become loyal) customers.
Thus satisfaction in itself will not translate into loyalty. However, satisfaction will foster loyalty
to the extent that it is a prerequisite for maintaining a favorable relative attitude and for
recommending and repurchasing from the store. Once customers recommend a department
store it fosters both repatronage and loyalty towards that store.

1. To design, develop and standardize a measure for evaluating customer satisfaction
and customer loyalty.
2. To identify the underlying factors of both variables, i.e. customer satisfaction and
customer loyalty.
3. To evaluate the relationship between customer satisfaction and customer loyalty.
4. To open new vistas for further research.
The Study
A quantitative, non-experimental and explanatory (correlational) study was conducted to
assess the relationship between customer satisfaction and customer loyalty. The survey was
distributed to all patients of various hospitals at Gwalior. A random sampling plan was used
to select participants. When customers agreed to participate, participants were given a survey
questionnaire and retrieved the questionnaire after finished. The study was conducted on the
patients of various hospitals. A survey was completed by 200 customers/patients of hospitals.
Individual patient was used as the sampling elements of the study. Non-probability purposive
sampling technique was used. A two-part self designed questionnaires for the study was
developed in order to measure the research variables. In the questionnaire, the items were
designed to examine customer satisfaction and customer loyalty ninteen of the items were
designed to examine customer satisfaction according to the theory of Oliver in 1997; and
thirteen of the items were developed to test customer loyalty according to the theory of
Reichheld and Sasser in 1990. All variables are by means of a five-point Likert scale, and
ranged from strongly agreeing (5) to strongly disagree (1). These socio-demographic questions
and the coding schemes used included: Gender: 1 = male; 2 = female. Education: 1 = high
school diploma or equivalent; 2 = associate degree; 3 = bachelor degree; and 4 = graduate
degree.
Tools Used For Data Analysis

Item to total correlation, Reliability, Face validity, Factor Analysis and Regression analysis
was used to complete the study.
Results and Analysis

Scale Results
Reliability Measure
The composite reliability was estimated to evaluate the internal consistency of the measurement
model. All the main constructs had Cronbach‘s alpha above .6; greater than the recommended
benchmark of 0.60 (Wu and Wang, 2005).
Reliability test was carried out by using SPSS software and the reliability test measurers are
given below:
Table 14.1: Showing Reliability Statistics

Variables Cronbach’s Alpha N of Items
Customer Satisfaction 0.919 19
Customer Loyalty 0.873 13
It is being considered that reliability value should be more then 0.7, and it can be seen that
reliability value is quite higher than the standard value, so all the items in the questionnaire
are highly reliable.
Factor Analysis
Factor analysis was applied to find out the underlying factors of the questionnaire. Factor
analysis resulted into four underlying factors the table represents the factors name with their
eigen values and % of variance also the items which contributed to single factors are represented
in the table along with their loadings.
Table 14.2: Showing Factor Analysis of Customer Satisfaction

Total % Variance
1. service facility 8.153 40.765 19. provides exact service 0.8990
3. Individual attention. 0.8860
6. Attitude is cooperative. 0.8740
18. Service is better than other 0.8620
14. Interest in costumer query. 0.7960
4. Equal to paid & free service. 0.489
2. politeness 4.359 21.714 5. Politeness in queries. 0.840
17. Expectation met by centre. 0.816
2. positive comments 0.691
10. trained technicians and staff. 0.664
3. Regularity 1.809 9.451 8. formally dressed employees 0.7800
11.Regular information 0.6690
13.Time certainty 0.629
7. used original and best medicine .570
4. Trust 1.453 7.263 9. Employees have knowledge. .895
12.Safety and security .596
15.effectiveGrievances handling .544
16. Satisfied with service centre. .523
1. modern equipments .417
Table 14.3: Showing Factor Analysis of Customer Loyalty

Total % Variance
1. Revisit Intention 3.184 13.844 1. like to visit this health center again .734
in the future
7. Compared to other health center, 670
I would rate this one as one
of the best
3.functionality is good .630
2. Repatronage 2.584 11.236 8. willing to pay higher charges over .657

Intention other health center
2. I intend to continue to purchase .617
at this online store even
5. if another center advertises a .597
better deal
4. feel to change .571
13.choose because of faith .541
3. Word of Mouth 1.838 7.992 6. I would recommend to friends .639
and family
12. warn others not to go this center. .612
10. I am tension free when I reach here .518
9. this health center is an expert in the .486
services
11. This health center has a .397
reputation for being concerned
about the patients
Regression Analysis:
Null hypothesis (Ho): There is no significant impact of customer satisfaction on customer
loyalty.
Model R R Square Adjusted R Std. Error of Durbin-Watson
Square the Estimate
1 .674a .455 .438 2.46700 1.906
a. Predictors: (Constant), customer satisfaction
b. Dependent Variable: customer loyalty
ANOVAb
1 Regression 980.180 6 163.363 26.842 .000a
Residual 1174.615 193 6.086
Total 2154.795 199
a. Predictors: (Constant), customer satisfaction
b. Dependent Variable: customer loyalty
Table 14.5: Coefficients

Model Unstandardized Standardized t Sig.
B Std. Error Beta
1 (Constant) 4.757 .802 5.929 .000
customer satisfaction .211 .041 .617 5.194 .000
a. Dependent Variable: customer loyalty
Regression equation- Y = a + bX
Customer loyalty (Y) = 4.757 + 0.211customer satisfaction (X)
Where customer satisfaction is independent variable and customer loyalty is dependent
variable.
The regression analysis in above table shows that the customer satisfaction has significant
impact on customer loyalty with t-statistic 5.929 and significance level is 0.000, which is less
than P-value 0.05 and Beta value of customer satisfaction is 0.617. Thus supporting H0, that
customer satisfactions have positive impact on customer loyalty. Beta value shows that one
percent change in customer satisfaction will change customer loyalty with 61.7 percent.
Similarly like Kim and Yoon (2004) they give evidence that the source of customer loyalty is
customer satisfaction. Yen and Gwinner (2003) find that satisfaction has positive and significant
effect on customer loyalty. Lin and Wang (2006) also examine that satisfaction have significant
and positive impact on loyalty.
Conclusion
This paper examines the effect of customer/ patient satisfaction on patient’s loyalty. Study
concluded that factor analysis of satisfaction converge whole nineteen items into four factors
viz. service facility in a hospital, politeness of nursing staff, regularity in checkups and
treatments and trust on the doctors/ and management. It shows to satisfy a sick people and
their attendants’ health care sector has to exercise more on service facility, smooth behavior of
employees and unremitting concentration towards patients. On the other side factor analysis
of loyalty towards health care centre converge whole thirteen items into three factors viz.
Revisit Intention, Repatronage Intention and Word of Mouth which concluded that a satisfied
sick people firstly reflects intention to revisit whenever he/she needed as they received
supportive patron from centre. They spread positive word of mouth because they are satisfied.
Regression results show significant positive relationship between the customer satisfaction
and patient’s loyalty and have 61.7 % impact on dependent variable (patient’s loyalty) hence
null hypothesis that there is no significant difference between consumer satisfaction and
patient’s loyalty was not accepted. Means customer satisfaction is an important factor which
makes effect on patient’s loyalty.
Implication
On the bases of the above analysis, this is recognized that with improvement of customer/
patients satisfaction the hospitals will find patients that are more loyal. By the referring of
loyal patients a hospital can also attract more customers. Based on the study, health center
owners are advised to satisfy and better manage their relationships through quality product
and services with the customers as a competitive policy in mobile telephone marketplace.
Limitation and Future Work

The drawback of this study is that it is limited to a single city due to time limitations and is not
generalizable. Better work could be done in future by using data of more than one city to
generalize these phenomena.
Another limitation is the time periods use in the study as it is not clear to what extent the time
periods have provided an appropriate context for an analysis of the relationships between
attitudinal variables and behavioral variables. However, attitudinal variables such as
customer/patients satisfaction do not remain constant over time (cf. Peterson & Wilson 1992).
It means, among other things, that the timing of the inspection deserves some cautious
consideration.
Suggestion
While the present study does not provide a rich understanding about relationship between
customer/patients satisfaction and loyalty, it does suggest that variables other than satisfaction
and loyalty need to be explored in more deepness. Examples of such variables are trust,
switching barriers, patient relationship commitment, service policy-related variables and
personal bonds.
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15
Analysis of Antecedents of
Customer Satisfaction in Online Shopping
Aashish Mehra, Pooja Bakuni, Smrita Bhadoriya, Anil Singh Parihar, Lilesh Gautam,
Neha Garg, , Mukesh Singh Tomar, Archana Jadon & Pratibha Bithariya
ABSTRACT
Online shopping these days is fast taking over the traditional retail shopping. Customers
now are frequently shopping online for a wide array of products ranging from books to
gadgets like mobiles and even expensive consumer durable items. Satisfaction with their
online shopping experience (both during and post-shopping) has become really vital for
their reinforcement behavior post online purchasing. This paper analyses seven antecedents
(perceived benefits) of customer satisfaction in online shopping as adapted from Lee and
Joshi (2007) like Perceived time saved (PTS), Perceived price saved (PPS), Perceived web
functional properties (PWFP), Perceived web aesthetic properties (PWAP), Perceived risk
(PR), etc. Confirmatory factor analysis and t-test were applied; CFA results indicated a
significant support for all hypotheses (seven dimensions) considered for the study and t-
test results showed that there is no difference in satisfaction level of male and female.
Key words: Online Shopping, Customer Satisfaction, Shopping Behaviour, Online Stores
Introduction
Customer Satisfaction
According to Anderson et al., 1994 and Fornell, 1992 “Customer satisfaction can be defined
as overall evaluation based on the total purchase and consumption experience with a good or
service over time”.
According to Churchill and Suprenant, 1982, Tse and Wilton, 1980, “customer satisfaction is
expressed as a function of pre purchase expectations and post purchase perceived performance
of the respective product/service”.
In recent years, the topic of customer satisfaction has received a considerable interest and is
one of the most popular research topics in marketing (Patterson, 1997; Naeem, 2010; Karna,
Analysis of Antecedents of Customer Satisfaction in Online Shopping 215
2004; Churchill, 1982; Spreng Mackezie and Olshavsky, 1996) has attracted significant attention
from top management in many companies (Bernhardt, 2000).
Every company of today is striving very hard to satisfy its customers. According to Bolton
(1991) a customer is only satisfied when an offering (a product/service) performs better than
the expected and is dissatisfied when his/her expectations exceed performance. Kotler et al
(2006) has pointed out that whether the customer is satisfied after a purchase depends on the
offer’s performance in relation to the customer’s expectations. Therefore, companies with their
offerings have to continuously exceed the expectation level of their customers in order to
satisfy them.
Customer satisfaction in online stores:

