See discussions, stats, and author profiles for this publication at: https://www.researchgate.net/publication/260174865 Handbook for Writing Research Paper Book · January 2014 CITATIONS READS 2 113,548 2 authors: Sher Singh Bhakar Tarika Singh Sikarwar ITM University, Gwalior Prestige Institute of Management and Research 88 PUBLICATIONS 212 CITATIONS 65 PUBLICATIONS 308 CITATIONS SEE PROFILE All content following this page was uploaded by Sher Singh Bhakar on 26 March 2015. The user has requested enhancement of the downloaded file. SEE PROFILE Guide to Write Research Paper 1 1 Guide to Write Research Paper ?? 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 A Handbook for Writing Research Paper 2 “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 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. Intentions 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 The The The It is Researcher has some results that are worth reporting. Researcher wants to contribute in the progress of scientific thought. Researcher wants his work to reach a broader audience. Research will improve the chances of promotion. unethical to conduct a study and not report the findings. Guide to Write Research Paper 3 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 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. Starting Steps 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. A Handbook for Writing Research Paper 4 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 the 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: Guide to Write Research Paper 5 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" A Handbook for Writing Research Paper 6 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 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. Guide to Write Research Paper Fig: 1 7 Fig: 2 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 8 A Handbook for Writing Research Paper 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 for Writing the Research Paper 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 Guide to Write Research Paper 9 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 1. 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. 2. 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. A Handbook for Writing Research Paper 10 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 IDEA DO RESEARCH WRITE RESEARCH PAPER Topic Selection: Model 1 IDEA WRITE RESEARCH PAPER DO RESEARCH 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 Where do you want to send your article for publication? What is the proposed title? Guide to Write Research Paper 11 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. Select the topic which will be very useful for the readers and also latest one. What kind of data/information needs to be collected from different sources in order to write a good paper? Start with introduction - objectives - have survey of literature - will it be possible to collect the data required for the research. Decide how many pages need to be prepared. This is very essential in order to decide how much inputs are required. Try to refer recent articles, information, data etc. 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. 3. 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? A Handbook for Writing Research Paper 12 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”. Style 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 Guide to Write Research Paper 13 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: 1. Motivation: Why do we care about the problem and the results? 2. Problem statement: What problem is the paper trying to solve and what is the scope of the work? 3. Approach: What was done to solve the problem? 4. Results: What is the answer to the problem? 5. Conclusions: What implications does the answer imply? 6. 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. 4. 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 1. Establish a territory a) Bring out the importance of the subject and/or b) Make general statements about the subject and/or c) Present an overview on current research on the subject. 2. Establish a niche a) Oppose an existing assumption or b) Reveal a research gap or c) Formulate a research question or problem or d) Continue a tradition. 3. Occupy the niche a) Sketch the intent of the own work and/or A Handbook for Writing Research Paper 14 b) Outline important characteristics of the own work; c) Outline important results; d) 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. Writing an Introduction 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. Describe the importance (significance) of the study - why was this worth doing in the first place? Provide a broad context. 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. Provide a rationale. State the specific hypothesis(es) or objective(s), and describe the reasoning to select them. 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. 5. 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 Guide to Write Research Paper 15 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. A Handbook for Writing Research Paper 16 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 Guide to Write Research Paper 17 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 - Is there 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? A Handbook for Writing Research Paper 18 - 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? What is known about my subject? What is the chronology of the development of knowledge about my subject? Are there any gaps in knowledge of my subject? How do I intend to bridge the gaps? Is there a consensus on relevant issues? Or is there significant debate on issues? What are the various positions? What is the most fruitful direction I can see for my research as a result of my literature review? 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. 5 - 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 Guide to Write Research Paper 19 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. 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. 20 A Handbook for Writing Research Paper 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, Guide to Write Research Paper 21 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. A Handbook for Writing Research Paper 22 What to avoid Methods are not a set of instructions. Omit all explanatory information and background - save it for the discussion. Checklist-5 Reported the description of the sample Reported the type of sampling method used Reported the software used for analyzing the data Reported the tool used for collecting the data. Reported the tools used for analyzing the data Reported the sample size, sample element and sampling extent Reported the various demographic information Reported the descriptive statistics of the sample Reported the type of research Design Results and Discussion 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: Guide to Write Research Paper 23 – 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. 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. Fourteen Steps to 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 24 A Handbook for Writing Research Paper 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. Guide to Write Research Paper 25 Checklist-6 1. What did the researcher expect to find, and why? 2. How did the results compare with those expected? 3. How might researcher explain any unexpected results? 4. How might the researcher test these potential explanations? 5. Background information 6. Statement of results 7. Expected outcome 9. Reference to previous research 10. Explanation 11. Exemplification 12. Deduction and Hypothesis 13. Recommendation Elements to Include in 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 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. A Handbook for Writing Research Paper 26 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 detailoriented 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 Guide to Write Research Paper 27 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”. A Handbook for Writing Research Paper 28 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 misleadingthe 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 Guide to Write Research Paper 29 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/Revisionnumber (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 A Handbook for Writing Research Paper 30 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 periodicallygenerally 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. Necessary Information and where to Find it 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. Guide to Write Research Paper 31 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 A Handbook for Writing Research Paper 32 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 in Chapter Author, A. A. (1996). Title of chapter. In E. E. Editor (Ed.), Title of book (pp. first page-last page). City: Publisher. Guide to Write Research Paper 33 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 e-text 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 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]. 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 A Handbook for Writing Research Paper 34 document has disappeared from the server on which you found it. In addition, it's also wise to use many different types of documents-books and journals, as well as e-textsrather than relying heavily on one kind of source. Necessary information and where to find it 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 (on-line journals) If a volume and issue number is given, it will probably 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 [Online 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. Guide to Write Research Paper 35 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 page-last 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 [Online 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 Consideration 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 36 A Handbook for Writing Research Paper 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. Guide to Write Research Paper 37 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. A Handbook for Writing Research Paper 38 2 Illusion of Trust and its Effect Performance: A Study of Teams During a Workshop Dr. S.S. Bhakar, Prof. Sneha Rajput, Prof. Sushma Suri, Ms. Iram Naaz, Mr. Muwaya Ahmad, Pritviraj Mathur, Tanmayee Pandit, Anjali Sharma & Sonal Kushwaha ABSTRACT With the growing complexities in the Modern Organizations, where the cutthroat competition to prove oneself exist along with the necessity for high performance. Working individually or in a Hierarchical manner is entirely different as compared to working in teams where the presence of trust leads to elevated performance. The current study focuses on the impact of Trust on performance. The study was conducted during the ongoing research Workshop in which 80 participants were present out of which 70 candidates responded to the questionnaire. Out of 70 candidates, 8 did not disclosed Either age or Gender or both. Finally the study was done on 62 complete questionnaires. Trust was taken as Independent variable and Performance as dependent one. The Reliability of the study was quite high, in case of trust it was .859 and in case of Performance it was .794. The overall model fit was evaluated using F Test having value of 11.369, which was significant at0.000 level of significance, indicating that the model has high fit. The effect of trust was evaluated on Team performance which was found to be significant at0.000 level of significance . But the gender and age do not have any significant Effect on Team performance neither individually nor collectively as the value was found insignificant at .497 and .972 respectively and in case collective significance value was .636.Thus the study concludes the impact of Trust on Team Performance But no significant impact of Age and Gender was found on Performance. Key Words: Trust, Team Performance and Teams. 1.1. Trust Trust means being able to forecast what other people will do and what situations Illusion of Trust and its Effect Performance: A Study of Teams During a Workshop 39 will occur. If we can surround ourselves with people we trust, then we can create a safe present and an even better future. Trust means making an exchange with someone when you do not have full knowledge about them, their things they are offering to you. Trust means giving something now with an expectation that it will be repaid, possibly in some unspecified way at some unspecified time in the future. David et al.(2004) identified four types of interpersonal trust in their study- Calculative Competence, Relational, Integrated Trust. The study disclosed association between calculative, competence, and relational interpersonal trust and performance and also positive association between integrated interpersonal trust and performance not only yields the strongest support for a relationship between trust and VCR i.e. Virtual Collaborative Relationship performance but also contradicts prior research. The study also established that if any one type of trust is negative, then it is very likely that VCR performance will not be positive. The findings indicated that integrated types of interpersonal trust are interdependent, and the various patterns of interaction among them are such that they are mutually reinforcing. Covey in his book named “The Speed of Trust” has given remarkable statement regarding trust and its importance in all the walk of life saying “There is one thing that is common to every individual, relationship, team, family, organization, nation, economy, and civilization throughout the world—one thing which, if removed, will destroy the most powerful government, the most successful business, the most thriving economy, the most influential leadership, the greatest friendship, the strongest character, the deepest love”. Trustcan also be viewed as a unilateral attribution, and as a personality trait generalizable across situations, without much concern for reciprocity (Mayer, Davis and Schoorman, 1995). The organization’s culture would have an important impact on levels of trust that are likely to develop. Trust can be considered as the most important determinant of the performance and more over it is a concept that help up to understand the other person in an positive manner and that any of his or her action will not lead in making harm to our positive action. The presence of trust on other generates high degree of faith in others and the feeling that person will perform all his or her task positively towards us. 1.2 Performance Performance can be defined as an act of performing; the carrying in to execution or action; execution; achievement; accomplishment; representation by action; as, the performance of an undertaken of a duty (ardictionary.com). Perceived performance is in some ways the most important aspect of performance, especially for GUI applications. Performance is really in the eye of the beholder. Users rarely measure performance with a stopwatch-for GUI applications in particular, what’s important is how fast the program feels, rather than how fast it really is.(java.sun.com) Performance Management may be a system of evaluating employees to help them reach reasonable goals and thus ensure that the company performs better (wisegeek.com) 40 A Handbook for Writing Research Paper Armstrong and Baron (1998), has defined Performance Management is both a strategic and an integrated approach to delivering successful results in organizations by improving the performance and developing the capabilities of teams and individuals. “Taking action in response to actual performance to make outcomes for users and the public better than they would otherwise be”.(idea.gov.uk.) 1.3 Teams Katzenbach and Smith(1993) defined it as “A team is a small number of people with complementary skills who are committed to a common purpose, performance goals, and approach for which they are mutually accountable.” Lewis-McClear & Taylor (1998)”A group in which members work together intensively to achieve a common group goal.” And as the reduction of complexity(Luhmann, 1988) YourDictionary defines teamwork as the actions of individuals, brought together for a common purpose or goal, which subordinate the needs of the individual to the needs of the group. In essence, each person on the team puts aside his or her individual needs to work towards the larger group objective. The interactions among the members and the work they complete is called teamwork.(yourdictionary.com) Gondal and Khan (2008) described the word team that it is belong to a small group in which the members keep a common purpose, interdependent roles and complementary skills. One team is a mixture of members who have similar backgrounds and work experiences and may contain a rich diversity of individuals from different business functions, and with different cultural backgrounds and work styles. They examined that team empowerment and team performance keep positive relationship. The results are useful for team leaders and middle managers to understand why empowerment is important for teams and how to support the team research and also help the project managers/team leaders to create empowerment for the work teams. Managers should be aware of effect of the team empowerment on team performance. Giles Hirst (2009) has shown in his study that performance depends on the alignment of the team’s design, processes, and personnel means teams as interdependent systems. 