Apr'22
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The IUP Journal of Corporate Governance
ISSN: 0972-6853
A 'peer reviewed' journal indexed on Cabell's Directory,
and also distributed by EBSCO and Proquest Database
The IUP Journal of Corporate Governance is a quarterly journal focusing on governance and ethics framework, role of boards, role of CEOs, CFOs and other senior management, role of other stakeholders, disclosure and transparency, regulation and best governance practices.
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Impact of Corporate Board Characteristics on Financial Distress of Firms in India: A Sectoral Analysis
Financial distress refers to the inability of firms to fulfill their debt obligations. This paper studies the impact of certain corporate governance measures or board characteristics on the probability of financial distress in various corporate sectors (manufacturing and non-manufacturing) in India. The higher the institutional ownership, the lower is the financial distress for the majority of the sectors, except telecom where firms having higher institutional ownership are found to be more financially distressed. Higher managerial ownership leads to less financial distress in the consumer and transport equipment sector. Measures like board size, number of board meetings, and commissioner's proportion are found to have a different impact on the probability of financial distress in diverse sectors. It has been observed that they have a positive influence on some sectors and a negative influence on others. So overall, a sectoral difference was observed in the impact of various board characteristics on the financial distress of firms in India.
Corporate Governance in Indian Adventure Tourism Sector: A Review
The increase in the number of adventure tourists over the years has led to more academic research in the area. In India, adventure tourism is at a very nascent stage and is currently fragmented and informal. This study provides an insight into Corporate Governance (CG), adventure tourism in India and the legislations implemented in the industry. The tourism industry plays a very important role in the economic and sustainable development of a region. A thorough review of literature was conducted and the current state of CG in tourism sector and the challenges to its implementation are discussed. The study found that to adopt the best governance practices in the tourism industry, firms need to follow the principles of disclosure, fairness, accountability and corporate responsibility. The role of the government in the process has also been highlighted. .
Lakshmi Vilas Bank-DBS India Bank Merger:
The Reserve Bank of India (RBI), on November 17, 2020, issued two notifications with regard to Lakshmi Vilas Bank (LVB): (1) applying to central government for issuing an order placing LVB under moratorium, and (2) proposing an amalgamation of DBS Bank India with LVB. The government issued the order of moratorium on November 17, 2020 and sanctioned the amalgamation with effect from 27 November 2020. The merger of DBS India with LVB was an exceptional case where RBI and the government had to act on a fire-fighting made to protect the depositors' interests. This was also the first time when RBI resorted to the merger of an Indian entity with a foreign bank, which was also cleared by the government. This case study helps the reader to: (1) understand the performance parameters of a bank; (2) gain insights on the significant events that led to the downfall of LVB; (3) understand PCA and evaluate its implications; (4) learn about RBI's role in protecting depositors' interests; and (5) understand the timing of PCA and mechanisms to protect both depositors and investors.
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