The whole scenario of business has changed with the advent of internet technologies. The
Internet population is expanding on a brisk pace. The World Wide Web (WWW) users are
multiplying so rapidly and have widely spread into all walks of life. The use of the Internet
has grown across all areas and domains and is not limited to those computer nerds who do it
for fun or curiosity only. Especially, internet on mobile phones (Smartphones) has opened up
tremendous business opportunities for businesses in the present scenario. There is a shift
from traditional brick and mortar businesses to e-commerce (e-retailing, e-stores, etc.) which
has significantly changed the whole business perspective; as more and more customers are
buying online through online shopping portals (e-stores) like Amazon, Flipkart, Snapdeal,
Alibaba, etc. But the big question arises is of the customer satisfaction from these portals.
Whether these companies are able to satisfy its customers is a thing to be known and is a real
challenge for these companies at the same time. This research has employed survey method
to study the antecedents of customer satisfaction. Through exploration a research model with
hypotheses is developed.
Literature Review
According to Chin-Fu Ho and Wen-Hsiung Wu (1999) with the ever increasing popularity of
e-commerce, the evaluation of antecedents and of customer satisfaction has become highly
prudent for the Cyber Shopping Stores (CSS) and for researchers. The various models of
customer satisfaction provided so far by the researchers so far are mostly based on traditional
business channels and therefore may not be appropriate for CSSs.
Kalakota and Whinston (1999) defined electronic commerce as one kind of modernized business
methodology. It seeks to reduce the costs, to improve the products and service quality, and to
increase transmitting speed. In addition, it divides the application of consumption guide into
four parts: (1) entertainment, (2) financial service and information, (3) the necessary service
(i.e., home shopping), and (4) education and training. Why does an enterprise go on the
Internet? According to Dahl and Lesnick there are four marketing reasons for businesses to
go on the Internet: (1) attracting customers more easily, (2) improving customer service, (3)
collecting the customers’ information, and (4) reserving the competitive power.
Most firms who strive to acquire customer satisfaction must satisfy their employee’s needs
and wants first. It is widely recognized from past literature that customer needs will be
satisfactorily met only when employee needs are being satisfactorily met. In their paper, they
first discussed conceptualization of customer satisfaction, its antecedents and its relevant
importance to firm’s profitability. Then, they discussed how employee satisfaction is linked
with customer satisfaction. Moreover, they provided suggestions to improve employee
satisfaction to foster customer satisfaction.
According to Lee and Joshi (2007) the advancement of technology has replaced many aspects
of face-to-face interpersonal dynamics between sellers and customers in service encounters
with technology-based Web interfaces. The paper tested a model of customer satisfaction
with technology mediated-service encounters incorporating the suggestions of Meuter et al.
(2000) and factors proposed by (Jarvenpaa and Todd, 1997). The model over arches variables
that can influence customer satisfaction in technology mediated service encounters. An
empirical analysis identified the relative importance of different factors in online service
encounters for customer satisfaction. In the order of importance, these factors were: delivery
performance, time saved, website functional properties, internet familiarity, and price saved.
Some other factors that were not found to be significant included: website aesthetic properties,
risk, customer support, and product variety.
Sun and Chen (2012) found that with the prevalence of online shopping, competition among
virtual stores becomes fiercer and exploring ways to succeed is a critical challenge for electronic
retailers. E-service quality is revealed to be a feasible means to enhance customer retention
and help e-tellers achieve long-term success; however, research on this issue is still deficient.
This study attempts to fill the research gap in Internet marketing by employing both technology-
and service-focused viewpoints to simultaneously investigate the relationships among e-service
quality, customer value, satisfaction and loyalty, which was only studied partially in past
studies. The AMOS results from 384 college students indicate that visual appearance and
emotional benefit have impacts on customer’s hedonic value, while clarity of layout and order
fulfillment have effects on customer’s utilitarian value. The findings assure e-tellers that the
website design focusing on both the consistency of the structure and layout of information
presentation can enhance online shoppers’ utilitarian value, while designing aesthetically
attractive websites can increase their hedonic value. Moreover, e-tellers can improve the order
fulfillment process to increase online customers’ utilitarian value and make the shopping
experiences more hedonic to arouse online shoppers’ positive emotional benefit.
Alam and Yasin (2010) analyzed about Malaysian country who conducted a survey at the mid
2005 and revealed that only 9.3 % of internet users had obtained online products and services.
In which online air tickets are most common thing for sale. After that books are there which
are sold 15.6% and music at last 6.8 %. This study also observed that following four key
factors website design, reliability, product range and delivery performances are here which
affects the consumer buying behavior. Chiu et al (2009) also found out some other factors
which affects the customer satisfaction of online shopping these are product information,
service providing, product price, product security and advertisement information in the range
of online product.
The Research Model

The research model tested empirically in this study contains constructs which have literature
support, based on numerous researches done in this area in different countries, particularly
the online shopping from the end-user perspective (refer to Figure 1). The factors that affect
satisfaction in online shopping have been examined by the model.
Figure 1: A Schematic Diagram of the Research Model
Eight Factors leading to Customer Satisfaction in Online Shopping (Lee and Joshi, 2007)
• Perceived time saved(PTS)
• Perceived price saved(PPS)
• Perceived web functional properties(PWFP)
• Perceived web aesthetic properties(PWAP)
• Perceived risk(PR)
• Perceived delivery performance(PDP)
• Perceived customer support(PCS)
• Internet familiarity(IF)
Online shopping satisfaction is the dependent variable in this research which is analyzed in
order to find out the answers or solution to the problem. Meanwhile, the independent variables
are time saved, price saved, web functional properties, web aesthetic properties, risk, delivery
performance, customer support and internet familiarity. The independent variables are
believed to be the variables that have association with the dependent variable (online shopping
satisfaction) in a positive manner.
Hypotheses
A series of testable hypotheses were developed from the proposed research model, as shown
below:
• Hypothesis 1: Perceived time saved [PTS] is positively associated with satisfaction.
• Hypothesis 2: Perceived price saved [PPS] is positively associated with satisfaction.
• Hypothesis 3: Perceived Web properties of stores are positively associated with

satisfaction.
H3-1: Perceived Web functional properties [PWFP] of stores are positively
associated with satisfaction.
H3-2: Perceived Web aesthetic properties [PWAP] of stores are positively
• Hypothesis 4: Perceived risk [PR] is negatively associated with satisfaction.
• Hypothesis 5: Perceived delivery performance [PDP] is positively associated with
satisfaction.
• Hypothesis 6: Perceived customer support [PCS] is positively associated with
satisfaction.
• Hypothesis 7: Internet familiarity [IF] moderates relationship between customer’s
perceptions related to an online shopping store and customer satisfaction.

1. To identify the various factors which affects customer satisfaction in online shopping.
2. To study the impact of each identified factor on customer satisfaction.
3. To identify the avenues of further research.
Research Metholodology
The Study: The study was exploratory in nature & survey method was used to complete it,
since contributing factors in this study were to be found.
Sample Design: Population included the all online shoppers, sample size included 265
individual consumers (online shoppers) considered in the study, and the people who have
done shopping at least 6 months from online were the sampling element. Non probability
purposive sampling used to select samples.
Tools for Data Collection: Self made questionnaire developed for data collection which is
having liker type scale 1 to 5. 1 tends for minimum agreement 5 is tends for maximum
agreement.
Tools Used for Data Analysis: Reliability tests were applied to check the reliability of the
questionnaires. In which Cronbach’s alpha was the measure by which reliability of the
questionnaires was found. Exploratory factor analysis and Confirmatory factor analysis were
applied. Then linear regression test was applied for finding out the impact of one variable to
another. T test and ANOVA were used to analyze the differences in various demographic and
other criteria.

The reliability of the questionnaire was tested using Cronbach’s alpha and was found to be
0.855 which is good.

Cronbach’s Alpha N of Items
.855 24
Exploratory Factor Analysis

Using the sample of 265 responses, the data were examined using principal component analysis
as the extraction method and Varimax as a technique of rotation.
Table 15.2: Rotated Factor Matrix of 24-item Instrument

Item Code Perceived Perceived Perceived Perceived Perceived Perceived Perceived Internet
time price web web risk delivery customer familiarity
saved saved functional aesthetic (PR) performance support (IF)
(PTS) (PPS) properties properties (PDP) (PCS)
(PWFP) (PWAP)
PTS1 .701
PTS2 .611
PTS3 .610
PTS4 .483
PDP1 .614
PDP2 .606
PDP3 .570
PWFP1 .643
PWFP2 .632
PWFP3 .618
PWFP4 .451
PWAP1 .612
PWAP2 .570
PWAP3 .524
PPS1 .694
PPS2 .455
PPS3 .435
PR1 .830
PR2 .553
PR3 .428
PCS1 .717
PCS2 .701
IF1 .728
IF2 .637
If we did not specify the number of factors eight factors with Eigen values greater than one
emerged. However the factors were interpreted as perceived time saved (PTS), perceived
price saved (PPS), perceived web functional properties (PWFP), perceived web aesthetic
properties (PWAP), perceived risk (PR), perceived delivery performance (PDP), perceived
customer support (PCS) and internet familiarity (IF). These labels were considered imprecise
because one factor appeared to contain two different types of items (e.g., perceived time saved
and perceived web aesthetic properties items. To produce more precise and interpretable
factors, the procedure was conducted specifying six and seven factors.
It was found that specifying eight factors produced the most interpretable results. These factors
were the same as discussed above. This explained 58.2 percent of the variance. Table 2 depicts
the loading of the 24 items on each factor (for factor loading greater than .50). Moreover the 24
item instrument had a reliability of .855. The reliability (alpha) of each factor was: perceived
time saved (PTS)=.67; perceived price saved (PPS)=.57; perceived web functional properties
(PWFP)=.61; perceived web aesthetic properties (PWAP)=.51; perceived risk (PR)=.54;
perceived delivery performance (PDP)=.53; perceived customer support (PCS)=.56; and internet
familiarity(IF)=.51.
ANOVA
• There is no significant effect of age, profession and frequency of purchase on customer
satisfaction which can be seen in the table.
• There is a significant effect of annual amount spent on purchasing which is indicated

by F value of 2.505 which is significant at .044.
• Combined effect of profession and annual amount spending can also be seen which
is indicated by F value of 4.075 which is significant at 0.045 level of significance,
which is significant.
Confirmatory Factor Analysis

Confirmatory factor analysis was applied to examine the validity of the scale, using AMOS 18.
Chi –square= 21.144
Degree of freedom= 20
Probability level = 0.389
The validity of the scale was examined by conducting CFA, using AMOS 18 with maximum
likelihood (ML) estimation method. In our findings, all the items loaded on their respective
factors and were significant at (p<0.05). The results from proposed model for Online customer
satisfaction revealed an adequate fit (÷ 2=21.144, df=20, CMIN/DF=1.057, GFI=0.980,
AGFI=0.964, TLI=0.997, CFI=0.998, RMSEA=0.015, PCLOSE=0.909). Internal consistency of
the scale was ensured through the standardized regression weights that it is less sensitive to
the number of items, PWFP, PWAP, PTS and IF which suggest high level of reliability of the
used scale in the current study.
Table 15.3: Goodness of Fit Indicators

GFI 0.980
AGFI 0.964
CMIN/DF 1.057
TLI 0.997
CFI 0.998
RMSEA 0.015
Table 15.4: Result Summary

Hypothesis â P Note
H1: Perceived time saved [PTS] is positively associated 0.621 0.001 Supported
with satisfaction.
H2: Perceived price saved [PPS] is positively associated 0.633 0.001 Supported
with satisfaction.
H3-1: Perceived Web functional properties [PWFP] of stores 0.607 0.001 Supported
are positively associated with satisfaction.
H3-2: Perceived Web aesthetic properties [PWAP] of stores 0.662 0.001 Supported
are positively associated with satisfaction.
H4: Perceived risk [PR] is negatively associated with 0.543 0.001 Supported
satisfaction.
H5: Perceived delivery performance [PDP] is positively 0.659 0.001 Supported