2. Review of Literature Benoit A. Aubert, Barbara L. Kelsey (2000) in an empirical study reveled the fact that ability and integrity as the antecedents trust formation in Virtual teams.The study also explained the fact that effective team performance was found to be independent of the formation of trust a behavior. As per the research done by Knack(1848) the Conjoint action is possible just in proportion as human beings can rely on each other. He also discussed in the same research that Trust potentially can influence economic performance through either of two major channels, “micro-economic” and “macro-political.” At the micro level, social ties and interpersonal trust can reduce transactions costs, enforce contracts, and facilitate credit at the level of individual investors and at macro level social cohesion underlying trust may strengthen democratic governance, improve the Illusion of Trust and its Effect Performance: A Study of Teams During a Workshop 41 efficiency and honesty of public administration, and improve the quality of economic policies. Peterson and Behfar (2003) explored the dynamic relationships between intragroup conflict and performance with a longitudinal design.The study was done on 67 groups, the researched surveyed all 252 students in 67 teams in the first year of an MBA class twice during that initial term and the result suggested that initial performance feedback to groups can have significant consequences for future team interaction. The study found evidences to suggest that, (a) negative initial group performance feedback results in later increases in both task and relationship conflict, but that (b) groups with high early intragroup trust are buffered from experiencing the worst of future relationship conflict. Rempel, Holmes and Zanna (1985), disclosed in their study that individuals come to trust others by watching their interactions, looking for consistent patterns of positive behavior. Sashittal et al (1998) has confirmed from his study that Managers are concerned about the link that can exist between their own perception of their performance and others’ evaluation of their performance. The study revolves around the impact of trust managers develop with their colleagues and superiors, on performance evaluation. In his study with 105 subjects, he also mentioned that although trust represents an important feature of inter-personal relationships, its influence on performance evaluations remains largely understudied, the case is made that in addition to other factors, the nature of trust strongly impacts how managers’ performance is evaluated. Though many authors have explained various factors that leads to trustworthiness but the contribution of Butler (1991) is much significant, as he listed factors that are important to attribute trustworthiness to another party. In the same list he included availability, competence, consistency, discreetness, fairness, integrity, loyalty, openness, promise fulfillment, and receptivity as the major ones. Mayer and Schoorman(1998), found in his study on two dimensions of Organizational Commitment i.e. Value Commitment and Continuance Commitment, differential antecedentsof these two dimensions. Organizational tenure, retirement benefits, education and age were more highly correlated with Continuance commitment, while felt participation, perceived prestige, job involvement, and role ambiguity were more highly correlated with Value commitment. With the help of LISREL 7 pattern of relationship between the antecedents and the two commitment dimensions was supported. Mayer and Norman (2004)in their article emphasized that need to study the requirement of Trust is not only limited till interorganization but it is highly required at intraorganizational level too. Their study Based on the 1995 Mayer, Davis, & Schoorman model of trust, describes exercises that allow students to inductively discover the importance of a trustee’s ability, benevolence, and integrity to the assessment of trustworthiness. The above factor definitely leads to quick decision making too as the overall performance effectiveness leads to the same. More the degree of trust more is the presence of Group Cohesiveness. Festinger(1950) defined Cohesiveness as the resultant of all the forces acting on the members to remain in the group. These forces may depend on the attractiveness 42 A Handbook for Writing Research Paper or unattractiveness of either the prestige of the group, members in the group, or the activities in which the group engages. Kline(2000), has also summarized the findings of his research by saying that cohesive workplace teams can an do make intuitive decisions, same was supported by Dyaram and Kamalanabhan (2005). Social cohesion as a socioeconomic phenomenon in which group values and ethics play a significant role in influencing behavior (Heuser, 2005) Freda et. Al (2003) revealed in his research which was done on 148 members of 28 teams across four organizations in two organizations that there exist a strong relationship between trust and performance. The first organization has the strongest relationships between trust and performance (positive correlations were found in 23 of28 situations) suggesting that team performance increases as trust increases. For the second organization, positive correlations were found in 16 of28 situations. In addition, in both these organizations, the relationship between critical errors of teams and specific trust items was inversely correlated - as trust increases, critical quality errors decrease. Thus, it can be said that increasing trust among team members seems to increase team performance for these organizations. A limited correlation was seen between trustand performancefor the third and fourth organizations. This relationshipwas not supported in most ofthe items, especially for the fourth organization.So, other factors are needed to be discovered. Kanfer and Ackerman’s (1989) theory offers insights into the relationship between trust and performance: an issue that diverts one’s focus of attention from a task may hurt performance. Others have also noted the importance of the ability to focus attention on performance (George & Brief, 1996; McAllister, 1995). This reasoning appears to clarify the relationship between trust and performance. Kirkman et al (1997) mentioned various criteria on which the Team performance can be evaluated. The criteria he explained were evidence of continuous problem solving, the continual search for alternative solutions, continuous improvement of quality of outputs, error and wastage rates, productivity improvement. Benoit A. Aubert, Barbara L. Kelsey(2000) finded that trust among the members of a team having the opportunity to meet face to face is consistently higher than trust with the members with whom the interactions are strictly virtual. This result was obtained even if teams had access to a rich environment (mail, chat, forums, web site, exchange of photos on the web site, etc.) to increase the quality of their interactions. The results also indicate that, contrary to what was anticipated, trust among interacting parties does not increase with time and number of interactions. In fact, results showed that trust increased among sub-groups interacting face to face but decreased among members meeting only in cyberspace. Barbara Misztal in her book attempts to combine all notions of trust together. She points out three basic things that trust does in the lives of people: It makes social life predictable, it creates a sense of community and it makes it easier for people to work together. Dirks & Ferrin, (2001, 2002) have suggested trust as one of the important and beneficial factors for increasing performance. Illusion of Trust and its Effect Performance: A Study of Teams During a Workshop 43 Carson, Madhok, Varman, and John (2003) argued that the effect of trust on task performance in vertical R&D collaborations strengthens with the clients’ ability to understand the tasks involved. Langfred (2004) argued that the effect of trust on the performance of self-managing teams reverses when individual autonomy is high. Coyel (2002) have studied the trust in relation to OCB( i.e. Organization Citizenship Behavior).The results of this study supported the contention that the psychological contract is distinctive from other social exchange constructs that focus exclusively on the inducements received in the exchange relationship. Along with this the study also explained, the anticipation of future inducements is important in explaining employees’ willingness to engage in OCB beyond the motivational influence of present inducements as well as the difference between perceived obligations and inducements is supported in terms of their respective relationship with OCB. The main finding which can help the current study says that trust in the employer strengthens the relationship between employer obligations and OCB; acceptance of the norm of reciprocity strengthens the relationship between employer inducements and OCB. Higgs (2005) study confirmed a apparent relationship between team composition (diversity), difficulty of task and team performance. Diversity was found to be positively related to performance for difficult tasks and negatively related for straightforward tasks. He indicated that there can be benefit in considering the complexity of a task or project before assembling a team. The degree of complexity could inform the mix of individuals to be included in the team in terms of diversity of personal traits. Nakat, Zhu and Kraimer (2008), determined that IT capability contributes to market and financial performance via customer orientation and depends on intra-organizational trust. Also, as managers learn to harness IT capability for per-formance gains, they can bear in mind the difficulty of relationships shown in their study. Berman & Jason (1998), in their study revealed that superiors construct their reality, and in this context, construct their view of how managers perform, it is based on subjective analyses of the nature of trust that exists in their relationships with managers, and in the relationship between managers and colleagues. They found that affective trust as a key compare of performance evaluation. To get positive performance evaluations seems far more about being perceived as someone who likes his/her colleagues and superiors, and trusts the firm’s internal environment .Therefore, team oriented organizations in flatter, socially expert, confident, and comfortable managers appear to win.Dirks (1999) suggested in his study that trust understood as a construct that influences group performance indirectly by channelling group member’s energy toward reaching alternative goals. Qureshi, M. Tahir Khan, A. Shafkat, Khan, & B. Mohammad (2008), described that MBO practices, Coaching and mentoring, Performance Based Reward, Employee participation and Job Description are positively contributing towards organizational and employee performance but employee participation and Coaching & Mentoring are major contributors. Kearney (2008), showed in their study that the age difference between the team leader and the team members was examined as a moderator of the relationship between transformational leadership and team supervisors’ longitudinal ratings of team A Handbook for Writing Research Paper 44 performance. Data collected by him reveals that relationship was positive when the leader was older than the other team members, but non-significant when the leader’s age was closer to the mean age of the team members. 3. Objective 3.1 To develop standardize a measure for evaluating a illusion of trust and performance. 3.2 To evaluate to relationship between trust and performance. 3.3 To identify the factors underline illusion of trust. 3.4 To identify the factors underline team performance. 3.5 To evaluate the cause n effect relationship between illusion of trust as independent variable and team performance as dependent variable. 3.6 To evaluate the effect of gender and age on the perception of team performance. 3.7 To identify new areas for research. 4. Research Methodology 4.1 The study The study was causal in nature with survey method being used for collecting data. 4.2 Sampling Design 4.21 Population - will include participants from workshop. 4.22 Sampling frame - since data will be collected through personal contact sampling frame will include participants from workshop only. 4.23 Sample size – sample size will be 62 respondent. 4.24 Sample element – Individual respondent will be sample element. 4.25 Sampling techniques – perceptive sampling technique will be used to evaluate the data. 4.3 Tools for data collection Self design questionnaire will be used to evaluate Illusion Of TrustAnd Performance. The data will be collected on a seven point Likert type scale where 1 will indicate minimum agreement and 7 will indicate maximum agreement. 4.4 Tools for data analysis 4.41 - Relaibility 4.42 - Factor analysis 4.43 - Anova Illusion of Trust and its Effect Performance: A Study of Teams During a Workshop 45 5. Rationale of the Study Many researches have been conducted on Trust, team performance and on teams .On the basis of previous researches the fact is very transparent that trust do affect the performance but is this applicable and existing all circumstances and in all types of team has remained unstudied. The current study would be focusing on finding out relationship between trust and performance and also the effect of gender and age on the same. 6. Results and Discussions 6.1 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 (Trust) =.859 Cronbach’s Alpha (Performance) = .794 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. In case of consistency, question number 1,4,5,20,22, 33,35,36 were dropped from the study and as we dropped the reliability of the questionnaire increased. 6.2 Validity Test Validity of the questionnaire was checked through face validity method and was found to be high. 6.3 Factor Analysis 6.31 Factor Analysis of Trust Factor Eigen No. Value 1. 2.87 Factor Name Team Cohesiveness Variable No/Variable Statement 7. Team members seem to be successful in the activities they undertake 11. Team members are concerned about what is important to the team. 17. Team members display a solid work ethic 19. Members can be counted on to do what they say they will do. 14. Team members have a strong sense of commitment %of Loading Variance Explained 14.352 0.68 0.671 0.662 0.637 0.633 A Handbook for Writing Research Paper 46 2. 3. 4. 2.254 1.937 1.92 12. Team members will do everything in their capacity to help the team perform. 5. Team members are well qualified. 13. Team members try hard to be fair in dealing with one another. 6. Team members are very capable of performing their tasks 20. Members are honest in describing their experiences and abilities. 8. Team members are very concerned about the ability of the team to get along 15. I am never doubtful about whether the other team members will do what they promised. 9. Outcomes of this project are very important to the other team members. 4. The other team members have specialized capabilities that can increase our performance. Team lucidity 18. Most members tell the truth about the 11.27 limits of their knowledge. 2. Wish I had a good way to oversee the work of the other team members on the project. Team 1. Would be comfortable giving the other 9.683 Responsiveness team members complete responsibility for the completion of this project. 3. Team members have much knowledge about the work that needs to be done Constancy 16. Like the work values of the members on 9.602 this team. 10. Team members would not knowingly do anything to disrupt or slow down the project 0.632 0.613 0.608 0.553 0.549 0.543 0.499 0.481 0.404 0.62 0.449 0.632 0.454 0.572 0.448 Discussion of Factors 1. Team Cohesiveness: a dynamic process which is reflected in the tendency for a group to stick together and remain united in the pursuit of goals and objectives. Team Cohesiveness has been considered as the most important factor in the measurement of trust and has received the highest Eigen Value of 2.870 with the %of variance explained 14.352.and fourteen statements were clubbed in this factor. 2. Team Lucidity: Team Lucidity is synonymous with team articulacy, team eloquence, self expression, Team clarity etc. Team Lucidity has received the second highest Eigen Value of 2.254 with %of variance explained 11.270. 3. Team Responsiveness: Team responsiveness is the group process of selfmanagement in terms of actions and behavior in relation to given responsibilities (tasks, goals and challenges, desired outcomes).(dessertation.ub.rug.n).This factor Illusion of Trust and its Effect Performance: A Study of Teams During a Workshop 47 has received third position in case of eigen value i.e.1.937 and %of variance explained is 9.683. 4. Team Loyalty has received the lowest eigen value of 1.92 with the %of variance explained of 9.602. 6.32 Factor Analysis of Team Performance Factor No. Eigen value Factor Name 1. 2.647 Effectiveness Variable No/Variable Statement %of Explained Variance 7. Team accomplishes work quickly and effectively. 33.085 1.902 Team Decision making 0.851 6. Team members are fairly agreeable in solving problems and making decisions. 0.807 3. Team is productive 0.764 5. Team shows evidence of moderate to high task accomplishment. 0.599 1. Team uses an effective short and long-term strategic planning process. 2. Loading 2. Team meets its member’s requirements 0.52 23.773 0.801 4. Team functioning doesn’t interfere with getting my own job done. 0.717 8. Team shows little evidence of task accomplishment. The team’s problem solving and decision making skills are undeveloped. 0.567 Discussion of Factors 1. Team Effectiveness: Cohen and Ledford et al (1996), has defined the team effectiveness by using two major elements one is high performance and second one is employee quality of work life and both should be high. It has received the highest eigen value of 2.647 with the % of variance explained as 33.085. 2. Team Decision Making: Reason (1990) had explained that decision making can be regarded as the mental processes (cognitive process) resulting in the selection of a course of action among several alternative scenarios. Every decision making process produces a final choice. The output can be an action or an opinion of choice.It has received the second highest eigen value of 1.902 with the % of variance explained as 23.773. A Handbook for Writing Research Paper 48 6.4 Anova Post hoc Results Multiple Comparisons perf Tukey HSD 95% Confidence Interval (I) age 1. 2. 3. (J) age Mean Difference (I-J) Std. Error Sig. Lower Bound Upper Bound 2 -.9078 2.01982 .895 -5.7730 3.9575 3 1.1931 2.84130 .908 -5.6509 8.0370 1 .9078 2.01982 .895 -3.9575 5.7730 3 2.1008 3.09580 .777 -5.3562 9.5579 1 -1.1931 2.84130 .908 -8.0370 5.6509 2 -2.1008 3.09580 .777 -9.5579 5.3562 Based on observed means. The error term is Mean Square(Error) = 47.521. Levene’s Test of Equality of Error Variancesa Dependent Variable:Teamperformance F .635 df1 5 df2 55 Sig. .674 Tests the null hypothesis that the error variance of the dependent variable is equal across groups. a. Design: Intercept + Trust + Gender + age + Gender * age Tests of Between-Subjects Effects Dependent Variable:Teamperformance Source Type III Sum of Squares df Mean Square F Sig. Partial Eta Squared Corrected Model Intercept Trust Gender Age Gender * age Error Total Corrected Total 1499.103a 158.817 1426.933 10.300 1.266 20.030 1186.700 114103.000 2685.803 6 1 1 1 2 2 54 61 60 249.851 158.817 1426.933 10.300 .633 10.015 21.976 11.369 7.227 64.932 .469 .029 .456 .000 .010 .000 .497 .972 .636 .558 .118 .546 .009 .001 .017 a. R Squared = .558 (Adjusted R Squared = .509) Illusion of Trust and its Effect Performance: A Study of Teams During a Workshop 49 The overall model fit was evaluated using F Test having value of 11.369, which was significant at0.000 level of significance, indicating that the model has high fit. The effect of trust was evaluated on Team performance which was found to be significant at0.000 level of significance. But the gender and age do not have any significant Effect on Team performance neither individually nor collectively as the value was found insignificant at .497 and .972 respectively sand in case collective significance value was 0.636. The result of Post Hoc shows that the three categories of age do not have any significant effect on each other. As we can seen in the Post hoc Table the value of significance of Group one on second is 0.895 and on third is 0.908, of second on first is 0.895 and on third is 0.777 and of third on first is 0.908 and second is 0.777 which is insignificant. Implications of the Study 1. This study is a useful contribution towards Organizational as well as Team Effectiveness and for increasing Work Performance 2. This study can be used by different researchers for further research. 3. This study is a useful contribution to understand the importance of Trust for Increasing the performance. 4. It will help organizations in knowing the parameters on which Trust and Performance can be evaluated. Suggestion of the Study 1. The study has been done by taking only a sample of 62 respondents intraorganizational therefore it is suggested to take bigger sample size as well to go for interorganization in order to obtain more accurate results. 2. The study has been done in Gwalior region only so it is suggested to take larger area or other region so that more appropriate results can be obtained. 3. The study resulted in the fact that trust and performance are interrelated and trust has significant impact on performance in the area of Workplace Teams similarly effect of trust can be checked in other fields like product performance etc. 4. The Current study has been conducted in an educational Organization but research can also be conducted in other sectors. 5. Only two demographic variables are used in the study i.e. age and gender, as and when we add few more demographic variables the result may vary. Conclusion This study examined the impact of Trust on the performance in an educational organization in Gwalior region. The questionnaires were filled by the participants of an ongoing workshop. By applying test like item to total correlation, validity, reliability, factor analysis and anova. It has been concluded that there is an impact of trust on workplace performance A Handbook for Writing Research Paper 50 This study reflects the high degree of correlation between trust as independent variable and performance as dependent variable. REFERENCES 1. Armstrong M. and Baron A. (1998), Performance Management: The New Reallistic, Institute of Personnel and Development, London. 2. Barbara M., Trust in Modern Societies: The Search for the bases of Social Order, Polity Press, ISBN 0-7456-1634-8 3. Benoit A. Aubert, Barbara L. 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ISBN 1840141042 http://en.wikipedia.org/wiki/ Decision_making#cite_ref-reason_0-0 Retrieved on January 2012 42. Rempel, J., Holmes, J., & Zanna, M. (1985). Trust In Close Relationships. Journal of Personality & Social Psychology, 49(1), 95-112. 43. Sashittal, H.C. Berman J, Selim I. (1998), The Mid-Atlantic Journal of Business, 32(2), 163-184. 44. Qureshi M., Khan A.S., Mohammad B.2008, Management by Objectives, An Effective Tool for Organizational Performance: A Case Study of Pakistani Industries, In: International Review of Business Research Papers, Vol.3 No.2 , pp. 420 – 441. Impact of Service Quality and Customer Satisfaction on Behavioral Intentions 53 3 Impact of Service Quality and Customer Satisfaction on Behavioral Intentions: A Study of Hospitality Industry in Gwalior Region Dr. S.S. Bhakar, Prof. Sneha Rajput, Prof. Sumit Narula, Dr. Ashu Pasricha, Dr. Nishchaya Upmanyu, Prof. Monika Mittal & Abhijeet Khandekar ABSTRACT The current study focuses on the impact of Service Quality and Customer Satisfaction on Behavioral Intentions. The study was conducted in Gwalior region on a sample of 100 respondents. Service Quality and Customer Satisfaction was taken as Independent variable and Behavioral Intentions as dependent one. The Reliability of the study was quite high in case of Service Quality it was 0.972 ,in case of Customer Satisfaction it was 0.965 and in case of Behavioral Intentions it was 0.937. The value of adjusted R square is 0.882 that indicates Service Quality and Customer Satisfaction explains 88.2% variance in dependent variable Behavioral Intentions. The model used for regression has good fit as indicated by F-value 370.106 which is significant at 0 % level of significance indicating a high predictability of model. The relationship between Service Quality as independent and Behavioral Intentions as dependent variable is indicated by standardized coefficient Beta with a value of 0.477. The significance of beta is tested using T-test and value for t is 5.664 which is significant at 0% level of significance indicating significant relationship between Service Quality and Behavioral Intentions. The relationship between Customer Satisfaction as independent and Behavioral Intentions as dependent variable is indicated by standardized coefficient Beta with a value of 0.484. The significance of beta is tested using T-test and value of t is 5.750 which is significant at 0% level of significance indicating significant relationship between Customer Satisfaction and Behavioral Intentions. Thus the study concludes the is impact A Handbook for Writing Research Paper 54 of Service Quality and Customer Satisfaction as Independent variable on Behavioral Intentions as dependent one. Key Words: Service Quality, Customer Satisfaction and Behavioral Intentions. Service Quality Grönroos (1984), service quality has two components, namely, technical quality and functional quality. The technical quality refers to the primary care attributes like treatment provided, infrastructure, etc. whereas functional quality indicates secondary care attributes or how the service is delivered like friendliness of service personnel, timely delivery, etc. Poon and Low (2005) has done research in hospitality industry and by using factory analysis they obtained the factors like - hospitality, accommodation, food and beverages, recreation and entertainment, supplementary services, transportation, location, security and safety, innovation and value added services, appearance, pricing and payment as the major ones to perform better. The definition varies from one business function to other business fuction. For example, the Production definition is different from that of Marketing. The definition also varies from industry to industry.For example, Hospitality industry and Entertainment Industry. Vargo and Lusch (2004) suggest, the common denominator in most definitions of service is that it is a “process” that occurs over a period of time. Willis (2005) says regarding Quality of service (QoS) that it is well known but difficult to define completely. The problem is that both the words ‘quality’ and ‘service’ are themselves open to many interpretations. It may include-value for money, ease of use, friendliness, style, flexibility, productivity, reliability, security. Zeithaml et al. (1990) outline five dimensions of service quality: (1) reliability; (2) responsiveness; (3) assurance; (4) empathy; and (5) tangibles. Customer Satisfaction Hunt (1977) provides a detailed review of Herzberg’s work and tests a two-factor model of customer satisfaction yet does so using quantitative methods ofanalysis.customer satisfactionhave proposed that customersmay not be just satisfied or dissatisfied; rather, they may be simultaneously satisfied and dissatisfied . Crosby et al. (1990) states that satisfaction is a summarizing construct which contains an evaluation of the quality of all the previous interactions with the supplier. There exist two types of satisfaction. First, we have overall satisfaction which is cumulative over all the transactions and interactions. It is a customers’ cognitive and affective evaluation based on their personal experience across all service episodes within the relationship.Secondly, we have transactional satisfaction which is transaction specific. We are of course interested in the overall satisfaction because this cumulative satisfaction is the basis for the expectations about future interactions with the supplier. Customer satisfaction does have a positive effect on an organisation’s profitability. According to Hoyer and MacInnis (2001), satisfied customers form the foundation of Impact of Service Quality and Customer Satisfaction on Behavioral Intentions 55 any successful business as customer satisfaction leads to repeat purchase, brand loyalty, and positive word of mouth. Behavioral Intentions Loewenstein et al. (2001) defines Behavioral Intentions as goal states in the expectancy value tradition that are the result of a conscious process that takes time, requires some deliberation, and focuses on consequences and also behavioral plans that enable attainment of a behavioral goal. (Ajzen, 1996) 2. Literature Review Hsi, chen, Liang et al. (2006), explored the relationship among service quality, customer satisfaction and loyalty in the leisure industry to provide operators with a reference to improve their quality. The review done by them focused investment decisions, development mechanism and strategies of sightseeing towns in the leisure industry. A questionnaire survey was conducted on visitors to Yueh-Mei Sightseeing Sugar Mill in Taiwan. The results indicated that the partial demographic statistics variable has significant relationship with service quality, customer satisfaction and loyalty in the leisure industry while significant differences show between importance and satisfaction of service quality of leisure industry. Along with this they have confirmed that satisfaction of leisure industry service quality and overall customer satisfaction have significant relationship with customer loyalty. Dean and Lang (2008), investigated a relatively new signal of service quality, thirdparty evaluation of a service brand. In the study the third-party signal was compared with, word-of-mouth and popularity of a service brand. Third-party evaluation accounted for the greatest proportion of variance in the dependent variable, and had strongest negativity effect and significant interaction was found between word-of-mouth communication and third-party evaluation. This study strongly suggests that third-party evaluation is perceived as a product quality signal by consumers. Incorporating a favorable third-party signal into advertising may allay consumer uncertainty of service quality and increase the likelihood of service brand purchase. Saunders and Petzer (2010), studied in banking sector by using the SEM model the interrelationship between overall perceptions of service quality, satisfaction and behavioural intentions, based on the customer’s stage in the service delivery process. The data were collected in two stages early and late with 260 and 264 respondents respectively. The findings provided support for the hypothesis that satisfaction mediates the relationship between service quality and behavioural intentions for both service delivery stages. The research done by Bolton (1998) analyzed the customers’ rating of a service organization at various stages of the relationship and resulted that a customer ’s ratings of the service provider obtained prior to a decision to cancel or stay loyal to the service organization were positively related to the length of the relationship The discovery of Athanasspopulos et al (2001) is remarkable in the field of Customer satisfaction. The finding indicates that when customers assess customer satisfaction to 56 A Handbook for Writing Research Paper be high, they decide to stay with the existing service provider; and subdue their negative behavioural intentions. The findings also included that customer satisfaction is associated positively with word-of-mouth communications. Olorunniwo et.al (2006) investigated the possibility that the typology of a service as well as the operationalization of the service measurement scale may determine the nature of the service quality (SQ) construct and its relationship with those of customer satisfaction (SAT) and behavioral intentions (BI). The factor analysis indicated that Responsiveness, Tangibility, Reliability, Knowledge, and Accessibility dimensions contribute significantly to service quality. And finally Olorunniwo and Hsu (2006) observed that SAT fully mediates the impact of SQ on BI i.e.service quality and Behavioral Intentions. Alexandris et al. (2002) showed that service quality predicted significant amount of variation in all the behavioral intentions, i.e. word of mouth communication, intention to purchase and price sensitivity. Dagger and Sweeney (2007) have developed a model for measuring service quality that takes into account the dynamic nature i.e. consumption stage of service delivery. Mittal et al (2001) focused on the weightings of service quality dimensions over a period of credit card ownership, rather than comparing the weightings of service quality dimensions during the initial acquisition process with those during the later stages of ownership. Study of Bolton et al.(2003)and Bendall et al.(2003)focused on the one of the charateristics of service i.e inconsistency of service quality on service outcomes such as loyalty or retention. Willis (2005) has explained how classification, marking, policing, scheduling, shaping, routing and admission control are important methods to implement QoS in packet networks and for postal systems employing postmen with small panniers. According to the study of Martin, Watson, McKenna (1994), the concept of total quality management and guidelines for the successful implementation of the technique into the service sector of the economy of Northern Ireland are suggested. Same study revealed that Firstly Managers must organize themselves and others for dealing with quality issues, Leadership skills of managers in service organizations can contribute significantly to quality of service(Rausch, 1999) and Secondly, ensure that the customer is the main priority throughout the organization. Another study which was done by Feigenbaum (1983), have provided insights into the characteristics of the managerial environment which are necessary to sustain quality efforts. Such work forms the foundations on which the principles of total quality management are built. Linklow (1989) identified seven core values and beliefs. The core values includedCustomer focus, Employee focus, Teamwork, Safety, Candour (Truthfulness from the employee side regarding quality), Total involvement (employees at all are responsible for quality specially at operational level), Process focus (continuous improvement of overall work processes) 3. Rationale of the Study Not Many researches have been conducted on Service Quality, Customer Satisfaction and Behavioral Intention in a combined way. Though, these variables have been studied Impact of Service Quality and Customer Satisfaction on Behavioral Intentions 57 individually in different contexts but the current study will try to find out the the impact of Service Quality and Customer Satisfaction on Behavioral Intention in Hotel Industry in Gwalior Region. The current study would be focusing on finding out relationship Service Quality, Customer Satisfaction and Behavioral Intention. 