H6: Perceived customer support [PCS] is positively 0.436 0.001 Supported
H7: Internet familiarity [IF] moderates relationship 0.552 0.001 Supported
between customer’s perceptions related to an online
shopping store and customer satisfaction.
T-Test
H01: There is no difference perceived by Gender (Male & Female) on Customer satisfaction
The independent T - test was applied on online customer satisfaction. The results of
independent T-test are mentioned below in the Table:

for Equality
of Variances
ence
Lower Upper
Customer Equal variances 0.75 0.38 1.23 263 0.21 2.29 1.86 -1.37 5.95
Satisfaction assumed
Equal variances 1.22 238.12 0.22 2.29 1.87 -1.40 5.99
not assumed
The Hypothesis was tested using ‘T’-test to evaluate the effect of Gender (male & female) on
customer satisfaction of online service. The study used two levels of Gender (Male & Female).
Levene’s test was applied to evaluate equality of variance in the responses of male and female
respondents. The value of ‘F’ was found to be 0.753 which is significant at 0.386. Therefore,
the null hypothesis indicating equal variance among groups formed on the basis of Gender
(Male & Female) was not rejected. ‘T’-test for equality of Means was applied to evaluate not
equality of variance in response of male and female respondent. The value of ‘T’ was found to
be 1.231 which is significant at 0.219. Therefore, the null hypothesis indicating equal variance
not assumed between male and female was not rejected. That means male and female having
same level customer satisfaction.
Limitations of the Study

• Major portion of respondents covered were students (about 195 out of 265) mostly
from the Age group 20-25, therefore all other age groups are also to be included in
further research; and all other Professions are also to be covered as respondents.
• The research was conducted on Individual Online shoppers only, further B2B online
buyers could also be included in future research.
Conclusion
Confirmatory factor analysis performed using AMOS 18.0 with n = 265. A total of three
exogenous variables’ items were excluded because it does not meet the requirements of the
validity of the instrument (the factor loadings were below 0.50 or there were cross-loadings),
so that the total items used for the subsequent analysis were 24.
Reliability test was conducted using SPSS. From the test results, it is known that the value of
Cronbach’s Alpha for each variable is more than 0.5, so the entire items are reliable.
The sample size in this study is 265 and the value of KMO-MSA is 0.842 (>0.500). It means the
sample is adequate for this research. Normality of the data is indicated by the value of critical
ratio (CR), which is between +2.58 and -2.58 (Hair et al. 2006).
Out of the eight factors in Online Shopping have a reasonable impact on the dependent variable
i.e., Customer Satisfaction. There is no significant difference of all the demographic variables
like age, etc. on Customer satisfaction. There is a significant effect of Annual amount spent on
purchasing online on Customer Satisfaction. There is a combined effect of profession and
annual amount spending on Online Customer Satisfaction.
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225
16
Impact of Macro Economic Variables on the

Returns of BSE and NSE Stock Indices
Amitabha Maheshwari, Prabhat Ratnakar, C.K. Dantre, Shubha, Swati Tiwari,
Madhu Shah, Sebin Sara Soloman, Hina Agrawal, Meghna Goel Mangal,
Gaurav Newalkar & Abhijeet Saban
ABSTRACT
This paper investigates the relationship between standard macroeconomic variables and
stock returns at BSE and NSE Stock Indices using OLS Multivariate Regression Model,
Based on regression coefficient, it was found that interest rate have negative influence on
BSE 30 stock Indices and inflation have negative influence on NSE 50 stock indies in short
run. Wald Test output presents the statistical significance coefficients of one and two month’s
lag results indicate interest rate has significant impact NSE NIFTY 50 returns and BSE
SENSEX 30 returns.
Key words: Macro Economic Variables, Wald Test, NSE, BSE
Introduction
Changes in fundamentals of economy and expectations about future prospects are largely
responsible for movement of stock prices. Micro and macro fundamentals along with many
subjective unpredictable and non-quantifiable factors influence expectations of people.
Economic theory suggests that there should be a significant role of domestic economic activity
in the performance of stock market. However, in the globally integrated economy, domestic
economic activity is also subject to changes due to the financial policy changes adopted by the
Government.
Do financial sector activities have any direct linkage to economic growth has been a very
important area of investigation for last three-four decades now. Economic growth is the main
indicator of human prosperity and therefore has been under serious investigation since long.
The last three decades have seen tremendous development in the application of econometric
instruments to evaluate the relationship between the financial sector activities and the economic
growth.
Stock prices have been notoriously unpredictable. Since stock market is known for creating
fortunes for the people who played in right at the right time and drowned people in poverty
if the investors made mistakes. Investors have been very keen to identify indicators that can
predict the stock market behavior. Numerous studies have tried to develop models using
macroeconomic indicators such as interest rates, GDP and inflation to predict stock market
returns and have found strong evidence to authenticate the general perception that the stock
prices can be predicted through the study of macroeconomic indicators and their relationship
to stock returns. Several studies have attempted to evaluate the effect of economic indicators
on stock returns in different economies. The Arbitrage Pricing Theory (APT), developed by
Ross (1976), and refined and reused by Chen et al. (1986) using macroeconomic variables to
explain stock returns in the US stock markets is the pioneering work in this direction. Their
findings indicated that both the anticipated and unanticipated inflation rates were negatively
related to the expected stock returns, while expected stock returns were positively related to
industrial production, changes in risk premiums, and changes in the term structure. The current
study is an attempt to understand the relationship between macroeconomic indicators and
stock returns in Indian stock market.
Fama and Schwert (1977) and Fama (1981) developed until the proxy hypothesis, claimed
that an inflation increase because of increase in the real economic activities and stock prices
decline due to the negative relationship between inflation and stock prices. Fama (1981)
reestablished Proxy hypothesis and reported a positive relationship between stock prices and
real economic activity. Which was distinguish to previous approaches, because new Proxy
hypothesis says that an increase in the real economic activities causes not an incline but decline
in inflation. There is negative relationship between inflation and stock prices leads to increase
in stock prices.
After 1981 Proxy hypothesis has been tested in many empirical studies. Geske and Roll (1983),
Kaul (1987), Barnes et al. (1999) found evidence supporting this hypothesis in their studies.
Park (1997) explored the USA market and reported a negative relationship between the
economic variables stock prices. Mc Queen and Roley (1993) reported negative relationship
between real economic activities and stock prices appears only under some specific
circumstances. Furthermore they explored that in booming economies news regarding an
incline in economic activities reduces the stock prices, but increases stock prices in weak
economies.
The study explore whether the movement of stock price indices are associated with macro
economic variables. We analyze the long term relationship between BSE and NSE indices
with certain macroeconomic variables. Here we are establishing the relationship between
macro economic variables and NSE and BSE indices.
Literature Review
Fama and Schwert (1977) and developed by Fama (1981)- it has been claimed that an increase
in the real economic activities causes a rise in inflation and also a decline in stock prices due to
the negative relationship between inflation and stock prices. Naka(1990) employed a vector
error correction model (VECM) (Johansen (1991)) in a system of five equations to investigate
the presence of cointegration among these factors. analyzed a negative relationship between
Impact of Macro Economic Variables on the Returns of BSE and NSE Stock Indices 227
interest rates or inflation and stock prices, and a positive relation between output growth and
stock prices.
Bhattacharya (2001) did not find any causal relationship between money supply, national
income and interest rates with stock prices in his study of BSE sensitive index. He found
positive causal relationship between industrial production and the index. He also found two-
way causal relationship between stock price and rate of inflation. Mishra (2004) did not find
any causal relationship between exchange rate return and stock return using Granger causality
test and Vector Auto Regression Technique. Key Macro indicators are not the only set of
variables that effect stock prices, macro dimensions also affect stock prices.
Mukherjee (1995) and Bernanke (2005) explored that future output expectations depend upon
the level of money supply in relationship to money demand. Agrawalla (2005) co-integrated
stock price index and macroeconomic indicators under VECM framework. Hondroyiannis
(2001) evaluated through VAR analysis and reported that domestic market economic activity
affects domestic stock market performance
Naka (2001) analyzed relationship between selected macroeconomic variables and the Bombay
Stock Exchange index and suggested that domestic inflation severely effects Indian stock
market performance, and GDP is the predominant driving force in the positive direction.
Pethe (2000) found weak causality between IIP as independent variable and share price index
as dependent variable and not the other way round for five years period during April 1992 to
December 1997 using Indian data
Horobet Livia (2007) used standard bivariate cointegration tests, using both the Engle-Granger
and the Johansen-Juselius methodology, as well as standard and modified Granger causality
tests between exchange rates and stock price based on Romanian data. The results indicated
that there was no cointegration between the exchange rates and the stock prices. When standard
Granger causality test was performed on non co-integrated variables, they identified unilateral
causality relations from the stock prices to exchange rates for the entire period and the second
sub-period, and one bilateral causality relation between the stock prices and the bilateral
exchange rate against the US dollar for the first sub-period.
Mazharul H. Kazi (2008) reviewed the relationship between the security market movement
and macroeconomic variables as proxy for systematic risk factors and security market prices,
while retaining the basic attributes of asset pricing theory by cointegration approach.
Nasseh (2000) explored long run relationships between economic fundamentals and stock
price using data from six European countries France, Germany, Italy, Netherlands, Switzerland
and UK and reported that in long run macroeconomic movements effect underlying volatility
inherent in stock prices. Mohiuddin (2008) evaluated the causal relationship various
macroeconomic variables have on stock prices using multiple regressions and found
insignificant relationship between the stock price and any of the macroeconomic factors
Cheah Lee Hen (2006) investigated the effect of currency exchange and derivative products
on stock prices using Kalman filter and variety of ARCH type models and reported that there
was no evidence that there was any tradeoff between risk and returns in Malaysian stock
market.
Kandir (2008) evaluated causal relationship between macroeconomic factors and stock returns
using Turkish data for the period July 1997 to June 2005 and found that exchange rate, interest
rate and world market returns affect all the portfolio returns where as inflation rate had
significant effect on only three of the twelve portfolios. Industrial production, money supply
and oil prices did not have any significant effect on stock returns.
Naresh Chandra Sahu and Deepinder H. Dhiman (2011) found causality, between Stock market
and real economic variables. There was a strong correlation between the variables and higher
expansion was found in stock market variables than real economic variables, i.e., stock market
boom is not much supported by real economy.
T.O. Asaolu and M.S. Ogunmuyiwa (2010) determined that changes in macroeconomic
variables could explain movements in stock prices from 1986-2007 in Nigeria and analyze
impact of macroeconomic variables on Average Share Price (ASP). Various econometric tools
such as Augmented Dickey Fuller test, Granger Causality test, Co-integration, Error Correction
Method (ECM) were employed, and the results revealed that ASP is not a leading indicator of
macroeconomic performance in Nigeria and weak relationship exists between ASP and
macroeconomic variables.
Birz and Lott, Jr. (2008) posited that previous literature had produced weak evidence to support
the hypothesis that real economic news affected stock returns. This is, in part, attributed to
the difficulty of measuring how investors interpret macroeconomic news, as captured by the
statistical releases on economic variables. Since newspaper headlines provide an interpretation
of the statistical releases, we choose Lott and Hassett (2006) headlines classification as our
measure of news. Our findings indicate that news on GDP and unemployment does affect
stock returns.
Ahmed (2008) explored of causal links between stock prices and some macro economic
variables for the period March, 1995 to March, 2007 using quarterly data. The study reveals
that the movement of stock prices is not only the outcome of behaviour of key macro economic
variables but it is also one of the causes of movement in other macro dimension in the economy.
Omran and Pointon (2001) tested the effects of the inflation rate on various market activity
and market liquidity in Egyptian stock market by co-integration analysis and reported
significant long-run and short-run relationships between the variables. Implied that inflation
rate has impact upon the Egyptian stock market performance.
Mohanasundaram and Karthikeyan (2012) evaluated institutional investment and the
relationship between selected macro-economic variables and stock market movements.
Aggregate development of equity market with reference to Bombay Stock Exchange was
measured using an indicator called Sindex. The relationship between macro-economic variables
and stock market movement is found through correlation. The result shows that the Indian
equity market has grown enormously during the period April 2003 to March 2011. The
correlation matrix reveals that equity market is having a strong positive relationship with CPI
inflation and DIIs are having inverse relationship with Equity market and CPI inflation.
Huang and Lu (2008) analyzed the impact of macro variables on the volatility of Treasury
bond returns. By using principal components analysis, they extract the “real” and “money”
factors from the real activities and monetary variables, respectively. They find that the macro
factors have a significant effect on the volatility of bond returns. In particular, the real variables
affect the volatility across all maturities, while the monetary variables are significantly related
to the return volatility of short-term bonds but weakly related to the return volatility of medium-
term bonds. The implications of these findings are as follows the monetary authorities can
employ macroeconomic policy to affect the volatility of Treasury-bond returns; meanwhile,
investors can improve their portfolio management by analyzing the macroeconomic conditions.
Singh, Mehta and Varsha (2010) examined the casual relationship between selected
macroeconomic variables namely employment rate, exchange rate, GDP, Inflation and money
supply and index returns based on stock portfolios in Taiwan. In portfolio construction, four
criteria are used: Market capitalization, price/earnings ratio (P/E ratio), PBR and yield. The
purpose was to make a finer point with respect to the relationship between economic growth
and stock market especially in terms of stock prices. Empirical findings revealed that exchange
rate and GDP seem to affect returns of all portfolios, while inflation rate, exchange rate, and
money supply were having negative relationship with returns for portfolios of big and medium
companies.
Objectives
1. To establish short-term relationship between inflation, interest rate and returns of
NSE NIFTY 50
2. To establish short-term relationship between inflation, interest rate and returns of
BSE SENSEX 30
3. To established long-term relationship between inflation, interest rate and returns of
NSE NIFTY 50
4. To establish long-term relationship between inflation, interest rate and returns of
BSE SENSEX 30
5. To open a new vista for further researchers
The study was casual in nature. The population for study included NSE and BSE stocks
and GDP, Inflation, Exchange Rate as evidence of macroeconomic variables for the period
from April 2002 to March 2012. Monthly data used as sampling element by non-probability
purposive sampling technique. Secondary data was collected from the official website of BSE
and NSE. Macroeconomic variable data was collected from the official website of RBI.
∑
n
Y t = a 1Y t − 1 + i −1
a 1Y t − 1 + e t − − − − − − − − − − − (1)
∑
n
Y t = a 0 + a 1Y t − 1 + i −1
a 1Y t − 1 + e t − − − − − − − − − − − (2)
+∑ a 1Y t − 1 + δ t + e t − − − − − − − − − − − ( 3)
n
Y t = a 0 + a 1Y t − 1 i −1
∑
n
Y t = a 1Y t − 1 + i −1
a 1 Δ Y t − 1 + e t − − − − − − − − − − − (4)
∑
n
Yt = a0 + a tYt − 1 + i −1
a 1 Δ Y t − 1 + e t − − − − − − − − − − − (5)
+∑ a 1 Δ Y t − 1 + δ t + e t − − − − − − − − − − − (6)
n
Y t = a 0 + a 1Y t − 1 i −1
When performing statistical analysis with time series it is a necessary condition that the
variables are stationary. For a time series Yt to be stationary it is required that its mean and
variance are constant over time. Study uses the Augmented Dickey Fuller (ADF) test was
used to check the time series data stationary due to Dickey and Fuller (1979, 1981). ADF test
investigates the presence of unit root in time series data. A stationary time series is said to be
integrated of order zero, I(0). A series that is non-stationary can be made stationary by taking
the first difference, then it is said to be integrated of order one, I(1). The order of integration of
a series tells the number of unit roots contained in the series (Carter, Griffiths & Lim, 2011, p.
488). This test is based on an estimate of the following regression:

The notations that are used in the study are:
BSR- BSE SENSEX 30 returns
IR- Interest Rate
INF- Inflation
NRR- NSE NIFTY 50 returns
Table 16.1: ADF and PP Test Result for Stationary

Variables ADF Test PP Test
H0: Variable is no stationary H0: Variable is non stationary
Exogenous Constant Constant, None Constant Constant, None Order of
Linear Linear Integration
Trend Trend
BSR -10.36*** -10.35*** -10.03*** -10.67*** -10.63*** -10.72*** I(0)
INF -1.52 -2.39 -0.24 -9.74*** -9.70*** -9.77*** I(1)
IR -3.45** -3.68** -0.83 -12.37*** -12.35** -12.42*** I(0)
NRR -10.13*** -10.15*** -9.78*** -11.30*** -11.25*** -11.35*** I(0)
Asymptotic critical values
-3.43*** -2.56*** -3.962016*** -3.43*** -3.96*** -2.56***
-2.86** -1.94** -3.411753** -2.86** -3.41** -1.94**
-2.56* -1.61* -3.127760* -2.56* -3.12* -1.61*
*** implies significant at 1% level, ** implies significant at 5% level and * implies significant
at 10%level.
Table 1 presents the results of ADF test applied on Variables. The results reveal that for BSR
data series t-statistics are significantly Less than 1% critical values (p<.01). This employs that
the variable of BSR are stationary at level therefore Reject the null hypothesis of ADF unit
root test at levels, ADF unit root tests indicate that BSR considered in the present study is
level stationary I(0). The results reveal that for INF data series t-statistics are significantly
More than 1% critical values (p>.01). This employs that the variable of INF are stationary at
level therefore Reject the null hypothesis of ADF unit root test at levels, while it was also
reject in first difference of unit root test and INF data series t-statistics are significantly less
than 1% critical values (p<.01). This employs that the variable of INF are stationary at first
difference. ADF unit root tests indicate that INF considered in the present study is level
stationary I(1). The results reveal that for IR data series t-statistics are significantly More than
1% critical values (p>.01). This employs that the variable of IR are stationary at level therefore
Reject the null hypothesis of ADF unit root test at levels, while it was also reject in first
difference of unit root test and IR data series t-statistics are significantly less than 1% critical
values (p<.01). This employs that the variable of IR are stationary at first difference. ADF unit
root tests indicate that IR considered in the present study is level stationary I(1).The results
reveal that for NRR data series t-statistics are significantly Less than 1% critical values (p<.01).
This employs that the variable of NRR are stationary at level therefore Reject the null hypothesis
of ADF unit root test at levels, ADF unit root tests indicate that NRR considered in the present
study is level stationary I(0).
Table 16.2: Multiple Regression Analysis of INF, IR and BSR

C -36.627629 3.485156 2.762467 0.0067
INF -0.344879 0.278108 -1.240091 0.2174
IR -0.92239 0.464426 -1.986088 0.0494
Adjusted R-squared 0.827165 F-statistic 2.66146
Table 16.3: Vector Auto regression Estimates of BSR, IR and INF

Coefficient Std. Error t-Statistic Prob.
C(1) -0.024411 0.093388 -0.261398 0.0439
C(2) 0.003532 0.093265 0.037874 0.9698
C(3) -1.654238 1.048126 -1.578282 0.1155
C(4) 1.33767 1.04591 1.278952 0.2018
C(5) -0.1423 0.767802 -0.185334 0.8531
C(6) -1.174699 0.787973 -1.490786 0.137
C(7) 11.85362 3.911102 3.030763 0.0026
C(8) 0.008911 0.008433 1.056784 0.2914
C(9) 0.00792 0.008421 0.940462 0.3477
C(10) 1.071254 0.094641 11.31912 0
C(11) -0.107623 0.094441 -1.139576 0.2553
C(12) -0.062979 0.069329 -0.908409 0.3643
C(13) 0.069642 0.07115 0.978803 0.3284

C(14) 0.213952 0.353155 0.605831 0.545
C(15) 0.008706 0.011462 0.759565 0.4481
C(16) 0.007519 0.011447 0.656887 0.5117
C(17) 0.158495 0.128643 1.232052 0.2188
C(18) -0.148658 0.128371 -1.158031 0.2477
C(19) 0.772567 0.094236 8.198195 0
C(20) 0.058823 0.096712 0.60823 0.5434
C(21) 0.893328 0.480029 1.86099 0.0636
Adjusted R-squared 0.925251 S.D. dependent var 3.173361
S.E. of regression 0.867607 Sum squared resid 83.55441
Durbin-Watson stat 1.982534
*implies significant at 5% level
The least square multiple regression model estimate the relationship between Inflation, Interest
rate and BSE SENSEX 30 returns. Interest Rate is showing negative relationship with coefficient
of -0.92239 at 5 percent significant level. However, Inflation are not significantly significant at
5% percent level and do not seem to be a significant factors in determining the impact on BSE
SENSEX 30 returns. R2 value of the model is .83, which is more than 60%, indicates that
premeditated variables can explain 83% variation of the derivative NSE index future turnover
and for 17% variation can be explain by other non-premeditated variables. Model F-statistic
value 2.66146 is significantly significant at 5% percent level indicates both premeditated
variables are jointly influence the BSE SENSEX 30 returns.
BSR = C(1)*BSR(-1) + C(2)*BSR(-2) + C(3)*INF(-1) + C(4)*INF(-2) + C(5)*IR(-1) + C(6)*IR(-2) +
C(7) INF = C(8)*BSR(-1) + C(9)*BSR(-2) + C(10)*INF(-1) + C(11)*INF(-2) + C(12)*IR(-1) +
C(13)*IR(-2) + C(14) IR = C(15)*BSR(-1) + C(16)*BSR(-2) + C(17)*INF(-1) + C(18)*INF(-2) +
C(19)*IR(-1) + C(20)*IR(-2) + C(21)
VECM shows for BSR with significant error correction term in the equation. The sign and
magnitude of the error correction coefficient indicates the direction and speed of adjustment
towards the long-run equilibrium path. It should be negative and significant, which is the
case here. The negative sign implies that, in the absence of variation in the independent
variables, the model’s deviation from the long run relation in corrected by increase in the
dependant variable. Bannerjee et al. (1998) holds that a highly significant error correction
term is further proof of the existence of a stable long-term relationship. The estimated coefficient
of the VECM (–1) is -0.024411 [p-value 0.0439] suggesting that in the absence of changes in
other variables-deviation of the model from the long-term path is balanced by 4.3% per cent
increase in BSE SENSEX 30 returns per month. The coefficient of the first lag difference INF
and IR were significant in explaining the variations in the BSE SENSEX 30 returns. This implies
that previous month’s INF and IR would have a positive influence on current month BSE
SENSEX 30 returns.
The value of the adjusted R2 0.925251 implies that about 93% of the variations in BSE SENSEX
30 returns are explained by the independent variables. This shows a very high explanatory
power of the model. The Durbin-Watson Statistic 1.982534 indicated an indication that there
is no auto-correlation between the variables.
Table 16.4: Wald test Shows co-impact of leg variables