4. Objectives To evaluate the relationship between Service Quality and Customer Satisfaction as independent variables and Behavioral Intentions as dependent variable. To find out the underlying factors of Service Quality and Customer Satisfaction as independent variables and Behavioral Intentions in Indian context. To identify ideas for further research. 5. Research Methodology 5.1 The Study The study was exploratory in nature with survey method being used to complete the study. 5.2 Sampling Design 5.21 Population: Population included all the customers of Hotels who are using different services of hotels in Gwalior region. 5.22 Sampling Element: Individual customers of hotels were the sampling element. 5.23 Sampling Technique: Non-Probability purposive sampling technique was used to select the sample. 5.24 Sample Size: Sample size was 100 Respondents. 5.3 Tools Used for data Collection Many researchers have conducted their study on the above mentioned variables therefore standardize questionnaire is also available. So the study was conducted by using pre researched questionnaire (Olorunniwo, Hsu and Udo, 2006) but it as current study is in Indian Context so reliability as well as Factor Analysis was applied again to find out the underlyingfactors of all the variables 5.4 Tools Used for Data Analysis The measure was standardized through computation of reliability and validity. Factor analysis Test was applied to find out the underlying factors of Service Quality, customer satisfaction and Behavioral Intention. Regression test was applied to find relationship between customer satisfaction, relationship quality and their impact on Behavioral Intention. A Handbook for Writing Research Paper 58 6. Rationale of the Study Not Many researches have been conducted on Service Quality, Customer Satisfaction and Behavioral Intention in a combined way. Though these variables have been studied individually in different contexts but the current study will try to find out the the impact of Service Quality and Customer Satisfaction on Behavioral Intention in Hotel Industry in Gwalior Region.. The current study would be focusing on finding out relationship Service Quality, Customer Satisfaction and Behavioral Intention. 7. Results and Discussions 7.1 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 (Service Quality) =.972 Reliability Statistics Cronbach’s Alpha .972 Cronbach’s Alpha Based on Standardized Items N of Items .973 29 Cronbach’s Alpha (Consumer Satisfaction) = .965 Reliability Statistics Cronbach’s Alpha .965 Cronbach’s Alpha Based on Standardized Items N of Items .965 4 Cronbach’s Alpha(Behavioral Intentions)=.937 Reliability Statistics Cronbach’s Alpha .937 Cronbach’s Alpha Based on Standardized Items N of Items .938 3 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. 7.2 Validity Test Validity of the questionnaire was checked through face validity method and was found to be high. Impact of Service Quality and Customer Satisfaction on Behavioral Intentions 59 7.3 Factor Analysis Factor Analysis of Service Quality S. No Eigen value Factor Name 1. 7.544 ResponsiveNess and Accessiblity 2. 6.343 Tangibles and Trust Variable Statement %of Variance Explained 27. employees quickly apologize when service mistakes are made 26.015 26. employees are empowered to provide compensations for inaccurate service 23. employees are easily accessible when needed 15. employees provide adequate information about hotel/motel activities/facilities 22. hotel/motel is conveniently located 29. Information on alternative lodging is provided when the hotel/motel is full 17. employees are aware of group rates/special rates 10. requests are handled promptly 13. employees adapt well to handle peak customer traffic 9. employees give us special attention 16. employees are knowledgeable about hotel/motel equipment (e.g. computer system and exercise facilities) 0.767 21. The reservation system (e.g. telephone/ internet reservation) is easy to use 4. hotel/motel facilities are up-to-date 20. time it took to check in/check out is not too long 1. hotel/motel is clean 18. employees provide error-free records (e.g. receipts) 5. employees are neat-appearing 3. Interior design is attractive 6. lobby area is comfortable 8. employees are courteous 19. front desk employee accurately verifies the reservation requests 12. Room maintenance is adequate 21.871 Loading 0.781 0.75 0.682 0.662 0.648 0.592 0.584 0.581 0.574 0.571 0.722 0.676 0.668 0.664 0.65 0.637 0.616 0.577 0.566 0.553 0.52 A Handbook for Writing Research Paper 60 3. 5.741 Comfort level and Employee Knowledge 7. parking space is adequate 19.817 0.818 28. Smoking rooms are treated to accommodate non-smoking guests if needed 0.784 2. Outside appearance is attractive 0.574 24. Express checkout is available for guests 0.57 25. Services are accessible to disabled guests 0.563 14. Employees’ knowledge of hotel procedures makes me feel comfortable 0.544 11. employees adapt services to our needs 0.53 Discussion Of Factors 1. Responsiveness and Accessibility Razalli(2008), defined responsiveness as capability in providing speedy services, variety of services, and willingness to help customers within the service delivery processes and accessibility is a general term used to describe the degree to which a product, device, service, or environment is available to as many people as possible. Accessibility can be viewed as the “ability to access” and benefit from some system or entity(wikipedia.org).This factor has received highest Eigen Value of 7.544 with percentage of Variance Explained of 26.015, eleven statements were clubbed in this factor. 2. Tangibles and Trust A tangible product is something which a company produces which the customer can see or hold, as against something like advice(wiki.answer.com) and Trust is Ability to perform the promised service dependably and accurately(Parasuram et al ,1988). This factor has received second Highest Eigen Value i.e. 6.343 with the Percentage of Variance explained as 21.871. In this factor also eleven statements were clubbed. 3. Comfort Level and Employee Knowledge This factor has received the lowest Eigen value among all three i.e. 5.741 with the Percentage of Variance expalined as 19.817. In this factor also seven statements were clubbed. Factor Analysis of Consumer Satisfaction and Behavioral Intention As the number of statements in both the variables were few and they have been clubbed under single factor only and thus couldn’t be rotated, Sothe Eigen value was 3.623 and 2.673 for Consumer Satisfaction And Behavioral Intention respectively and percentage of variance expalined is 90.586 and 89.085 for Consumer Satisfaction And Behavioral Intention respectively. Both the variables have been explained in detained in Impact of Service Quality and Customer Satisfaction on Behavioral Intentions 61 the conceptual framework as well as in the review of literature so same has not been mentioned here for the sake of repetition. 7.4 Regression Analysis Model Summaryb Model R 1 .940 R Square Adjusted R Square Std. Error of the Estimate .884 .882 1.29545 a a. Predictors: (Constant), consat, servqual b. Dependent Variable: behint Anovab Model 1 Sum of Squares Df Mean Square F Sig. 1242.216 2 621.108 370.106 .000a Regression Coefficientsa Model Unstandardized Coefficients B 1 Std. Error (Constant) -2.408 .747 servqual .067 .012 Standardized Coefficients t Sig. -3.224 .002 .477 5.664 .000 5.750 .000 Beta consat .351 .061 .484 Residual 162.784 97 1.678 Total 1405.000 99 a. Dependent Variable: behint Y= a +bx +cz+ Y= -2.408 +.067Servqual+0.351Consat+ Y= Behavioral Intentions (dependent variable) Service Quality (independent variable) Customer Satisfaction (independent variable) = error The value of adjusted R square is 0.882 that indicates Service Quality and Customer Satisfaction explains 88.2% variance in dependent variable Behavioral Intentions. In other words indicates Service Quality and Customer Satisfaction contribute 88.2 % to Behavioral Intentions. The model used for regression has good fit as indicated by F-value 370.106 which is significant at 0 % level of significance indicating a high predictability of model. 62 A Handbook for Writing Research Paper The relationship between Service Quality as independent and Behavioral Intentions as dependent variable is indicated by standardized coefficient Beta with a value of 0.477. The significance of beta is tested using T-test and value for t is 5.664 which is significant at 0% level of significance indicating significant relationship between Service Quality and Behavioral Intentions. The relationship between Customer Satisfaction as independent and Behavioral Intentions as dependent variable is indicated by standardized coefficient Beta with a value of 0.484. The significance of beta is tested using T-test and value of t is 5.750 which is significant at 0% level of significance indicating significant relationship between Customer Satisfaction and Behavioral Intentions. Impact of Service Quality and Customer Satisfaction on Behavioral Intentions 63 Explanation of Histogram and PPP The histogram shows the normal distribution of Residual and the PP Plot explains whether the relationship or prediction between the variable is linear or not. More it is close to the line explains more perfect is the prediction. So we can see here that the relationship between the Expected and observed outcome is perfectly predicted. 8. Implications of the Study 1. This study is a useful contribution towards Hotel industry for increasing the service quality and also customer satisfaction. 2. This study can be used by different researchers for further research. 3. This study is a useful contribution to understand the importance of customer satisfaction and service quality with reference to behavioral intentions. 4. It will help Hotels in knowing the parameters on which customer satisfaction, service quality and behavioral intentions can be evaluated. 5. This study can be useful contribution towards the Hotel industry in analyzing their service quality and determining the areas where the hotels can improve. 9. Suggestions of the Study 1. The study has been done by taking only a sample of 100 respondents therefore it is suggested to take bigger sample size in order to obtain more accurate results. 2. The study has been done in Gwalior region only so it is suggested to take larger area or other region so that more appropriate results can be obtained 3. The study resulted in the fact that customer satisfaction and service quality has significant impact on behavioral intention similarly effect of customer satisfaction and service quality can be evaluated on other variables. 4. The research on impact of customer satisfaction and service quality and its impact on behavioral intention can also be conducted in other sectors. 5. The study resulted in the fact that there are some other factors also other than customer satisfaction and service quality that have impact on behavioral intention. So similar kind of study can be done to evaluate the impact other variables on behavioral intention 10. Conclusion This study examined the impact of customer satisfaction and service quality on behavioral intention in Hotel industry in Gwalior region. The questionnaires were filled by service users of various hotels in Gwalior and by applying test like validity, reliability, factor analysis and regression. It has been concluded that there is an impact of customer satisfaction and service quality on behavioral intention and customer satisfaction and service quality play an eminent role in retaining customers in Hotel industry. A Handbook for Writing Research Paper 64 This study reflects the high degree of correlation between customer satisfaction and relationship quality as independent variable and customer retention as dependent variable. REFERENCES 1. Ajzen I. (1996), The social psychology of decision making. In Higgins E.T. & Kruglanski A.W. (Eds.), Social Psychology: Hand book of Basic principles, 297-328. 2. Alexandris K., Dimitriadis N. and Markata D. (2002), Can perceptions of service quality predict behavioral intentions? An exploratory study in hotel sector in Greece, Managing Service Quality, 12 (4), 224-31. 3. Athanassopoulos A., Gounaris S. and Stathakopoulos V.( 2001), Behavioural responses to customer satisfaction: An empirical study, European Journal of Marketing, 35(5/6), 687-707. 4. Bendall-Lyon D. and Powers T.L. (2003), The influence of mass communication and time on satisfaction and loyalty,Journal of Services Marketing, 17(3), 589-608. 5. Bolton R.N. 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Rausch E.(1999), More effective leadership can bring higher service quality, 9(3), 154-157. 25. Razalli (2008)The Consequences Of Service Operations Practice And ServiceResponsiveness on Hotel Performance: Examining Hotels In Malaysia.Thesis submitted in fulfillment of the requirements for the degree of Doctor of Philosophy April 2008http://eprints.usm.my/9349/ 1 / T H E _ C O N S E Q U E N C E S _ O F _ S E RV I C E _ O P E R AT I O N S _ P R A C T I C E_AND_SERVICE_RESPONSIVENESS_ON_HOTEL_PERFORMANCE.pdf retrieved on January 2012. 26. Saunders S.G. and Petzer D.J. ( 2010),The interrelationship between service quality, satisfaction and behavioural intention by customer stage in the service delivery process, Management Dynamics, 19(1), 25-34. 27. Vargo S. L. and Lusch R.F. (2004). The four service marketing myths: Remnants of a goodsbased, manufacturing model. Journal of Service Research, 6(4), 324-335. 28. Willis P.J. (2005), An introduction to quality of service, BT Technology Journal , 23(2), 13-27. 29. Zeithaml V.A., Parasuraman A., and Berry L.L. (1990), Delivering Quality Services: Balancing Customer Perceptions and Expectations, The Free Press, New York, NY. A Handbook for Writing Research Paper 66 4 Exchange Rate Dynamics and its Relationship with Stock Market Volatility: Evidence from SAARC Countries Dr. Anindita Chakraborty, Alok Shrivastava, Charu Chandrika Dubey, Neha Manjhi, Shweta Agarwal, Sonam Bhadauriya, Bhawana Mishra, Abdesh Singh Kushwah & Samta Jain ABSTRACT The study showed the relationship between Foreign Exchange Markets and Stock Market, and determined whether movements in exchange rates have an effect on stock market in SAARC countries. The correlation was used in establishing the relationship between exchange rate volatility and stock market volatility it ranges from negative to positive and small to large. Kruskal-Wallis test was applied to test whether there was a significant difference in the exchange rate volatility of SAARC countries and results showed a significant difference. Mann-Whitney U test was applied to find out the significant difference between the exchange rate volatility and the results depicted a significant difference between two rates. Keywords: Exchange rate, volatility, SAARC Introduction International equity investments are increasing rapidly since mid-1980 and with the increasing investments investors are now prone to foreign exchange volatility. Foreign exchange volatility has critical implications for the stock market of a country. A country’s financial position is subject to its foreign exchange volatility. Foreign exchange market developments have cost implications for everyone included in the economy such as the households, firms and the government. In previous researches it had been shown that Exchange Rate Dynamics and its Relationship with Stock Market Volatility 67 exchange rate volatility had real economic costs that affect price stability, firm’s profitability and a country’s stability. As the international equity investments are increasing due to internationalization of capital markets resulted in huge inflow of funds between countries and in the crosslisting of equities. Therefore, investors and firms are more interested in the study of foreign exchange rate volatility and its effect on stock market volatility. According to Yucel and Kurt (2003) floating exchange rate appreciation reduces the competitiveness of export markets; and has a negative effect on the domestic stock market. Foreign exchange market or FOREX market as commonly known is place where trading of national currencies are taken place. The Forex market is a place for individuals, central banks, businesses, financial institutions, the public sector and countries to make a profit off the varying currency prices. This is done through trading in those currencies whose prices are rising against the other currencies whose prices are falling. These currencies are traded in pairs. This generally means that every currency will pair against every other currency and have a price. For example, trading between Indian rupee and US dollars and both currencies fall 10% that means the investors are in the same spot as they were before so there will be no loss. Another benefit of Forex Market is, it is not complicated as the stock market but a greater deal of knowledge is required. The main difference between the international stock markets and the forex markets is the immense volume of trades that takes place on the forex market. 3.9 trillion dollars are traded every day on the forex market. This volume of money is much greater than the money traded on the stock market of any country on a daily basis. The objective of the present study is to find a relationship between Forex market volatility and stock market volatility. The study used the trading pair of SAARC countries/ Euro and SAARC countries/US dollar. The reason behind selecting the SAARC countries was the previous researches which focused on examining this relationship for the developed countries with very little consideration on the developing countries. SAARC (The South Asian Association for Regional Cooperation) is an economic and political organization of eight countries namely India, Pakistan, Bangladesh, Sri Lanka, Nepal, Bhutan, Maldives, and Afghanistan, the latest member since April 2007. Established on December 8, 1985, SAARC is a unique concept. This esteem group is the one combined vision of eight different countries of South-east Asia. These SAARC nations are home to nearly 1.5 billion people or about 22% of world’s population. So, the Heads of the State or Government of these aforementioned countries has created SAARC, keeping in view the welfare of the people, peace, stability and progress of South Asian region by fostering mutual understanding, meaningful cooperation and good neighbourly relations among these nations. Review of Literature The first ever study conducted in this area was by Franck and Young (1972) who examined the relationship between stock prices and exchange rates. They used six different exchange rates and found no relationship between these two. While a study conducted 68 A Handbook for Writing Research Paper in the same period by Aggarwal (1981) depicted contradictory results. The study showed that stock prices and the value of the U.S. dollar were positively related and this relationship was stronger in the short run than in the long run. The research conducted by Soenen and Hanniger (1988) during the period of 1980-1986 realized a strong negative relationship between the value of the U.S. dollar and the change in stock prices. Ajayi and Mougoue (1996) explained that an increase in aggregate domestic stock price had a negative short-run effect on domestic currency value but in the long-run increases in stock prices had a positive effect on domestic currency value. On the other hand, currency depreciation has a negative short-run effect on the stock market. In a current study by Kumar (2010) who investigated the long and short-run relationship between stock index and exchange rates for India and suggested that there was no longrun relationship between them. Muhammad and Rasheed (2002) suggested that in SouthAsian countries stock prices and exchange rates are unrelated in the short-run, therefore, investors cannot use information obtained from one market to predict the behavior of other market. Empirical results showed that the exchange rate uncertainty has a significantly negative effect on Investment. Applying a rolling standard deviations method, Goldberg (1993) found evidences from the US industry-level investment that exchange rate uncertainty had significantly negative long-run effects on investment. Darby et al. (1999), using a single-equation estimation in their study, find a similar negative exchange rate effect on aggregate investment based on the data from five OECD countries. Choudhary (2005) founds that the effects of exchange rate variability on real exports were, in general, significantly negative. The significant volatility spillovers from stock returns to exchange rate changes have important implications for the ‘asset approach’ to exchange rate determination (Branson, 1983; and Frankel 1983), particularly when international equity investments have been rising since the mid-1980s. The higher level of cross-border financial assets flows between, for example, domestic and foreign share markets results in the changes of demand for and supply of currencies in which the international equities are priced in. Exchange rates have to be adjusted according to the international equity flows. Therefore, the ‘asset approach’ to exchange rate determination suggests significant volatility transmission from the stock market to the foreign exchange market. While Kanas (2000) finds a significant volatility spillover from stock return changes to foreign currency fluctuations, it might not be the case for the NZ economy. Choi et al. (n.d) provided empirical evidence that the “asset approach” to exchange rate determination does not fit to small markets like NZ, whose currency is driven by international factors although they found significant volatility spillovers from the foreign currency movements to stock return in NZ. Similar results were found by Dungey (1999) who argued that international factor mainly affects the volatility of NZ dollars and volatility shocks in the local NZ stock markets had little effects on the movement of the NZ currency. In contradiction Schwert (1990) analyzed the behaviour of stock return volatility more or less stock market crashes and discovered that stock market volatility jumps considerably Exchange Rate Dynamics and its Relationship with Stock Market Volatility 69 during the crash and returns to low pre-crash levels quickly. While Adjasi and Biekpe (2005) found the relationship between stock market returns and exchange rate movements in seven African countries. Co-integration tests showed that in the long-run exchange rate depreciation leads to increases in stock market prices in some of the countries, and in the short-run, exchange rate depreciations decrease stock market returns. Fidora et al. (2007) which focuses on the role of exchange rate volatility as a driver of portfolio home bias and investigate the effect of real exchange rate volatility on the traditional measure of home bias. Karoyli and Stulz (2003) provide excellent reviews of the home bias literature. The home bias revolves around different motives of investors, including explicit barriers to international investment, hedging motives, information asymmetries and behavioural biases. Adler and Dumas (1983) state that should there be zero inflation, investors can hedge foreign exchange risks through money market positions, therefore, in principle, foreign exchange risks do not affect equity portfolios. Objectives of the Study 1. To evaluate the exchange rate volatility of SAARC countries. 2. To compare the exchange rate volatility of SAARC countries in respect of Euro. 3. To compare the exchange rate volatility of SAARC countries in respect of US dollar. 4. To evaluate the relationship between exchange rate volatility of SAARC countries and Euro market. 5. To evaluate the relationship between exchange rate volatility of SAARC countries and US market. Research Methodology The main purpose of the study is to examine the impact of stock market volatility on the exchange rate volatility of SAARC nations with strong currencies. The study was empirical in the nature and the total population includes all the countries of SAARC countries. The exchange rates were the sampling elements and the sampling frame was from 2005-2009. The complete enumeration sampling technique was used to analyze the data. The sample size includes eight of SAARC countries named Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka and. Daily exchange rates of countries against US dollar and Euro were taken from www.oanda.com. Stock market data of US (NASDAQ) and Euro (Frankfurt) was taken from www.yahoo.finance.com. Data was analyzed through variance, Kruskal-Wallis test, Mann-Whitney and correlation. The daily returns of the indices were computed by logarithmic returns using MS Excel. Inferential statistics was computed with the help of SPSS 17. Rt = 100 *ln (Pricest /Pricest-1) Where, Rt is the daily mean return percent from the index, P is the price index, t and t – 1 represent the current and immediate preceding day. A Handbook for Writing Research Paper 70 i. Normality of the data was tested through Kolmogorov-Smirnov test. ii. Kruskul-Walis test: Applied to test whether or not the exchange rate volatility in each month of the year are equal. iii. Mann-Whitney U test: It is a non-parametric test for assessing whether two samples of observations come from the same distribution. Ho= There is no significant difference in the exchange volatility of Euro and US Dollar. iv. Spearman Rank Order Correlation was applied to test the relationship between exchange rate volatility and stock market volatility. Results and Discussions A. Descriptive Statistics (i) Descriptive for SAARC/Euro Table 1: Descriptive Statistics N Min Max Mean Std. Deviation Variance Skewness Kurtosis Statistic Statistic Statistic Statistic Statistic Statistic Statistic Std. Error Statistic Std. Error Afghanistan 2006 -16.51 4.25 .0016 .62528 .391 -8.871 .055 245.956 .109 Bhutan 2006 -3.45 11.21 .0039 .57460 .330 3.986 .055 78.493 .109 India 2006 -2.81 2.63 .0018 .52152 .272 .162 .055 3.044 .109 Srilanka 2006 -5.15 4.47 .0012 .89353 .798 -.239 .055 9.079 .109 Pakistan 2006 -5.30 4.48 -.0141 .70067 .491 -.380 .055 11.555 .109 Maldives 2006 -11.46 10.84 .0057 .59946 .359 -.539 .055 121.351 .109 Bangladesh 2006 -3.01 2.83 .0049 .53492 .286 -.102 .055 3.851 .109 Nepal 2006 -3.94 3.52 .0028 .61162 .374 -.175 .055 5.861 .109 The above table 1 presented the descriptive statistics of foreign exchange rates of SAARC countries against Euro. The returns were calculated using the daily closing rates of exchange rates. Concretely, the fourth column of the table records the average or mean daily percentage returns, which was negative for Pakistan (M=-0.0141), while the highest returns were available in case of Maldives (M=0.0057). Volatility, as it is expressed in terms of standard deviation and variance, was highest for Srilanka (S.D= 0.89353, Variance=0.798). This high level of standard deviation and variance demonstrated the presence of high degree of foreign exchange risk. Table 1 also presented the average minimum and maximum FOREX return during the studying period, which were -16.51 for Afghanistan and 11.21 for Bhutan correspondingly. The skewness and kurtosis values show the non-normality of the data. Exchange Rate Dynamics and its Relationship with Stock Market Volatility 71 (ii) Descriptive for SAARC/Dollor Table 2: Descriptive Statistics N Min Max Mean Std. Deviation Variance Skewness Kurtosis Statistic Statistic Statistic Statistic Statistic Statistic Statistic Std. Error Afganistan 2006 -16.89 4.30 -.0037 .42675 .182 -30.061 .055 1231.209 .109 Bhutan 2006 -3.81 11.38 -.0013 .42605 .182 9.902 .055 271.920 .109 India 2006 -2.48 3.19 -.0035 .42536 .181 .168 .055 6.792 .109 Srilanka 2006 -4.84 4.48 -.0041 .76168 .580 -.171 .055 17.451 .109 Pakistan 2006 -5.89 5.09 -.0193 .54773 .300 -.526 .055 34.672 .109 Maldives 2006 -11.15 11.15 .0005 .37573 .141 .005 .055 775.692 .109 Bangladesh 2006 -2.36 2.23 -.0003 .38274 .146 -.168 .055 10.940 .109 Nepal 2006 -3.70 3.36 -.0024 .55734 .311 -.075 .055 8.284 .109 Statistic Std. Error The above table 2 presented the descriptive statistics of foreign exchange rates of SAARC countries against dollar. Concretely, the fourth column of the table records the average or mean daily percentage returns, which was positive for Maldives (M=0.0005), while in case of other countries it was negative. Volatility, as measured by standard deviation and variance, was highest for Srilanka (S.D= 0.76168, Variance=0.580) and lowest for Maldives (S.D= 0.37573, Variance=0.141). The average minimum and maximum FOREX return during the studying period were -16.89 for Afghanistan and 11.38 for Bhutan correspondingly. The skewness and kurtosis values show the non-normality of the data. B. Inferential Statistics Test of Normality Table 3: Kolmogorov-Smirnov Kolmogorov-Smirnov (USD) Kolmogorov-Smirnov (Euro) Statistic df Sig. Statistic df Sig. Afganistan .437 60 .000 .377 60 .000 Bhutan .373 60 .000 .305 60 .000 India .247 60 .000 .233 60 .000 Nepal .163 60 .000 .210 60 .000 Maldives .444 60 .000 .278 60 .000 Bangladesh .226 60 .000 .172 60 .000 Pakistan .363 60 .000 .314 60 .000 Srilanka .247 60 .000 .189 60 .000 A Handbook for Writing Research Paper 72 The Kolmogorov-Smirnov statistic assesses the normality of the distribution of scores. A non-significant result (Sig. value of more than .05) indicates normality. In this case the Sig. value is 0.000 for each group, suggesting violation of the assumption of normality. Kruskal-Wallis Test: Test of Equality of Variance The results of the Kruskal-Wallis Test uses the rankings of the mean variances and tests whether all the countries mean variances were significantly equal or not. As per table 4 the analytical results showed that the variances in all the countries were significantly different at 0 % level of significance. This confirms the presence of Forex volatility for all the SAARC countries against Euro and US dollar both. Table 4: Results of Kruskal-Wallis Test Index K-W Test Euro Chi-square 65.068 df 7 P value 0.000 US dollar Chi-square 165.748 df 7 P value 0.000 Mann-Whiney U Test: Independent Comparison of the Exchange Rate Volatility As per table 5, the results suggested that there was a significant difference in the exchange rate volatility of SAARC/Euro and SAARC/USD at 5% level of significance so the null hypothesis was rejected. Table 5: Results of Mann-Whitney U Test Volatility Pair Euro/USD Hypothesis Not rejected/Rejected Afghanistan Z -7.931P 0.000 Rejected Bhutan Z -4.677 P 0.000 Rejected India Z -4.325 P 0.000 Rejected Maldives Z -8.710 P 0.000 Rejected Bangladesh Z -4.919P 0.000 Rejected Srilanka Z -2.724P 0.006 Rejected Pakistan Z -5.511P 0.000 Rejected Nepal Z -2.241P 0.025 Rejected Spearman Rank Order Correlation (i) To calculate the strength of the relationship between exchange rate volatility of SAARC/Euro and Frankfurt stock market volatility Exchange Rate Dynamics and its Relationship with Stock Market Volatility 73 The relationship between exchange rate volatility and stock market volatility was investigated using Spearman Rank Order test. The results below depicted in table 6 a small to medium, positive correlation between the exchange rate of volatility and Frankfurt stock market volatility. Table 6: Correlation between Euro/SAARC and Frankfurt Frankfurt Afghanistan Bhutan India Maldives Bangladesh Srilanka Pakistan Nepal rho=0.320 P=0.013 rho=0.298 P=0.021 rho=0.422 P=0.001 rho=0.283 P=0.029 rho=0.310 P=0.016 rho=0.15 P=0.247 rho=0.395 P=0.002 rho=.181 P=0.167 There was a small positive and significant correlation between Forex volatility and stock market volatility for Maldives (rho=0.283, p=0.029). There was a small but insignificant relationship for Srilanka (rho=0.152,p=0.247) and Nepal (rho=0.181, p=0.167), suggesting that the currency pairs had low degree of relationship with Frankfurt stock exchange. There was a medium positive and significant correlation between Forex volatility and stock market volatility of Afghanistan (rho=0.320, p=0.013), Bhutan (rho=0.30, p=0.021), India (rho=0.422, p=0.001), Bangladesh (rho=0.310, p=0.016), Pakistan (rho=0.395, p=0.002), suggesting that the currency pairs had low degree of relationship with stock exchange. (ii) To calculate the strength of the relationship between exchange rate volatility of SAARC countries against USD and NYSE volatility The relationship between exchange rate volatility and stock market volatility was investigated using Spearman Rank Order test. The results below depicted in table 6 a small to medium, positive correlation between the exchange rate of volatility and Frankfurt stock market volatility. There was a small positive and significant correlation between Forex volatility and stock market volatility for Afghanistan (rho=0.293, p=0.023). There was a small but insignificant relationship for Maldives (rho=0.225, p=0.084) and Pakistan (rho=0.252, p=0.052), suggesting that the currency pairs had low degree of relationship with Frankfurt stock exchange. There was a medium positive and significant correlation between Forex volatility and stock market volatility of Nepal (rho=0.403, p=0.001). There A Handbook for Writing Research Paper 74 was a high positive and significant correlation between Forex volatility and stock market volatility Bhutan (rho=0.60, p=0.000), India (rho=0.646, p=0.000), Bangladesh (rho=0.555, p=0.000), suggesting that the currency pairs had high degree of relationship with Frankfurt stock exchange. There was a very small negative and insignificant correlation between Forex volatility and stock market volatility for Srilanka (rho=-0.007, p=0.955), suggesting that the currency pairs had negative relationship with stock indices. Table 7: Correlation between USD/SAARC and NYSE NYSE Afghanistan rho=0.29 P=0.023 Bhutan India Maldives Bangladesh Srilanka Pakistan Nepal rho=0.60 P=0.000 rho=0.65 P=0.000 rho=0.23 P=0.084 rho=0.56 P=0.000 rho=-0.007 P=0.955 rho=0.25 P=0.05 rho=0.40 P=0.001 Conclusion Many empirical studies have been conducted by the previous researchers to define the relationship between foreign exchange rates and stock market. However, the relationship still remains uncertain in both theory and research. While