Variable Chi square test P value Null hypothesis reject/
statistic value not reject
C(3) and C(4) 3.281789 0.1938 Reject
C(5) and C(6) 6.781071 0.0337 Not Reject
C(3) and C(5) 2.514676 0.2844 Reject
C(4) and C(6) 3.825290 0.1477 Reject
Table Shows the statistical significance coefficients Wald Test output. This indicates that IR
one and two month coefficients are not equivalent because Chi-square test statistics value is
significant at 5% level. This implies that combine lag coefficients of IR is significant in explaining
the variations in the BSE SENSEX 30 returns in short run.
Table 16.5: Multiple Regression Analysis of INF, IR and NNR

C 1.708973 0.716263 2.385956 0.0187
D(INF) -1.537697 0.829644 -1.853442 0.0464
D(IR) -0.292772 0.590978 -0.495403 0.6213
The least square multiple regression model estimate the relationship between Inflation, Interest
rate and NSE NIFTY 50 returns. Inflation is showing negative relationship with coefficient of
-1.537697 at 5 percent significant level. However, Interest rate is not significantly significant
at 5% percent level and do not seem to be a significant factors in determining the impact NSE
NIFTY 50 returns. R2 value of the model is .83, which is more than 60%, indicates that
premeditated variables can explain 83% variation of the derivative NSE NIFTY 50 returns
and for 17% variation can be explain by other non-premeditated variables. Model F-statistic
value 18.48507 is significantly significant at 5% percent level indicates both premeditated
variables are jointly influence the BSE SENSEX 30 returns.
NNR = C(1)*NNR(-1) + C(2)*NNR(-2) + C(3)*INF(-1) + C(4)*INF(-2) + C(5)*IR(-1) + C(6)*IR(-
2) + C(7)
INF = C(8)*NNR(-1) + C(9)*NNR(-2) + C(10)*INF(-1) + C(11)*INF(-2) + C(12)*IR(-1) + C(13)*IR(-
2)+ C(14)
IR = C(15)*NNR(-1) + C(16)*NNR(-2) + C(17)*INF(-1) + C(18)*INF(-2) + C(19)*IR(-1) + C(20)*IR(-

2) + C(21)
Table 16.6: Vector Auto regression Estimates of BSR, IR and INF

Coefficient Std. Error t-Statistic Prob.
C(1) -0.018326 0.095874 -0.191151 0.0485
C(2) -0.037256 0.094952 -0.392367 0.695
C(3) -1.206506 0.860805 -1.401602 0.162
C(4) 0.984489 0.854933 1.15154 0.2503
C(5) -0.273984 0.628084 -0.436222 0.663
C(6) -0.833424 0.629334 -1.324294 0.1863
C(7) 9.758246 3.280192 2.974901 0.0031*
C(8) 0.007248 0.010747 0.674459 0.5005
C(9) 0.007166 0.010643 0.673284 0.5012
C(10) 1.08159 0.096489 11.20941 0*
C(11) -0.119403 0.095831 -1.24597 0.2137
C(12) -0.051171 0.070403 -0.726824 0.4678
C(13) 0.057375 0.070543 0.813326 0.4166
C(14) 0.234636 0.367684 0.638145 0.5238
C(15) -0.012764 0.014517 -0.879214 0.3799
C(16) 0.010562 0.014378 0.734636 0.4631
C(17) 0.131501 0.130345 1.008869 0.3138
C(18) -0.12744 0.129455 -0.984431 0.3256
C(19) 0.771265 0.095106 8.109566 0*
C(20) 0.042817 0.095295 0.449311 0.6535
C(21) 1.0693 0.496692 2.152841 0.032*
Durbin-Watson stat 1.969013 Sum squared resid 84.37889
* implies significant at 5% level
VECM shows for NSE NIFTY 50 returns with significant error correction term in the equation.
The sign and magnitude of the error correction coefficient indicates the direction and speed of
adjustment towards the long-run equilibrium path. It should be negative and significant, which
is the case here. The negative sign implies that, in the absence of variation in the independent
variables, the model’s deviation from the long run relation in corrected by increase in the
dependant variable. Bannerjee et al. (1998) holds that a highly significant error correction
term is further proof of the existence of a stable long-term relationship. The estimated coefficient
of the VECM (–1) is -0.018326 [p-value 0.0485] suggesting that in the absence of changes in
other variables-deviation of the model from the long-term path is balanced by 4.8% per cent
increase in NSE NIFTY 50 returns per month. The coefficient of the first lag difference INF
and IR were significant in explaining the variations in the NSE NIFTY 50 returns. This implies
that previous month’s INF and IR would have a positive influence on current month NSE
NIFTY 50 returns.
The value of the adjusted R2 0.924513 implies that about 92% of the variations in NSE NIFTY
50 returns are explained by the independent variables. This shows a very high explanatory
power of the model. The Durbin-Watson Statistic 1.969013 indicated an indication that there
is no auto-correlation between the variables.
Table 16.7: Wald Test Shows Co-Impact of Leg Variables

Variable Chi square test P value Null hypothesis reject/
statistic value not reject
C(3) and C(4) 2.515703 0.2843 Reject
C(5) and C(6) 6.728451 0.0346 Not Reject
C(3) and C(5) 2.117977 0.3468 Reject
C(4) and C(6) 3.006669 0.2224 Reject
Table Shows the statistical significance coefficients Wald Test output. This indicates that IR
one and two month coefficients are not equivalent because Chi-square test statistics value is
significant at 5% level. This implies that combine lag coefficients of IR is significant in explaining
the variations in the NSE NIFTY 50 returns in short run.
Conclusion
In this study, the relationship between Indian stock turnover and macroeconomic variables
such as inflation and interest rate investigated over the period of 2002-2012. According to the
findings of the study, BSE SENSEX 30 returns negatively related to interest rate and NSE
NIFTY 50 returns negatively related to inflation in short run. VECM test indicated that interest
rate and inflation have long-term impact on NSE NIFTY 50 returns and BSE SENSEX 30 returns.
Wald Test output presents the statistical significance coefficients of one and two months lag
Results indicate interest rate has significant impact NSE NIFTY 50 returns and BSE SENSEX
30 returns. It is clear from the research that if the government wants to bring change or to
boost real sector of the economy, it should not neglect stock market activity in NSE and BSE.
This also clarifies that the Indian stock market has not become that much stable to be the
indicator of economic growth.
Suggestions and Limitations

• The study period was April 2002 to March 2012, which meant that the study could
not take a long-term view of the relationship between macroeconomic variable and
Stock returns. The short-term nature of the study may not allow the true relationship
between macroeconomic variables and Stock derivatives turnover if manifested by

some of the relationship that are long –term in nature.
• The study used the NSE and BSE stock Index returns as a proxy for stock market and
did not study the stock Turnover. It is possible that different results will achieve
looking at the stock turnover.
• The study used the monthly data of macroeconomic variables and did not study the
daily data. It is possible that different results may achieved by looking at the daily
and weekly data.
• The study used two macroeconomic variables only, so further research needs to be
carried out by including more macroeconomic variables to know the relationships
between these factors and the nature of stock market volatility.
• It is also quite possible that the macroeconomic variables have different impact on
Stock market turnover depending on the trading mechanisms and regulatory
environments.
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17
Values and its Impact on Job Satisfaction : A