some empirical studies like Smith (1992), Solnik (1987), and Aggarwal (1981) find some relations and causality, other studies show no relationship between these two variables (Franck and Young, 1972). Moreover, relationship changes from one economy to another and from one time period to another (Franck and Young, 1972). Also, the empirical studies for a specific economy may show different results for this relation (Soenen and Hanniger, 1988). The reason for these differences can be explained by time period used for data, methods used for analysis and economic policies of countries. In this study, we investigated the relationship between mentioned variables in SAARC countries using daily data from 1st January 2005 to 31st December 2009. The stock indices of NYSE (NYSE Composite) and Frankfurt stock exchange (FSTE 100) were taken. The results of empirical study indicated that there was positive relationship between exchange rate and all stock market indices. While negative and insignificant relationship exists for Srilanka and NYSE Composite. The reason behind this may be the one-way international Exchange Rate Dynamics and its Relationship with Stock Market Volatility 75 trade flow of Srilanka with US where the export share to US was about 23.20%. While in context of European countries was the relationship was low and insignificant because of low export from Srilanka to Europe. The results also show that the highest degree of correlation of India with Europe and US market. While studying the exchange rate volatility of the currency pairs it was found that Srilanka was more volatile than other peer countries. Kruskal-Wallis test showed that the variances of exchange rates were significantly different for both the currency pairs. By the help of Mann-Whitney test it was revealed that there was significant difference the exchange rate volatility SAARC countries against the currency pairs of USD and Euro. These results are consistent with the views that financial markets become more integrated and the volatility relationship between stock returns and exchange rate movements change over time. The results of the study are similar to the previous studies of Smith (1992), Solnik (1987), and Aggarwal (1981). REFERENCES Adjasi, C.K.D., and Biekpe, B.N. (2005). Stock Market Returns and Exchange Rate Dynamics in Selected African Countries: A bivariate analysis. The African Finance Journal, July, Cape Town, South Africa. Adler, M., and Dumas, B. (1983). International portfolio choice and corporation finance: A synthesis. Journal of Finance, 38, 925-984. Aggarwal, R. (1981). Exchange Rates and Stock Prices: A Study of U.S. Capital Market under Floating Exchange Rates. Akron Business and Economic Review, 7-12 Ajayi, Richard A, and Mougoue, Mbodja (1996). On the Dynamic Relation between Stock Prices and Exchange Rates. Journal of Financial Research, 19, 193-207. Branson, W.H. (1983). Macroeconomic Determinants of Real Exchange Rate Risk, in R.J. Herring (ed.), Managing Foreign Exchange Risk (Cambridge, University Press, MA). Choi, D.F.S., V. Fang, and T.Y. Fu (n.d). Volatility Spillovers between Stock Market Returns and Exchange Rate Changes: the New Zealand Case. Retrieved on August 30, 2010 from http:// www.mssanz.org.au/MODSIM07/papers/40_s2/VolatilitySpilloverss2_Choi_.pdf. Choudhry, T. (2005). Exchange rate volatility and the United States exports: evidence from Canada and Japan, Journal of Japanese and International Economies, 19, 51 – 71 Cohen, J. W. (1988). Statistical power analysis for the behavioral sciences (2nd edn). Hillsdale, NJ: Lawrence Erlbaum Associates. Darby, J., Hughes H.A., Ireland, J., and Piscatelli, L. (1999). The impact of exchange rate uncertainty on the level of investment. Economic Journal, 109, C55 - C67. Dungey, M. (1999). Decomposing exchange rate volatility around the Pacific Rim. Journal of Asian Economics, 10, 525 - 535. Fidora, M., Fratzscher, M., and Thimann, C. (2007). Home bias in global bond and equity markets: the role of real exchange rate volatility. Journal of International Money and Finance. 26, 631.655. Franck, P. And Young, A. (1972). Stock price Reaction of Multinational Firms to Exchange Realignments. Financial Management, 1, 66-73. 76 A Handbook for Writing Research Paper Frankel, J.A. (1983). Monetary and Portfolio- Balance Models of Exchange rate Determination, in J.S. Bhandari and B.H. Putman (eds.), Economic Interdependence and Flexible Exchange rates (MIT Press, Cambridge, MA). French, K.R., Schwert, G.W. and Stanbaugh, R.F. (1987). Expected Stock Returns and Volatility, Journal of Financial Economics, 19, 3-29. Goldberg, L.S. (1993). Exchange rates and investment in United States industry. Review of Economics and Statistics, 4, 575 – 588. Kanas, A. (2000). Volatility spillover between stock returns and exchange rate changes: International evidence. Journal of Business Finance & Accounting, 27(3) & (4), 447-467. Kumar, Manish (2010). Causal relationship between stock price and exchange rate: evidence for India. International Journal of Economic policy in Emerging Economies, 3(1), 85-101. Muhammad, Naeem and Rasheed, Abdul (2002). Stock Prices and Exchange Rates: Are they related? Evidence from South Asian Countries. The Pakistan Development Review, 41(4), 535-550. Schwert, W. (1990). Stock Returns and Real Activity: A Century of Evidence, Journal of Finance, 45, 1237-1257. Soenen, L.A. and Hennigar, E.S. (1988). An Analysis of Exchange Rates and Stock Prices: the U.S. Experience between 1980 and 1986. Akron Business and Economic Review, 7-16. Warnock, F., and Cleaver, C. (2003). Financial centres and the geography of capital flows. International Finance, 6(1), 27-59. 77 5 Effect of Bonus Issue Announcement on Stock Returns Dr. Tarika Singh, Mr. Saurav Shivhare, Mr. Manish Yadav, Ms Deepali Agrawal & Ms Anju Pandey ABSTRACT Bonus issues are generally considered to have positive sentimental effects on the market. But there is no strong empirical proof for this sentiment. The present study is an effort to check the stock index movement in Indian context around bonus issue announcement. NIFTY index has been taken for the study purpose from the year 2004-2010. The results have significant value contribution in the theory and practice. Key Words: Bonus Issue, Stock return, Price Effects Introduction The term bonus means an extra dividend paid to shareholders in a joint stock company from surplus profits. When a company has accumulated a large fund out of profits much beyond its needs, the directors may decide to distribute a part of it amongst the shareholders in the form of bonus. Bonus can be paid either in cash or in the form of shares. Cash bonus is paid by the company when it has large accumulated profits as well as cash to pay dividend. Many a time, a company is not in a position to pay bonus in cash in spite of sufficient profits because of unsatisfactory cash position or because of its adverse effects on the working capital of the company. In such a position, the company pays a bonus to its shareholders in the form of shares; a free share thus issued is known as a bonus share. A bonus share is a free share of stock given to current/existing shareholders in a company, based upon the number of shares that the shareholder already owns at the A Handbook for Writing Research Paper 78 time of announcement of the bonus. While the issue of bonus shares increases the total number of shares issued and owned, it does not increase the value of the company. Although the total number of issued shares increases, the ratio of number of shares held by each shareholder remains constant. An issue of bonus shares is referred to as a bonus issue. Depending upon the constitutional documents of the company, only certain classes of shares may be entitled to bonus issues, or may be entitled to bonus issues in preference to other classes. Bonus share is free share in fixed ratio to the shareholders. For example reliance India ltd. issue bonus share in 1:1 ratio and Rs.13.00 as dividend/share. Sometimes a company will change the number of shares in issue by capitalizing its reserve. In other words, it can convert the right of the shareholders because each individual will hold the same proportion of the outstanding shares as before. Main reason for issuance is the price of the existing share has become unwieldy. Benefits of Bonus Issue Conservation of Cash: The issue shares allows the company to declare a dividend without using up the cash that may be used to finance the profitable investment opportunities within the company and thus company can maintain its liquidity position. Under Financial Difficulty and Contractual Restrictions: When a company faces stringent cash difficulty and is not in a position to distribute dividend in cash, or where certain restrictions to pay dividend in cash are put under loan agreement, the only way to satisfy the shareholders or to maintain the confidence of the shareholders is the issue of bonus shares. Remedy for Under-Capitalization: In the state of under-capitalization, the rate of divided is very much high. In order to lower down the rate of dividend, the company issued bonus shares instead of paying dividend in cash. Widening the Share Market: If the market value of a company’s share is very high, it may not appeal to small investors. By issuing bonus shares, the rate of dividend is lowered down and consequently share price in the market is also brought down to a desired range of activity and thus trading activity would increase in the share market. Now small investors may get an opportunity to invest their funds in low priced shares. Economical Issue of Securities: The cost of issue of bonus shares is the minimum because no underwriting commission, brokerage etc. is to be paid on this type of issue. Existing shareholders are allotted bonus shares in proportion to their present holdings. Stock prices as a rule adjust to new information. In an efficient market, this adjustment is instantaneous and accurate. Event studies to test market. Efficiency, therefore, examine the speed of adjustment of stock prices to the release of new, relevant information to investors. One such ‘event’ is the announcement of bonus issues by companies. While Effect of Bonus Issue Announcement on Stock Returns 79 accountants view bonus issues as pure book-keeping entries which leave total equities and total assets unchanged and hence have no real economic significance, for investors, however, bonus issues lead to an upward revision in their expectations regarding future earnings and dividends. Generally, therefore, an upward drift in stock prices is associated with such announcements. If markets are efficient, and no learning lags exist, the adjustment in stock prices would be prompt. Literature Review The relationship between bonus issue and share prices has been the subject of much empirical discussion within the finance literature. Empirical research have shown that the market generally reacts positively to the announcement of a bonus issue (see for example, US - Foster & Vickrey (1978), Woolridge (1983), Grinblatt et al (1984), and McNichols & Dravid (1990); Canada – Masse et al (1997); NZ- Anderson et al (2001); Sweden – Lijleblom (1989)). The hypothesis that has received strongest support in explaining the positive market reaction to bonus issue announcements is the signalling hypothesis, which suggests that ‘the announcement of a bonus issue conveys new information to the market in instances where managers have asymmetric information’. This hypothesis has received almost unequivocal support with few exceptions (Papaioannou, Travlos and Tsangarakis (2000). Having a global look it is found that stock dividend announcements in Greece are almost fully anticipated by the market and do not contain any new information; thus, they have little signaling benefit. However, a Canadian study Masse et al. (1997), revealed investigating the impact of stock dividend announcements on the value of firms listed on the Toronto Stock Exchange, found significant and positive abnormal returns around the announcement date. Ganga and Gunuratne (2009) in respect to CSE (Colombo stock Exchange) suggested that the market responds significantly on bonus issues with a large price appreciation on the announcement day itself. Positive sentiments start well prior to the event and continue up to about further 6 market days creating both statistically and financially significant arbitrage opportunities. According to a research conducted by Balasingham & Sally (2001) examined the price reaction to bonus issues announcements in the Australian Companies. They concluded that Bonus issue announcements led to statistically significant positive price reaction around announcement dates for uncontaminated and contaminated events. Whereas Miller and Modigliani (1961) demonstrated theoretically that the bonus issues, along with other types of dividends, do not alter shareholder ’s wealth. Sloan (1987) provided Australian evidence that bonus issues do not affect shareholder’s wealth. Ball, Brown, and Finn (1977) investigated stock price reaction around the announcements of ‘stock capitalization changes’ (bonus stock issues, stock splits and rights issues) in Australia for the period between 1960 and 1969 using monthly data. They found 20.2% abnormal returns for 13 months up to end including the month of bonus issue announcements. Adaoglu and Lasfer (2008), examined (Istanbul Stock Exchange (ISE)) market valuation of bonus issue 80 A Handbook for Writing Research Paper which are mainly financed by the revaluations of assets equity reserves in an inflationary economic setting. They found a positive excess return on the announcement day for these bonus issues similar to the market reaction to stock dividends. Studies have been carried out in recent years to test the announcement effect of bonus issue in the Indian stock market. Ramachandran (1985) examined mixed evidence for semi-strong form efficiency of Indian stock market. Obaidullah (1992) and Rao (1994) found positive stock market reaction to equity bonus announcements. Foster and Vickrey (1978), Grinblatt (1984), McNichols and Dravid (1990), Lijleblom (1989), reviewed in their study that the market reacts positively to the announcement of bonus issue. In an investigation done by Dhar and Chhaochharia in Indian Stock Market found that Bonus issues are considered to be cosmetic events. Interestingly, they found that bonus issues results in sharp spike on the announcement date. Mishra (2003) found a positive cumulative abnormal return around the bonus issue announcement. Fama et al. (1969) carried out his study on relation of announcement effect to stock split and stock dividend and concluded that two types of events are associated with positive stock market effect. Since then other studies have done in the same area. According to Lakonishoke & Lev (1987), a stock split and a stock dividend change the stock price to a more optimal trading range thus increases the demand for stock, leading a positive stock price effect. Forjan and McCorry (1995) argued for the increase market liquidity. Number of shareholders also increases after a stock split (Dolly, 1933, Barker, 1956, and Lamoureuxs and Poon, 1987).Other studies have also supported optimal trading range (Johanson, 1966, Mcnocholas and Dravid, 1990, Mayers and Barkay, 1956). Market makers are more active in promoting the stock leading to a positive stock market effect (Angel, 1977; and Shultz, 2000).Ross (1977) & Leyland and Pyle (1977) examined that mangers make use of the financial decisions regarding stock split and stock dividend to convey private information about the current value of the firm. Brennan and Copeland (1988), Brennan and Hughes (1991) study revealed that, the declarations of bonus issues convey favorable private information about the future earnings to the investors. Rao and Geetha (1996) investigated that one could not make excess money in the stock market by studying that patterns of abnormal returns of announcements made earlier. Srinivasan (2002) found extremely large positive abnormal returns on ex-bonus and ex-rights dates for equity stocks. Mishra (2005) found significant positive abnormal returns for a five-day period prior to bonus announcement. Similar study by Budhraja et al (2004) suggested that abnormal returns in stock prices around the bonus announcement date over a three day trading period starting one day before the announcement date is significant at 95% confidence limit. It also says that much of the information in the bonus announcement gets impounded into stocks by the time of announcement. Barnes and Ma (2002) observed the stock price behavior in response to the bonus issues and they observe positive abnormal returns. Effect of Bonus Issue Announcement on Stock Returns 81 Objectives of the Study To find out the bonus issues in Indian Stock Exchange. To find out the effect of bonus issues announcement on stock returns (Nifty). To find out the differences between pre and post returns of the bonus issue announcement. To open new vistas for further research. Research Methodology The study was descriptive in the nature. The population of the study was the Companies listed on the National Stock Exchange. The sampling frame of the study consisted of all the companies involved in the formation of Indian Stock Exchange from the financial years 2004-2010.The sample size was all the companies listed on the Indian Stock Exchange. Individual Company, which issued bonus issues in Indian Stock Exchange, during the study period, acted as the sampling element. In all there were eleven companies which declared bonus issues during the study period. Out of them only for eight companies data was available. Non-probability judgmental sampling technique was used. Secondary data of all the stocks added in Indian Stock Exchange from 2004-2010 was collected from official websites of Nseindia and individual companies was used for data collection. Tools for Data Analysis 1. Price effects: Researcher has evaluated the price effects of National Stock Exchange changes by examining the excess returns around the announcement day. 2. Normal Distribution Test: Firstly, normal distribution of all the stock was checked through normal distribution test. This was done through One-Sample KolmogorovSmirnov Test on the SPSS software. It was found that all the companies’ stock return and stock volume data was normally distributed. So the data was not distributed abnormally. 3. T- Tests: T-test was applied in order to assess whether the means of stock returns before and after the inclusion are statistically different from each other or not. It means to examine whether there was any significant difference between them or not. It was carried out on SPSS software and it was found that there is significant level between them. Similarly T-test was applied in order to assess whether the means of stock volume before and after the bonus issues are statistically different from each other or not. It was carried out on SPSS software and it was found that there is significant level between them. The test of equality of mean in the data processing is basically using t test. The day of execution (t0) is not included in the data compared to avoid the overreaction effect on the day of bonus announcement. The research conducted by Nuryadin (2004) and Lamoureux and Poon (1987) had done a similar methodology to study the volume change of individual companies on the day of bonus announcement. A Handbook for Writing Research Paper 82 Results and Discussion Previous research on bonus issues has not discovered any significant differences in price reaction around announcement dates between bonus issue announcements. One of the most common experimental designs is the “pre-post” design. A study of this type often consists of two measurements taken on the same subject, one before and one after the introduction of a treatment or a stimulus. The basic idea is simple. If the treatment had no effect, the average difference between the measurements is equal to 0 and the null hypothesis holds. On the other hand, if the treatment did have an effect (intended or unintended!), the average difference is not 0 and the null hypothesis is rejected. In the present research impact of bonus issue on the stock return is seen. The difference between the pre issue returns and post issue returns is seen on the companies listed continuously in Nifty from 2005-06 to 2009-2010. Stock returns are analysed over a sample frame from 30, 60, 90 and 240 days prior to the bonus issue announcements to 30, 60, 90 and 240 days subsequent to the announcement. Stock returns are calculated over various event windows. To reflect the potentiality of event- induced variances this study used the paired sample t test. The Paired-Samples T Test procedure is used to test the hypothesis of no difference between two variables. The data may consist of two measurements taken on the same subject or one measurement taken on a matched pair of subjects. Testable Hypotheses H1: Companies undertaking bonus issues will experience positive announcement period stock returns. H01: There is no significant difference between the pre and post returns mean for. We hypothesized that the companies in our sample will experience positive announcement period stock returns on the basis that these announcements convey favorable information regarding the company’s future prospects to less informed market (Foster and Vickrey (1978), Woolridge (1983), Grinblatt et al (1984), McNichols and Dravid (1990) and Anderson et al (2001). Table 1: T test Results for 30 days windows Company Name DABUR GAIL HCL INFOSYS ONGC CIPLA RELIANCE TCS 30 days t-test Significance Level Hypothesis Accepted/Rejected 0.618 0.467 -0.175 0.562 -0.701 1.304 0.575 0.276 0.545 0.646 0.863 0.58 0.493 0.211 0.572 0.786 Rejected Accepted Accepted Accepted Accepted Rejected Rejected Accepted Effect of Bonus Issue Announcement on Stock Returns 83 The results of paired t test applied on the pre and post 30 days returns showed that For GAIL, HCL, INFOSYS, ONGC and TCS there is no difference between the pre and post announcement returns. For DABUR, CIPLA and RELIANCE the pre and post announcement period stock returns have statistically significantly Difference. Therefore, for these companies we can conclude that the positive reaction on announcement period is predominantly attributed to bonus issue announcements. These findings support for the signaling hypothesis consistent with our first hypothesis (H1).In summary, announcement period results indicate strong support for hypothesis one, as companies issuing bonus shares appear to experience positive and significant announcement period abnormal returns. Table 2: T test Results for 60 days windows Name of Company t-test Significance Level HypothesisRejected/Accepted DABUR GAIL HCL INFOSYS ONGC CIPLA RELIANCE 1.413 0.42 -0.457 -0.667 -1.116 1.409 0.486 0.166 0.677 0.651 0.508 0.272 0.167 0.63 Rejected Accepted Accepted Accepted Accepted Rejected Accepted TCS -0.063 0.95 Accepted The results of paired t test applied on the pre and post 60 days returns showed that For GAIL, HCL, INFOSYS, ONGC, RELIANCE and TCS there is no difference between the pre and post announcement returns. For DABUR and CIPLA the pre and post Announcement period stock returns have statistically significantly Difference. Therefore, for these companies we can conclude that the positive reaction on announcement period is predominantly attributed to bonus issue announcements. These findings support for the signaling hypothesis consistent with our first hypothesis (H1).In summary, announcement period results indicate strong support for hypothesis one, as companies issuing bonus shares appear to experience positive and significant announcement period abnormal returns. Table 3: T test Results for 90 days windows Name of Company t-test Significance Level HypothesisRejected/Accepted DABUR GAIL HCL INFOSYS ONGC CIPLA RELIANCE TCS 0.435 0.724 -0.592 -0.771 -0.896 1.952 0.868 0.053 0.665 0.472 0.556 0.444 0.374 0.056 0.389 0.958 Accepted Rejected Accepted Accepted Accepted Rejected Rejected Accepted A Handbook for Writing Research Paper 84 The results of paired t test applied on the pre and post 90 days returns showed that For, DABUR, HCL, INFOSYS, ONGC and TCS there is no difference between the pre and post announcement returns. For GAIL, CIPLA and RELIANCE the pre and post Announcement period stock returns have statistically significantly Difference. Therefore, for these companies we can conclude that the positive reaction on announcement period is predominantly attributed to bonus issue announcements. These findings support for the signaling hypothesis consistent with our first hypothesis (H1).In summary, announcement period results indicate strong support for hypothesis one, as companies issuing bonus shares appear to experience positive and significant announcement period abnormal returns. Table 4: T test Results for 240days windows Name of Company t-test Significance Level HypothesisRejected/Accepted DABUR 0.607 0.545 Rejected GAIL -0.441 0.66 Accepted HCL 0.274 0.785 Accepted INFOSYS -1.047 0.297 Accepted ONGC -0.12 0.905 Accepted CIPLA 1.828 0.069 Rejected RELIANCE 0.703 0.483 Rejected TCS -1.769 0.079 Accepted The results of paired t test applied on the pre and post 240 days returns showed that For GAIL, HCL, INFOSYS, ONGC and TCS there is no difference between the pre and post announcement returns. For DABUR, CIPLA and RELIANCE the pre and post Announcement period stock returns have statistically significantly Difference. Therefore, for these companies we can conclude that the positive reaction on announcement period is predominantly attributed to bonus issue announcements. These findings support for the signaling hypothesis consistent with our first hypothesis (H1).In summary, announcement period results indicate strong support for hypothesis one, as companies issuing bonus shares appear to experience positive and significant announcement period abnormal returns. Conclusion This study examined the return reaction to bonus issues announcements. Bonus issue announcements led to statistically significant positive price reaction around announcement dates. The results in general have indicated that HCL, INFOSYS, TCS, ONGC are the companies which have no significant differences in the pre and post bonus issue announcement returns. On the other side CIPLA came out to be the company whose returns were significantly difference in the pre and post bonus issue announcement. Effect of Bonus Issue Announcement on Stock Returns 85 Looking to the other side, GAIL is the organisation which shows no significant differences in the pre and post bonus issue announcement returns for 30, 60, 240 days window but for 90 days window significant differences in the pre and post bonus issue announcement returns are seen. This mean impact of bonus share announcement is shown after 90 days. Similarly for DABUR, there is a significant differences in the pre and post bonus issue announcement returns when test are carried out for 30, 60, 240 days windows, but for 90 days window, there comes no significant differences in the pre and post bonus issue announcement returns. This study provides additional evidence of industry influence. Results obtained for IT companies (based on industry classification of the issuing Companies), indicated weaker announcement period return reaction as compared to pharmaceutical company. Overall, then, evidence presented in this paper lend considerable support for signaling hypothesis and consistent with the findings in US, Sweden, Canada and New Zealand. Signaling effect is stronger for industrial nonfinancial and mining companies than financial companies. REFERENCES Anderson, H., Cahan, S. and L. C. Rose (2001), “Stock Dividend in an Imputation Tax Environment”, Journal of Business Finance &Accounting, 28:5, pp. 653-669. Anjel, J (1998), “ Tick Size, Share Prices, and Stock Splits,” Journal of Finance, Vol. 52, pp.655681. Balachandran Balasingham & Tanner Sally (2001), Bonus Share Issues and Announcement Effect: Australian Evidence. Ball, R, Brown P and F.J Finn (1977), ‘Share Capitalisation Changes, Information and the Australian Equity Market’, Australian Journal of Management, 2, 105-126. Barnes, M.L., & Ma, S. (2000), The Behaviour of China’s Stock Prices in Response to the Proposal and Approval of Bonus Issues, Working paper, University of Adelaide, Australia Brennan, M.J. and P.J. Hughes, 1991, Stock prices and the supply of information,Journal of Finance, 46(5), 1665-1691. Brennan, M.J., and T.E. Copeland, 1988, Stock splits, stock prices, and transaction costs, Journal of Financial Economics, 22,83-101. Dhar and Chhaochharia, “Market Reaction Around the Stock Splits and Bonus Issues: Some Indian Evidence” Fama, E F, L Fisher, M Jensen and R Roll (1969), “The Adjustments of Stock Prices to New Information,” International Economic Review, Vol. 10, pp. 1-21. Foster T.W and Vickrey D (1978) ‘The Information Content of Stock Dividend Announcements’ Accounting Review, 53:2 (April) pp. 360- 370 G. Lamoureux, & P. Poon, The market reaction to stock splits. Journal of Finance, 42, 1987, 1347– 1370. Grinblatt M.S, Masulis R.W and Titman S (1984) The Valuation Effects of Stock Splits and Stock Dividends’ Journal of Financial Economics, 13:4 (December) pp. 461 – 490. Grinblatt, M.S, Masulis R.W and Titman, S (1984), “The Valuation Effects of Stock Splits and Stock Dividends,” Journal of Financial Economics, Vol. 13:4 (Dec), pp. 461-90. 86 A Handbook for Writing Research Paper Guneratne, P.S.M., & Fernando, K.G.K., (2007)Market Response to Bonus Issues with Special Reference to Impact of Bonus Issue Ratio and Ex-day Price Adjustments; Evidence from Colombo Stock Exchange(2007) International Research Conference on Knowledge for Growth and Development Faculty of Management &Finance, University of Colombo, Sri Lanka. Lakonishok, J and Lev, B (1987), “Stock Plits and Stock dividends: Why, Who and When,” Lijleblem, E (1989), “The Informational Imapct of Announcements of Stock Dividends and Stock Splits,” Journal of Business Finance and Accounting, Vol. 16:5 (Winter), pp. 681-98. Lijleblom, E. (1989), The Informational Impact of Announcements of Stock Dividends and Stock Splits’, Journal of Business Finance and Accounting, 16:5 (Winter) pp 681 – 698. Marsden, Shareholder wealth effects of rights issues: evidence from the New Zealand capital market. Pacific- Basin Finance Journal 8, 2000, 419–442. Masse, I, Hanrahn, J.R and J. Kushner (1997), ‘The Effect of Canadian Stock Splits, Stock Dividends and Reverse Splits on the Value of the Firm’ QJBE, 36:4 (Autumn) pp. 51 – 62. Masse, J.R. Hanrahn, & J. Kushner, The Effect of Canadian Stock Splits, Stock Dividends and Reverse Splits on the Value of the Firm’ QJBE, 36(4) (Autumn), 1997, 51 – 62. McNichols M and Dravid A (1990) ‘Stock Dividends, Stock Splits and Signaling’ Journal of Finance 45:3 (July) pp. 857 – 879. McNichols, M and dravid, A (1990), “ Stock Dividends, Stock Splits and Signaling,” Journal of Finance, Vol. 45:3 (July), pp.851-79. Miller, m. and Modigliani (1961), “ Dividend Policy, Growth and the Valuation of Shares,” Journal of Business, Vol. 34(4). Mishra, A.K.(2005), “An Empirical Analysis of Market reaction Around the Bonus Issues in India”, The ICFAI Journal of Applied Finance, Vol. 11, No. 7, pp. 21-39. Obaidullah, How do Stock Prices React to Bonus Issues?, Vikalpa, 17(1), 1992, 17-22. Papaioannou G.J, Travlos N.G, Tsangarakis, N.V (2000) ‘Valuation Effects of Greek Stock Dividend Distributions’, European Financial Management, 6:4 pp. 515-531 S.C. Myers, & N.S. Majluf, Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13, 1984, 187–222. Schuitz, P (2000), “Stock Splits, tick size and sponsorship”, Journal of Finance, 55, pp. 429-50. Sloan, R. G (1987). “Bonous Issues, Share Splits and Ex-day Share Price Behavior : Austrailian Evidence,” Australian Jouranal of Management, Vol. 12. Woolridge R (1983) ‘Stock Dividends as Signals’ Journal of Financial Research, 6:1 (Spring) pp. 1 – 12. Emotional Maturity and Self Confidence: Study on College Students 87 6 Emotional Maturity and Self Confidence: Study on College Students Dr. Garima Mathur, Dr. Sushma Suri, Iram Naz, Manjari Agarwal, Umesh Sharma, Sweety Dubey & Nisha Tiwari ABSTRACT For most of the students college life is the best place to learn and develop. The level of confidence they gain during this period is highest as the level of their maturity also increases. Although students differ in their emotional maturity level and the difference is clearly visible among gender. The present study is intended to study the emotional maturity level of male and female students and its relationship with self confidence. For the purpose of this study various tests such as regression were applied and the results indicate that emotional instability is the only factor of emotional maturity that affected self confidence of students. Key Words: Emotional Maturity and Self Confidence Introduction Emotional Maturity implies controlling your emotions rather than letting your emotions get the better of you. Your emotional maturity depicts your capacity to manage and to check your emotions, to evaluate others’ emotional state and to persuade their judgment and actions. A person’s emotional maturity is very much influenced by his/ her relationship history. Emotional intelligence makes an important part of life, together with intellectual intelligence and relationship intelligence. Such intelligence can help one to assess emotional maturity and emotional freedom. How well do you tackle any relationship, is a major discernible factor to check your level of emotional maturity. According to Goleman (1998) “Our emotional intelligence determines our potential for learning the practical skills that are based on its five elements: self-awareness, 88 A Handbook for Writing Research Paper motivation, self-regulation, empathy, and adeptness in relationships. Our emotional competence shows how much of that potential we have translated into on-the-job capabilities”. Emotional maturity is not only the effective determinant of personality pattern but it also helps to control the growth of adolescent’s development. The concept “mature” emotional behavior of any level is that which reflects the fruits of normal emotional development. A person who is able to keep the emotions under control, who is able to break delay and to suffer without be self- pity might still be emotionally stunned and childish. Morgan (1934) stated the view that an adequate theory of emotional maturity must take account of the full scope of the individuality, powers and his ability to enjoy the use of his powers. According to Smitson (1974) emotional maturity is a process in which the personality is continuously striving for greater sense of emotional health, both intra physically and intra personally. Hollingworth (1928) mentioned