Study of Educational Organizations in Gwalior
Amitabha Maheshwari, Prabhat Ratnakar, C.K. Dantre, Shubha, Swati Tiwari, Madhu Shah,
Sebin Sara Soloman, Hina Agrawal, Gaurav Newalkar & Abhijeet Saban
ABSTRACT
This research is an attempt to explore the relationship between Personal Values and Job
Satisfaction. All measures were tested for reliability through computation of Cronbach’s
Alpha using PASW 18, the Alpha coefficient values were found 0.847, 0.759 and 0.740
respectively for job satisfaction, Personal Values and Organizational Values. To evaluate
the cause and effect relationship between Personal Values, Organizational values and job
satisfaction, the multiple regression method was applied. The adjusted r2 value was found
to be 0.171indicating that independent variables combined together explained 17.1% variance
in dependent variable. Further two way ANOVAs was applied to evaluate the differences
between the perceptions of faculty members based on age, gender and experience on personal
values, organizational values and job satisfaction and it was found that there was no difference
between faculty groups based on age, gender and experience on personal values,
organizational values and job satisfaction.
Key words: Educational Institutes, Job Satisfaction, Organizational values
Introduction
Values
The values of superiors and employees in organizations are phenomena that have captured
the interest of researchers, practitioners, social critics, and the public at large. Despite this
attention, there continues to be a conspicuous lack of agreement on what values are and how
they influence individuals. Educational Institutions are the places, where the value perception
of young minds develops and the perception is influenced by the value system followed by
the teachers and seniors. In this study, we focus on the effect of values on job satisfaction in
educational organizations.
Values and its Impact on Job Satisfaction : A Study of Educational... 239
Organizational value
Mitchell & Oneal (1994) posited that the value system followed by the organizations is
responsible for the successful management of highly valued companies. O’Reilly & Chatman
(1996) and Schein (1985) values system followed by the organization contributes significantly
in developing the organizational culture.
Personal values
Values have been conceptualized in different ways. Fallding (1965); Rokeach (1973) and
Williams (1968) classified values into two broad categories; the first one is the value that an
individual places on an object or outcome (e.g., the value one places on pay) the second type
of values, are the ones in that are used to describe a person as opposed to an object (Feather,
1995). Rokeach (1973) further subdivided values into instrumental and terminal values.
Terminal values are self-sufficient end-states of existence that a person strives to achieve and
are pursued for their own sake. Instrumental values are modes of behavior rather than states
of existence. Rokeach (1973) has proposed a functional relationship between instrumental
and terminal values wherein instrumental values describe behaviors that facilitate the
achievement of terminal values.
Job satisfaction
Employees has a positive affective orientation
Price (1997) defined Job satisfaction as degree of positive affective orientation that an employee
has about the organization that has employed him. Cranny, Smith & Stone (1992) reported
that Job satisfaction is one of the most studied construct in the areas of industrial psychology,
social psychology, organizational behavior, personnel and human resource management, and
organizational management. It reflects the importance of the determinants, the consequences,
and other correlates of job satisfaction that are vital to organizational success
Literature Review
Hemingway (2005) described various dimensions and levels of values. The Values are often
loosely referred to as norms or a set of standards. Hitlin and Piliavin (2004) identified the
major difference between norms and values and posited that norms capture an “ought” sense
and tend to be situation based; on the other hand, values capture a personal or cultural ideal.
Therefore, situational constraints cannot change the way the person will act if the persons has
strong values; they remain true to personal standards of conduct. Apart from of the differing
perspectives, personal values are the catalyst for our behaviors; with the result being a
reinforcement of our sense of personal identity.
Spector (1985) evaluated the relationship between values and management practices and
suggested that identification of a set of shared values are important, particularly the ones
that are relevant and support the concerns of both the organization and the employee.
Organization need to pay Special attention to embedding value systems while developing
organizational structures that influence worker satisfaction. Karl & Sutton (1998) proposed
that job satisfaction is not possible without the workers’ perceptions that the organization has
taken care of their important job values during job design.
Hemmingway’s (2005) identified the major difference between individualistic and collective
values and described individualistic values as ambitions or pleasure; whereas responsibilities
and helpfulness demonstrate collective values. The research presented in this paper
incorporates elements of both Macy’s three value perspectives and Hemmingway’s definitions
insofar as they provide correlations with prior plans, job satisfaction and turnover intentions
in the nonprofit sector.
We should note that in selecting studies to include in this review it was sometimes difficult to
separate values as modes of behavior (e.g., achievement) from values as outcomes (e.g., the
feeling of achievement associated with a particular job). In such cases, we relied on the context
to make this distinction. That is, we included studies where the context indicated a mode of
behavior characteristic of an individual, but excluded them when the value was descriptive
of an object (e.g., a job).
According to Krueger (1996), described values as a set of beliefs that influence the way people
and groups behave; and emphasized that values are the “soul” of the organization; effective
values are deep rooted; and core values help form a social psychology that can support or
overcome individual psychology.”
Kuczmarski and Kuczmarski (1995) commented that If values are in place, it is likely that the
task at hand, will endure hardships of any kind. If a group has established and clearly identified
what it highly regards, cherishes, and believes in-its values- then it will be able to handle the
disheartening and challenging ups and downs that happen along any journey. Values control
the decisions that we make and impact the courses of action that we take. During their own
organization’s journey group will be able to handle “mistaken turns”. Group’s decisions and
actions will be influenced If a group has commonly agreed-upon values in place. Societal and
organizational sicknesses can be improved with sustaining values and norms that are embraced
by both individuals and organizations
Cranny, Smith & Stone (1992)reported the history of job satisfaction stems back to the early
1900’s with the situations perspective on job satisfaction. This perspective states that satisfaction
is determined by certain characteristics of the job and characteristics of the job environment
itself. This view has been present in the literature since the first studies by Hauser, Taylor and
the various projects at the Western Electric plants in Hawthorne.
Brannigan & Zwerman (2001) experimented and reported that initial Hawthorne effect referred
to the observation that the productivity of the workers increased over time with every variation
in the work conditions. “Hawthorne Effect” is a situation in which the introduction of
experimental conditions designed to identify salient aspects of behavior has the consequence
of changing the behavior it is designed to identify. As people realize that their behavior is
being watched they change how they act. The development of the Hawthorne studies also
denotes the beginning of applied psychology, as we know it today. These early studies mark
the birth of research on job satisfaction relating to ergonomics, design and productivity.
Gregson (1991) explored that for job satisfaction was measured by Job Descriptive Index (JDI)
as the most researched measures . Smith, Kendall, and Hulin in 1969 developed 72-item
adjective checklist type questionnaire. developed by Smith, Kendall, and Hulin in 1969".
Hackman & Oldham (1975) measured base itself on five aspects of job satisfaction. The first
aspects is the work itself, satisfaction with work itself is measured in terms of the core job
characteristics such as autonomy, skill variety, feedback, task identity, and task significance.
Brockner (1988) explored second aspect that is Supervision, measured in such ways as how
supervisors provide feedback, assess employees performance ratings, and delegate work
assignments. Coworkers. Cranny. Smith & Stone (1992) measured third aspect in terms of
social support, networking, and possible benefits attached to those relationships. Brockner
(1988) explored the fourth aspect that is pay, pay is an important source of satisfaction because
it provides a potential source of self-esteem as well as the generic opportunity for anything
money can buy.
Another popular and highly researched measure of job satisfaction is the Minnesota Satisfaction
Questionnaire (MSQ). The MSQ can be scored for twenty facets; scores from one question for
each facet provide a single overall composite score. The MSQ is commonly used in conjunction
with the Minnesota Importance Questionnaire (MIQ). “These instruments were designed for
use with adult career counseling clients with work experience. They are particularly useful
for clients that might be called “career changers,” that is, adults with considerable work
experience in one or more chosen occupations who are dissatisfied with their work and remain
undecided about their career future” (Thompson & Blain, 1992).
Cranny, Smith & Stone, (1992) reported that in the areas of industrial organizational
psychology, social psychology, organizational behavior, personnel and human resource
management, and organizational management, Job satisfaction is one of the most studied
constructs. organizational success is possible with the knowledge of the determinants, the
consequences, and other correlates of job satisfaction knowledge of the determinants, the
consequences, and other correlates of job satisfaction.
Resarch Objectives
1. To evaluate the effect of Personal Values on Job Satisfaction
2. To evaluate the effect of Organizational Values on the Job Satisfaction
3. To evaluate the effect of gender, age and experience on individual values,
organizational values and job satisfaction
4. To open new vistas for study
Hypotheses to be Tested
H01: There is no effect of personal values and organizational values on job satisfaction.
H02: There is no effect of gender, age and experience on personal values, organizational
values and job satisfaction
Methodology
The study was causal in nature and the causal effect of personal values and organizational
values on job satisfaction was investigated. The population for the study was faculties of
educational organizations located in or around Gwalior. Individual faculty was being

considered as sample elements for the study. The sample size for the study was 100 faculties.
To eliminate the effect of demographic variables on the cause and effect relationships between
the variables of the study, the sample will have proportionate representation of faculties on
all the demographic variables. Non-Probability Purposive sampling technique was being used
to select sample elements. Standardized questionnaires were being used to collect responses
of the faculties on personal values, organizational values and job satisfaction. The reliability
of the questionnaires was re-established through computation of internal consistency reliability
using Cronbach’s Alpha coefficient. Factor Analysis was used to extract the factors of variables.
Multiple regressions were being used to evaluate the relationship between the two independent
variables of the study and the job satisfaction used as dependent variable. The effect of gender,
age and experience of the employees were evaluated using two-way ANOVA.
Results & Disscussions

Reliability Measure
Reliability test was carried out by using SPSS software and the reliability test measures are
given below:
Variable Cronbach’s Alpha No. of Items
Job Satisfaction .847 23
Personal Values .759 9
Organizational Value .740 9
It is being considered that reliability value should be more than 0.7, and it can be seen that
reliability value is higher than the standard value, so all the items in the questionnaire are
reliable.
Validity Measure
Face validity was applied to the questionnaire and it was found to be fairly high.
Factor Analysis
resulted in 8 factors. KMO and Bartlett’s Test value is 0.710 which shows the sample adequacy.
the table.
Table 17.2: Factor Analysis for Job Satisfaction Statistics
Total % Variance
1. Director’s 2.382 10.354 Clearly define job responsibilities .771
supervision Director reduces fear of failure .621
Director supports me .539

Shaping relationships .452
Clearly Communicates me .405
2. Environment 2.192 9.529 Demonstrates professionalism .783
Involves me in decision making .689
Management is open .578
Received training .479
Recognizes my skills .462
3. Support 2.139 9.302 Respected by my organization .638
Encouraged by my organization .620
Colleagues support .606
4. Satisfaction 1.970 8.564 Balanced work and personal life .714
Fully satisfied by direction .657
Management leadership .583
5.Communication 1.680 7.304 Satisfied by supervisor .764
Well Informed .757
6. Needs 1.669 7.258 Personal accomplishment .870
7. Recognition 1.646 7.154 Recognition .771
8.Balance 1.469 6.388 Reasonable balance between family .771
and work
the table.
Table 17.3: Factor Analysis for Personal Values Statistics
Total % Variance
1.Relationships 3.323 36.923 good relationships with colleagues .812
helping my students .791
work for a reputable organization .781
Superiors evaluate me positively .739
good relationship with my supervisor .658
work is enjoyable and stimulating .597
2.Freedom 1.922 21.358 supervisor evaluates me positively .835
job is challenging .693
sufficient freedom .661
the table.
Table 17.4: Factor Analysis for Organizational Values Statistics

Total % Variance
1. Ethical 2.526 28.063 provides me the ethical .831
environment never
interrupt into my personal values .777
come from top management .595
always align .584
work group effectiveness .524
2. Stimulates 1.528 16.973 Inspires me .899
stimulates intellectually .731
3. Changes 1.449 16.103 Charismatic appeal .829
changes time to time .700
Regression Analysis
Personal values & organizational values on job satisfaction
Null hypothesis (Ho): There is no effect of personal values and organizational values on job
satisfaction.

1 Regression 1850.256 2 925.128 11.614 .000a
Residual 7726.784 97 79.658
Total 9577.040 99
a. Predictors: (Constant), org values, personal values
The value of F is found to be significant at 11.614% level of significance; it means that the
Personal values, Organizational values and Job satisfaction model is fit for regression.

Model R R Square Adjusted R Square Std. Error of the Estimate
1 .440 a
.193 .177 8.92511
a. Predictors: (Constant), org values, personal values
The coefficient of determination is 0.17; therefore, about 17.0% of the variation in the job
satisfaction data is explained by personal values and organizational values. The regression
equation appears to be useful for making predictions since the value of r2 is very less than 1. It
means there are some other variables that also have significant contribution in explaining the
job satisfaction of faculties of educational institutions.
Table 17.7: Coefficients Statistics

1 (Constant) 53.655 6.619 8.106 .000
Personal Values -.006 .185 -.003 -.030 .976 .785 1.273
Org values .856 .200 .441 4.285 .000 .785 1.273
a. Dependent Variable: job satisfaction
T value of personal values was not significant at .976 level of significance it means Personal
values is not explaining the variance in job satisfaction. T value of organizational values was
found to be significant it means that there is a relationship between organizational values and
job satisfaction. It is so because the organizational outputs quickly affect the job satisfaction,
while the personal values affects in a longer duration.
Effects of Gender, Age and Experience on Job Satisfaction:
Null hypothesis (H0): There is no effect of gender, age and experience on Job Satisfaction.
F df1 df2 Sig.
1.393 18 81 .158
groups.
a. Design: Intercept + gender + age + experience + gender * age + gender * experience +
age * experience + gender * age * experience
The value of F is not significant at 0.158, which means that error variance of Job Satisfaction is
equal across Gender Age, and Experience.

Source Type III Sum Df Mean Square F Sig.
of Squares
Intercept 144123.715 1 144123.715 1.569E3 .000
Gender 197.838 1 197.838 2.154 .146
Age 194.858 3 64.953 .707 .551
Experience 214.066 3 71.355 .777 .510
gender * age 283.682 2 141.841 1.544 .220
gender * experience 384.383 2 192.192 2.092 .130
age * experience 401.547 4 100.387 1.093 .366
gender * age * 308.337 2 154.168 1.678 .193
experience
Error 7440.951 81 91.864
Total 676086.000 100
In the above table it is clear that F value of gender is not significant at 0.146 level of significance,
it means that different gender groups have no differences in the perception upon job
satisfaction. F value of age is also not significant at .551 level of significance; it means that
different age groups have no differences in the perception upon job satisfaction. Value of
experience is also not significant at .510 level of significance it means that different experience
groups have also no differences in the perception upon job satisfaction. Null hypothesis is
accepted.
Effects of Gender, Age and Experience on Personal Values:
Null hypothesis (H0): There is no effect of gender, age and experience on Personal Values.
Dependent Variable: Personal Values
F df1 df2 Sig.
1.359 18 81 .175
groups.
a. Design: Intercept + Gender + Age + Experience + Gender * Age + Gender * Experience
+ Age * Experience + Gender * Age * Experience
The value of F is not significant at .175, which means that error variance of Personal Values is
equal across Gender Age, and Experience.
In the table it is clear that F value of gender is not significant at .930 level of significance, it
means that different gender groups have no differences in the perception upon the personal
values. F value of age is also not significant at .927 level of significance, it means that different
age groups have no differences in the perception upon personal values value of experience is
also not significant at .427 level of significance, it means that different experience groups of
employees have also no differences in the perception upon personal values. Hence null
hypothesis is accepted.
of Squares
Corrected Model 404.287a 18 22.460 .711 .791
Intercept 23790.439 1 23790.439 752.608 .000
Gender .248 1 .248 .008 .930
Age 14.596 3 4.865 .154 .927
Experience 79.987 3 26.662 .843 .474
Gender * Age 29.085 2 14.543 .460 .633
Gender * Experience 123.265 2 61.633 1.950 .149
Age * Experience 60.290 4 15.073 .477 .753
Gender * Age * Experience 11.171 2 5.585 .177 .838
Error 2560.463 81 31.611
Total 110221.000 100
a. R Squared = .136 (Adjusted R Squared = -.056)
Effects of Gender, Age and Experience on Organizational values:

Null hypothesis (Ho): There is no effect of gender, age and experience on organizational
values
F df1 df2 Sig.
1.021 18 81 .447
groups.
a. Design: Intercept + Gender + Age + Experience + Gender * Age + Gender * Experience
+ Age * Experience + Gender * Age * Experience
The value of F is not significant at .447, which means that error variance of organizational
values is equal across Gender Age, and Experience.
of Squares
Intercept 23699.647 1 23699.647 935.947 .000
Gender .004 1 .004 .000 .990
Age 15.147 3 5.049 .199 .897
Experience 11.960 3 3.987 .157 .925
Gender * Age 13.320 2 6.660 .263 .769
Gender * Experience 119.028 2 59.514 2.350 .102
Age * Experience 138.223 4 34.556 1.365 .254
Gender * Age * 102.094 2 51.047 2.016 .140
Experience
Error 2051.046 81 25.322
Total 110849.000 100
In the above table it is clear that F value of gender is not significant at .990 level of significance,
it means that different gender groups has no differences in the perception upon the
organizational values. F value of age is also not significant at .897level of significance; it means
that different age groups have no differences in the perception upon organizational values. F
value of experience is also not significant at .925 level of significance, it means that different
experience group of employees have also no differences in the perception upon organizational
values. Hence null hypothesis is accepted.
Implications
It is expected that the results of this study can be used by directors to structure there
organizational strategies to best benefit their organizations. First, any actions taken to enhance
organizational values can subsequently improve job satisfaction. Alternatively, given limited
resources, higher priority should be given to organizational values and personal values (in
that order). Second personal values plays a mediating role in the relationship between job
satisfactions. Thus, managers should improve organizational values to improve job satisfaction.
In doing so, managers should emphasize up-to-date awareness of their employees, and well-
designed and well-documented systems. If personal values is poor, it is unlikely that job
satisfaction can be improved dramatically.
Limitations
Though our research validates the model in Gwalior environment, there is a need for cross-
cultural work in the field because of the importance of organizational values. This study can
be used as a benchmark for studying the impacts of system quality, information quality, and
service quality on organizational impact in other region. Though our sample seems relatively
small, it meets the minimum sample size requirement necessary for the statistical analyses.
Conclusion
This research has an attempted to explore the relationship between Values and Job Satisfaction.
In present scenario, more professional faculties have inclination towards balanced family and
work life. In this study, all measures were standardized by reliability analysis where in cronbach
alpha were found .847, .759 and .740 respectively for job satisfaction, Personal Values and
Organizational Values, the measures were also validated through face validity method. In
order to found underlying factors, Varimax rotation factor analysis test were applied. Factor
analysis rotated 23 items of Job Satisfaction into 8 factors, 9 items of Personal Values into 2
factors and 9 items of organizational values into 3 factors respectively. To know the cause and
effect relationship between Personal Values, Organizational values and job satisfaction, the
multiple regression method was applied; in which independent variables explain the 17.1%
variance on dependent variable. It means there are some other variables that also have
significant contribution in explaining the job satisfaction of professional faculties. Further
two way ANOVAs was applied to know the differences between the perceptions of faculties
of different age, gender and experience groups on personal values, organizational values and
job satisfaction and it was found that there was no significant difference between the perception
of different age, gender and experience groups on personal values, organizational values and
job satisfaction.
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18
Determinants and Importance of Excitement at the

Mall and Its Effects on Shopping Response :
A Study of Malls in Gwalior Region
Sneha Rajput, Monika Mittal, Abhimanyu Bhardwaj, Sapna Gupta,
Ritu Agrawal, Amrita Singh &Neha Rana
ABSTRACT
The current study is done on Determinants and Importance of Excitement at the Mall and
its Effects on Shopping Response in Gwalior Region. The result of the study explained the
relationship between Mall Excitements as independent variables is indicating by standardized
coefficient Beta with a value of 0.661. The significance of Beta is tested using T-test and
value for ‘T’ is 10.725 which are significant at 0 % level of significance indicating significant
relationship between Mall Excitement and Shopping Response. R square value is .437. In
other words indicates that (independent variable) contributes 43.7 % to dependent variable.
The model used for regression has good fit as indicates F – value 115.001 which is significant
at 0 % level of significant indicating a high predictability of model. The result of factor
analysis have given six factors i.e. Ambience, Interior Decoration, Atmospherics, Variety,
Design and layout and Comfort level in Mall Excitement form which ambience factor has
received highest eigen value of 2.697 and percentage of variance explained was 12.842. This
shows that it is the most important factor which is considered in evaluating mall excitement..
The factor Analysis result of Shopping Response has give three factors i.e. Amenities, trust
and impulsiveness in this amenities received the Highest Eigen value of 3.253 and percentage
of variance explained was 21.684. This factor is considered as the most important factor to
evaluate the Shopping response. The Study concludes that there is a significant relationship
between Mall Excitement and Shopping Response. The two ‘A’ which play dominant role
in the study were Ambience and Amenities for mall excitement and Shopping Response
respectively.
Key words: Mall Excitement, Shopping Response, Mall environment.
Determinants and Importance of Excitement at the Mall and Its Effects on... 253
Conceptual Framework
Mall Excitement
Russell (1980) has explained Mall Excitement as a positive emotional state that consists of
high levels of pleasure and arousal. The study of Lotz et al. (1999) described as one of the
emotion that has been considered a key experience during shopping, an experience that also
attract customer to shopping mall. Similarly the study of Donovan et al.(1994)Customer seeking
to maximize their shopping time and desire to stay at mall more they are likely to spend
Shopping Response
Shopping response analysis combines a unique set of research tools we compare what shoppers
actually do in store with their conscious and sub conscious motivation and opinion.
The study of Wakefield and Baker (1998) has been taken as the base study to conducted present
research. The study revealed the fact that there is strong impact of three factors i.e. tenant
variety, mall environment and shopping involvement on shoppers’ excitement and desire to
stay at a mall. In contrast Tendia M. and Crispen C. (2009), investigated the influence of in-
store shopping environment on impulsive buying among consumers. A total of 320 shoppers
conveniently sampled at a selected shopping mall served as the sample. A 5% test of significance
showed that in-store factors of an economic nature such as price and coupons were more
likely to influence impulsive buying than those with an atmospheric engagement effect like
background music and scent. In addition, Downs (1961) noted that consumers receive pleasure
in addition to merchandise as outcomes of a shopping trip.
Ibrahim and Wee (2002), has conducted a research in two phases, in first In-depth interviews
were conducted with shoppers. In this phase, convenience samples of thirty shoppers were
asked. The following issues were discussed firstly, Description of a recent shopping trip that
was very entertaining. Secondly, What factors affect entertaining shopping experience? Thirdly,
Role of transport mode/travel attributes in entertaining shopping experience. In the second
phase Using cluster sampling, a total of 300 shoppers were surveyed in Jurong East New
Town, a typical new town in Singapore. The study concluded that three retailer factors, two
customer factors and five transport mode/travel factors were extracted from the inventory
set of attributes. This study found that apart from the retailer and customer factors, transport
mode/travel factors also contribute to an entertaining shopping experience.
Tiwari and Abraham (2010) conducted a research study with the customers of Raipur entitled
“understanding the consumer behavior towards shopping malls in Raipur city” The study
revealed that young customers of the Raipur city were found to have favorably inclined towards
the mall than their older counterparts.
Babin, Darden and Griffin (1994), Consumer researchers’ growing interest in consumer
experiences has revealed that many consumption activities produce both hedonic and
utilitarian outcomes. Thus, there is an increasing need for scales to assess consumer perceptions
of both hedonic and utilitarian values. This article describes the development of a scale
measuring both values obtained from the pervasive consumption experience of shopping.
The authors develop and validate the scale using a multistep process. The results demonstrate
that distinct hedonic and utilitarian shopping value dimensions exist and are related to a
number of important consumption variables. Implications for further applications of the scale
are discussed.
Ronel et al (2009) conducted a research study on Lifestyle, Shopping Orientation, Patronage
Behaviour and Shopping Mall Behaviour–A Study of South African Male Apparel Consumers.
This study is done with the objective to describe the shopping mall behavior and to cluster the
consumers of male apparels on basis of lifestyle, shopping orientation and Patronage behavior.
The result of the study reveals that the shopping mall behavior of respondent differ regarding
motivation for patronage, shopping companions and preferences for mall activities.
Terrence, Shawn and Sarah (2006) conducted a research study on the income effect in personal
shopping values, consumer self-confidence and information sharing research. The research
finding reveals that incomes have a significant effect on hedonic experience and social self
confidence. It also indicates that despite of income social self confidence mediate the effect of
hedonic experiences upon word of mouth communication. Sannapu and Singh (2012)
conducted a research study on structural model for mall positioning. The objective of this
paper is to fine the relationship between mall positioning, shoppers satisfaction and patronage
behavior of mall shoppers. The data is collected from 1000 respondent and the study reveals
that mall positioning influence shoppers satisfaction which in turn influence patronage
behavior.
OK-Jai and Byoungho (2001) conducted a research study on the mediation role of excitement
in customer satisfaction and repatronage intention of discount store shoppers in Korea. The
objective of the study is to examine the shoppers’ internal orientation and store level variables
affect the excitement that shoppers experience at discount stores. The data 467 married women
were collected for the purpose of study. The result of the study reveals the role of excitement
as a mediating variable between excitement inducing factors and shopping outcome variables.
Chebat and Richard (2003) conducted a research study on impact of ambience odors on mall
shoppers’ emotions, cognition and spending: A test of Competitive Causal Theories. The result
of the study reveals that ambience scent have a significant impact on building perception of
mall environment and indirectly affect product quality. Product quality though necessary but
not sufficient condition to increase shoppers spending. Faranak and Heidarzadeh (2011)
conducted a research study on Evaluating the Effect of anticipated Positive Emotions
Consumers in Frequency of Shopping Visits (Case Study: Star Shopping in Tehran). The result
of the study indicate that shopping center image and positive anticipated emotions affect
directly on desire and intention to visit shopping center but indirectly effect the frequency of
shopping center visit.

1. To develop and standardize the questionnaires to measure shopping response
2. To develop and standardize a measure for evaluating Mall Excitement.
3. To evaluate the effect of Mall Excitement on shopping response.

4. To evaluate the effect Gender on Mall Excitement.
5. To evaluate the effect Gende r on Shopping Response.
6. To evaluate underlying factor of mall excitement
7. To evaluate underlying factor of shopping responses
8. To open new vistas for future researches.
Hypothesis
1. There is no significant effect of Mall Excitement on shopping response.
2. There is no significant effect of gender on shopping response.
3. There is no significant effect of gender on Mall Excitement.
4. There is no significant effect of age on shopping response.
5. There is no significant effect of age on Mall Excitement.
The Study
The study was causal in nature with survey method will be used as a tool for data collection.
The Population for the study included all the customers of shopping mall in the Gwalior
region. Both male and female respondents were included. Sampling size for the study was
200 respondents. Non probability sampling technique was used to select sample. Self design
questionnaire was used based on likert type scale from 1 to 5 where 1 shows the Minimum
agreement and 5 indicate maximum agreement. Reliability test was applied checking the
reliability of the questionnaire. Regression was applied to find out the impact of Mall
Excitement on shopping response. Factor analysis was applied for analyzing the underlying
the factors of mall Excitement and shopping responses. T test was applied to find out the
gender differences in the study.
Reult and Discussion

Reliability Measure
Cronbach alpha method has been applied to calculate reliability of all items in the questionnaire.
Reliability test using SPSS software and the reliability test measures are given below.
Cronbach’s Alpha value for Mall Excitement
.864 21
Cronbach’s Alpha value for Shopping Response

.858 15
It is considered that the reliability value more than (0.7) is good and it can be seen that in
statistics, reliability value was quite higher than the standard value, so all the items in the
questionnaire are highly reliable.
Validity Test
Validity of the questionnaire was checked through face Validity method and found to be very
high.
KMO and Bartlett’s Test and Factor Analysis
Table 18.3: KMO and Bartlett’s Test of Mall Excitement
Df 210
Sig. .000
Table 18.4: KMO and Bartlett’s Test of Shopping Response

Df 105
Sig. .000
Factor Analysis: Mall Excitement

1. Ambience: The study of Baker et al (1992) discussed the importance of Ambience
factor and it has received highest eigen value of 2.697 and percentage of variance
explained was 12.842. This shows that it is the most important factor which is
considered in evaluating mall excitement. Total five statements were clubbed in this
factor.
2. Interior decoration: Interior Decoration factor has received second highest Eigen
value of 2.215 and percentage of variance explained was 10.547. Total four statements
were clubbed in this factor (Kotler,1974 , Matineau,2011)
3. Atmospherics: The study of Donovan and Rossiter (1982) supported this factor.
Atmospheric factor has received third highest Eigen value of 2.182 and percentage of
variance explained was 10.389. Total four statements were clubbed in this factor.
4. Variety: Variety factor has received second highest Eigen value of 1.859 and
percentage of variance explained was 8.854 Total four statements were clubbed in
this factor (Donthu and Gilliland, 1996)
5. Design and Layout: (Abrams, 1996) has discussed that this factor affects the decision
making as well as psychology of a consumer .Design and Layout factor has received
eigen value of 1.838 and percentage of variance explained was 8.750 Total four
statements were clubbed in this factor.
6. Comfort Level: G¹siorowska (2008) have clubbed the factors stimulating Impulsive
Buying into three different groups and in the same study, in the Second group affect
and emotions felt during certain buying episode, individual attitude towards
promotion, atmospherics, in-store stimuli, comfort and easiness of buying.Comfort
level factor has received lowest value of 1.597 and percentage of variance explained
was 7.607 Total four statements were clubbed in this factor.
Table 18.5: Factor Analysis- Mall Excitement

Fc Factor Name Eigen St. Statement Convergence % Var. Loadings
No Value No
1 Ambience 2.697 3 lighting is appropriate 12.842 .773
2 Mall music is played at an .764
appropriate volume
1 mall plays music that I like .691
12 Layout makes it easy to get to the .495
food areas.
4 temperature iscomfortable .467
2 Interior 2.215 5 architecture of mall is attractive 10.547 .653
Decoration
13 layout makes it easy to get to the .636
restrooms
7 Interior wall and floor color schemes .612
are attractive.
6 mall is decorated in an eye-catching .486
manner
3 Atmospherics 2.182 8 overall design of this mall is 10.389 .798
interesting
19 enjoy spending time at this mall .794
21 mall has pleasant aroma .692

20 find overall atmosphere quite .657
interesting
4 Variety 1.859 14 variety of food offered at the mall 8.854 .740
is excellent
16 mall has perfect game zones for all .721
age groups
15 mall has an excellent variety of stores .671
17 mall has excellent entertainment .517
alternatives
5 Design and 1.838 11 layout makes it easy to get to the 8.750 .781
Layout stores you want
18 like to stay at this mail as long as .769
possible
19 enjoy spending time at this mall .666
6 Comfort level 1.597 10 mall has comfortable layout 7.607 .773
Factor Analysis- Shopping Response

1. Amenities: Baines et al. (2003) have explored the impact of Amenities in shopping
centers and have revealed the fact that it significantly affects the shopper. This factor
has received the Highest Eigen value of 3.253 and percentage of variance explained
was 21.684. This factor is considered as the most important factor to evaluate the
Shopping response. Total Seven statements are clubbed under this factor.
2. Trust: Mesiranta (2009) in his research on many variables has revealed the fact that
trust is one very important factor which affects the shopping decisions. This factor
has received the second highest Eigen value of 2.431 and percentage of variance
explained was 16.210. This factor is considered as the second most important factor
to evaluate the Shopping response. Total four statements are clubbed under this factor.
3. Impulsiveness: Wood (2005) has mentioned the relationship between excitement
and impulsiveness at the time of shopping. This factor has received the lowest Eigen
value of 1.873 and percentage of variance explained was 12.488. Total four statements
are clubbed under this factor.
Table 18.6: Factor Analysis Staistics of Shopping Response
Fc Factor Name Eigen St. Statement Convergence % Var. Loadings
No Value No
1 Amenities 3.253 14 would also recommend others for 21.684 .772
visiting this malls

12 mall matching to my expectations .702
13 would continue shopping from the .670
same mall in future also
11 Mall matching to my conveniences .631
10 mall quite happening .617
15 think the overall environment of .496
mall is appreciable for shopping
9 think shopping in this mall is .470
entertaining
2 Trust 2.431 8 Shopping in this mall gives me a 16.210 .748
pleasurable experience
7 shopping in this mall more than .653
other places
6 Sometimes I over spend on shopping .629
in the mall
3 go to this mall even if I hadvintended .603
to go other place
3 Impulsiveness 1.73 5 Many a times I couldn’t purchase 12.488 .717
what I wanted to purchase
1 I frequent visit of this mall .654
2 Going for shopping to mall means a .593
lot to me
4 shop even when I had not planned .570
for it
Regression Analysis
Model R R Square Adjusted R Std. Error of
Square the Estimate
1 .661a .437 .433 7.39865
a. Predictors: (Constant), mallex
b. Dependent Variable: shopres

1 Regression 6295.170 1 6295.170 115.001 .000a
Residual 8101.523 148 54.740
Total 14396.693 149
a.Predictors: (Constant), mallex
b.Dependent Variable: shopres
Table 18.9: Coeficients Statistics

Model Unstandardized Standardized T Sig.
B Std. Error Beta
1 (Constant) 10.721 3.629 2.954 .004
Mallex .536 .050 .661 10.724 .000
Y= dependent variable (Shopping Response)

X= Independent Variable (Mall Excitement)
E= Error
Y= a + bx + e
Y= 10.721 + .536 + e
R square value =. 437 that In other words indicates that (independent variable) contributes
43.7 % to dependent variable.
The model used for regression has good fit as indicates F – value 115.001 which is significant
at 0 % level of significant indicating a high predictability of model.
The relationship between Mall Excitement as independent variables is indicating by
standardized coefficient Beta with a value of 0.661. The significance of Beta is tested using T-
test and value for ‘T’ is 10.725 which are significant at 0 % level of significance indicating
significant relationship between Mall Excitement and Shopping Response.
Explanation of Histogram and PPP

The histogram shows the normal distribution of Residual and the PP Plot explain whether the
relationship or predication between the variable linear or not. More it is close to the line
explains more perfect is the predication. So we can see here that the relationship between the
expected and observed outcome is perfectly predicted.
Table 18.10: Levene’s Test Statistics
for Equality
of Variances
ence
Lower Upper
Shopres Equal variances 7.536 .007 .190 147 .850 .30779 1.62276 -2.89916 3.51474
assumed
Equal variances .195 145.897 .846 .30779 1.57674 -2.80842 3.42400
not assumed
References
• Abrams, R.M. (1996), Make Your Store A Work Of Art, Advertising Age, April 4, report
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Part-I

Writing a Research Paper

What is a Research Paper

What is Management Research Paper

Motivation for Writing the Research Papers

Classification of Paper into one or the other Category

a model or framework, action research, testing of data, market research or surveys,

Structuring the Research Paper

Transform the Research

Solidify the Message

Written Proposal of Research Papers

Style, Layout, and Page Formatting

Spacing and Justification

Font face and Size

Steps in Writing the Research Paper

Generating Ideas for Topic of the Research Paper

• Too subjective: A personal topic, such as “Why my Learning is Best,” may be

Topic Selection: model 2

Research limitations/implications (if applicable)

Practical implications (if applicable)

Social implications (if applicable)

• As a summary of work done, it is always written in past tense

ii. Reveal a research gap or

c. Occupy the niche

4. Review the Research

ii. Do I have the most recent data?

Evaluating Evidence (Primary vs. Secondary Evidence)

The Body of Research Paper

(A) Research question addressed (methods)

Population and sampling

Procedure and Time Frame

Validity and Reliability

Scope and limitations

Writing the methods section

6. Results and Discussion and Conclusion

Recapitulating the results

Writing the Discussion

Steps for Writing an Effective Discussion Section

vi. Statement of results

Why Formatting is Important

John Wilkes Booth Booth, J. W.

One author Blythe, Q. L.

Institutional Authors Association of Indian Management Schools. Securities

Standard form 1994

Standard form (1994)

Title only A Handbook of Psychology

Necessary Information and Where to Find It

Author(s) of book Can generally be found on both the cover (and or

Author(s) of article Can be found either in the table of contents or on the

Pages of chapter Are sometimes specified as a range in the table of

One author Keely, J. T.

Standard form (1993).

Standard form Statistical Methods

Standard form Prestige International Journal of Technology and

Volume alone Journal title, 25,

Standard form Journal title, 25 (6),

After volume 18, 94-156.

Citation of Chapters in Books

Necessary Information and Where to Find It

Volume number only Journal Title [On-line serial], 56.

Author(s) of document If an author is given it is usually at the very beginning or

Volume and/or Issue Number (On-Line Journals)

Citation Formats for Online Journal