some characteristics of emotionally mature person such as capablity of responding in graduation or degree of emotional responses. He is also able to delay his responses as controlled with the impulsiveness of young child and handing of self pity, instead of showing unrestrained self pity, he tries to feel for him. According to Cole (1994) the most outstanding mark of emotional maturity is ability to bear tension. Other marks are indifference toward certain kinds of stimuli that affect the child or adolescent and he develops moodiness and sentimentality. Beside, emotionally mature person persists the capacity for fun and recreation. He enjoys both play and responsibility activities and keep them in proper balance. Mohsin (1960) has developed an Emotional Maturity Scale whereas Rao and Stewart (1976) have adopted Stewart Maturity Scale in Indian conditions and Srivastava (1983) has developed a Social Maturity. Dr.Yashvir Singh and Dr. Mahesh Bhargava prepared a list of five broad factors of emotional maturity which is given below: Emotional Stability: Emotional Stability refers to a characteristics of a person that does not allow him to react excessively or given to swings in mood or marked changes in any emotive situation. The emotionally stable person is able to do what is required of him in any given situation. Contrary to it, emotional instability is a tendency to quick changing and unreliable responses. Emotional Progression: Emotional progression is the characteristic of a person that refers to a feeling of adequate advancement and growing vitality of emotions in relation to environment to ensure a positive thinking imbued with righteousness and contentment. Whereas emotional regression is also a broad group of factors representing such syndromes as feeling of inferiority, restlessness, hostility, aggressiveness and self- centeredness. Social Adjustment: Social adjustment refers to a process of interaction between the needs of a person and demands of the social environment in any given situation, so that they can maintain and adapt a desired relationship with the environment. Emotional Maturity and Self Confidence: Study on College Students 89 Therefore, it may be described as a person’s harmonious relationship with his social world. Whereas socially maladjusted person shows lack of social responsibility should hatred, reclusive but boasting, liar and shirker. Personality Integration: Personality integration is the process of firmly unifying the diverse elements of an individual’s motives and dynamic tendencies, resulting in harmonious coactions and de-escalation of the inner conflict in the undaunted expression of behavior, whereas disintegrated personality includes all those symptoms like reaction, phobias formation, rationalization, pessimism, immorality etc. such a person suffers from inferiorities and hence reacts to environment through aggressiveness, destruction and has distorted sense of reality. Independence: Independence is a capacity of a person’s attitudinal tendency to be self reliant or of resistance to control by others, where he can take his decisions by his own judgment based on facts by utilizing his intellectual and creative potentialities. He would never like to show any habitual reliance upon another person in making his decision or carrying out difficult actions, whereas a opened person shows parasitic dependence on other is ego tic and lacks “objective interests”. People think of him an unreliable person. Self Confidence Basavanna (1975) defined “self confidence refers to an individual’s perceived ability to act effectively in a situation to overcome obstacles and to get things go all right”. Review of Literature John, Manoharan, Doss (August 2007) found that the emotional maturity of Post Graduate students is influenced by sex, class and group. The level of emotional maturity of female students is higher than that of the male students. It is also to be noted that students of the second year are more mature than those of the first year. It is also found that there is significant positive relationship between the group chosen for study and level of emotional maturity: Arts group students have higher numerical score than the science students –which means science students have greater emotional maturity. The emotional maturity found to be related with the working and non-working aspect of mothers. In a study Hangal and Aminabhavi (2007) compared the emotional maturity level of employed and home maker mothers. The results indicated that children of employed mothers have significantly high emotional maturity compared to their counterparts. Children of homemakers have significantly higher emotional instability, emotional regression and personality disorganization compared to children of employed mothers. Female children of homemakers have significantly higher emotional maturity compared to male children. The children of both homemakers as well as employed mothers differed significantly in different modes of self concept. In contrast with above results Aleem (2005) found male students to be more emotionally stable as compared to their female counterparts. Pastey and Aminbhavi (2006) concluded that adolescents with high emotional maturity have significantly higher stress and self confidence than those with lower emotional A Handbook for Writing Research Paper 90 maturity. The stress and self confidence were not influenced by sex and order of birth among siblings. Where more number of siblings has influenced positively the self confidence of adolescents when compared to those having less number of siblings. The income of the family and educational level of parents has no influence on the self confidence of their adolescent children. Similarly, Jha (2002) reported a significant positive relationship between self-confidence and emotional maturity vigilant style of decision making in case of executives. Goleman (1998) in his work with emotional intelligence suggested Emotional intelligence is the potential for learning these competencies. Being high in emotional intelligence does not guarantee that the person will have the acquired skills necessary to excel in work, it only means that (s) he has a high potential for learning them. Benabou and Tirole (Mar 2000) in their paper self confidence and social interaction studies interactions between an individual’s self esteem and his social environment in the workplace, at school, and in personal relationships. Because a person generally has only imperfect knowledge of his own abilities, people who derive benefits from his performance (parent, spouse, friend, teacher, manager, etc.) have incentives to manipulate his self confidence. They first study situations where an informed principal chooses an incentive structure, such as offering payments or rewards, delegating a task, or giving encouragement. We show that extrinsic rewards may have hidden costs as stressed by psychologists in that they undermine intrinsic motivation. As a result, they may be only weak reinforces in the short run, and become negative rein forcers once withdrawn. Similarly, empowerment is likely to increase motivation, while offers of help may create dependence. More generally, they identify when the hidden costs of rewards are a myth or a reality. They next consider situations where people criticize or downplay the performance of their spouse, child, colleague, or subordinate. They formalize ego bashing as reflecting battles for dominance or authority within the relationship. Finally, we turn to the self presentation strategies of privately informed agents. They study in particular how depressed individuals may engage in self-deprecation as a way of seeking leniency or a helping hand’ on various obligations. Objectives To identify the maturity level of college students To measure the confidence level of college students To standardize the measure to evaluate self confidence To compare the self confidence level of different students on the basis of emotional maturity. Hypothesis Formation To find out relationship between emotional maturity and self confidence a hypothesis was formed: H01: It states that there is no significant effect of emotional maturity on self confidence of students. Emotional Maturity and Self Confidence: Study on College Students 91 Research Methodology The Study and Sample: The study is empirical in nature. A survey of different graduate and post graduate students was conducted to collect the data. A sample of 300 students (150 graduate students and 150 post graduate students which is again divided into 75 males and 75 females at both graduate and post graduate level) was taken for the purpose of study. The sample was collected by judgmental sampling. Data was collected from Students of different colleges. The Measure: The data was collected on two scales: Emotional Maturity Scale: Hindi version of the scale constructed and standardized by Dr. Yashvir Singh and Dr. Mahesh Bhargava (1990) to measure Emotional Maturity of the subjects was taken. It measures Emotional Maturity on five dimensions namely, Emotional Instability, Emotional Regression, Social Maladjustment, Personality Disintegration and Lack of Independence. Higher level of responses showed higher emotional immaturity. Self Confidence Scale: To measure the level of self confidence a 25 item self reported measure was prepared in Hindi. Higher scores on self confidence shows higher confidence. Procedure: The subjects were contacted personally and requested to cooperate for data collection. To compute the self confidence level of different students on the basis of emotional maturity REGRESSION using SPSS was applied. Results and Discussion On the basis of objectives Mean, Standard Deviation and regression were applied. The table indicates that self confidence was highest among the post graduate females showing mean value of 94.7727. On the contrary under graduate females showed least self confidence level (Shown in table 1). Emotional maturity of most of the post graduate females was reported as unstable as compared to others. Table 1: Descriptives Self Confidence N Mean Std. Deviation Std. Error 95% Confidence Interval for Mean Lower Bound Upper Bound Minimum Maximum 1. 75 88.1951 15.02867 2.34708 83.4515 92.9388 55.00 117.00 2. 75 92.8000 10.04988 2.00998 88.6516 96.9484 74.00 116.00 3. 75 87.4255 14.86277 2.16796 83.0617 91.7894 53.00 114.00 4. 75 94.7727 14.73623 2.22157 90.2925 99.2530 64.00 118.00 300 90.5414 14.44596 1.15291 88.2641 92.8187 53.00 118.00 Total A Handbook for Writing Research Paper 92 Descriptives Emotion Mat N Mean Std. Deviation Std. Error 95% Confidence Interval for Mean Lower Bound Upper Bound Minimum Maximum 1. 75 1.1498E2 34.18661 5.33905 104.1850 125.7662 70.00 207.00 2. 75 1.0556E2 19.95637 3.99127 97.3224 113.7976 76.00 146.00 3. 75 1.2109E2 31.98765 4.66588 111.6932 130.4770 60.00 183.00 4. 75 20.94430 3.15747 91.4505 104.1858 64.00 158.00 29.52739 2.35654 105.8420 115.1517 60.00 207.00 Total 97.8182 300 1.1050E2 Reliability Reliability was checked through Cronbach Alpha and the reported value was 0.908 indicated high consistency of the questionnaire. Reliability Statistics Cronbach’s Alpha Cronbach’s Alpha Based on Standardized Items N of Items .908 25 .907 Normality Kolmogorov-Smirnov test was applied to check normality. The results suggest that the sample was normal as statistic (0.052) was significant at 0.200 so null hypothesis was not rejected which states that the test distribution is normal. Tests of Normality Kolmogorov-Smirnova Self Confidence Shapiro-Wilk Statistic df Sig. Statistic df Sig. .052 296 .200 .985 296 .089 * a. Lilliefors Significance Correction *. This is a lower bound of the true significance. Regression Multiple Regression: The data was further analysed through regression. Firstly the relationship was measured between emotional maturity and self confidence through simple regression. The adjusted R-square indicated 10% variance by all the factors of emotional maturity in the self confidence. Emotional Maturity and Self Confidence: Study on College Students 93 Model Summaryb Model R 1. .360 R Square Adjusted R Square Std. Error of the Estimate .130 .102 15.82289 a Durbin-Watson 2.050 a. Predictors: (Constant), LackIndependence, EmotInstab, Emotreg, SocialMaladjust, PersDisorg b. Dependent Variable: SelfConfdence ANOVA table indicating good model fit as F-value (4.615) is significant at 0.001. The dimensions of emotional maturity were then regressed with self confidence to check individual impact on self confidence. ANOVAb Model 1. Sum of Squares Regression df Mean Square 5777.390 5 1155.478 Residual 38806.387 155 250.364 Total 44583.776 160 F Sig. 4.615 .001a a. Predictors: (Constant), LackIndepend, EmotInstab, Emotreg, SocialMaladjust, PersDisorg b. Dependent Variable: SelfConfdenc The ‘F’ is not showing a higher value indicating that the model is not fitting well and the results of regression were further substantiate by stating that only one factor of emotional maturity was found to be negatively significantly related with self confidence. Coefficientsa Model 1 Unstandardized Coefficients B Std. Error (Constant) 107.490 5.449 EmotInstab -.561 .262 Emotreg .261 SocialMaladjust .053 PersDisorg LackIndepend Standardized Coefficients t Sig. Beta 19.725 .000 -.248 -2.140 .034 .296 .110 .881 .380 .329 .022 .162 .871 -.435 .313 -.205 -1.389 .167 -.152 .384 -.049 -.396 .693 a. Dependent Variable: Self Confdence The results of multiple regression revealing that only emotional instability showing significantly negative impact on self confidence. As Beta value (-0.248) is significant at A Handbook for Writing Research Paper 94 3.4% whereas the factors, Personal disintegration and Lack of independence were found to be negatively insignificantly related with self confidence. Pastey and Aminbhavi (2006) found a relationship between higher emotional maturity and self confidence which is not revealed in present study. The students do not associate their personal disintegration aspects like their phobias, aggressiveness, depression as well as their independence with their self confidence. The reason may be attributed to the fact that students are already entertaining their independence. Hence they do not need further independence to enhance their confidence. Similarly the students were also higher on their personal integration and hence it is also not related with self confidence. In fact the factors emotional progression and social maladjustment were also found to be unrelated. Conclusion The study analysed the relationship between emotional maturity dimensions and self confidence. Most of them did not report any significant relationship. However, emotional instability showed significant negative relationship with self confidence. Logically also it is true that the people who are not good at handling their emotions, find it difficult to become self confident. On the present data set where students of graduation and post graduation are considered indicates that there also exist insignificant negative relationship between Personal disintegration, Lack of independence and self confidence. The students must be helped to become more emotionally stable to enhance their self confidence in comparison to any other dimension of emotional maturity. REFERENCES Aleem Sheema (2005), Emotional Stability among College Youth, Journal of the Indian Academy of Applied Psychology, January - July 2005, Vol. 31, No. 1-2, 100-102. Aujla, H. Aujla P (2006), Physiological and Psychological Stressors among Working and Non Working Women. J. Hum. Ecol., 20(2): 121-123. Basavanna, M. (1975). Manual for the self confidence Inventory”, Varanasi: Rupa Psychological Center. Bénabou, Roland, and Jean Tirole (2000). “Self-Confidence and Social Interactions” NBER Working Paper No. 7585 Cole, P.M., Michel, M.K., & Teti, L.O. (1994). The development of emotion regulation and dysregulation: a clinical perspective. Monographs of the Society for Research in Child Development, 59, 73-100. Dixit and Srivastava (1997), Reaction to Frustration Scale, American Psychological Association, National Psychological Corporation, Agra. Goleman, D (1998). Working With Emotional Intelligence. America: Bantam Books. Hangal, S., Aminabhavi, V.A. (2007) Self- Concept, Emotional Maturity and Achievement Motivation of the Adolescent Children of Employed Mothers and Homemakers. Journal of the Indian Academy of Applied Psychology, 33, 1, 103-110. Hollingworth, L.S. (1928). The psychology of the adolescent. New York: D. Appelton and Company. Jha Praveen Kumar (2002). The Function of Self Confidence and Emotional Maturity in Decision Making Styles of the Executives, Journal of Community Guidance and Research, 19, 419- 422. Emotional Maturity and Self Confidence: Study on College Students 95 John Louis R and Doss Manoharan I. Christie (2007). Experiments in Education Vol. XXXV, No. 8. Emotional Maturity of Post-Graduate Students in Pondicherry Region. Mohsin, S.M. (1960). A measure of emotional maturity. Psychological Studies, 5 (2), 78-83. Morgan, John J.B. (1934). Child Psychology. Revised Ed. New York, Farrar & Rinehart, pp. VIII, 502. Pastey, G.S., Aminbhavi, V.A. (2006). Impact of Emotional Maturity on Stress and Self Confidence of Adolescents, Journal of the Indian Academy of Applied Psychology, 33(1), 66-70. Singh, Y. & Bhargava, M. (1990) Manual for Emotional Maturity Scale. National Psychological Corporation, Agra. Smitson, W.S. (1974). The meaning of emotional maturity. MH, Winter 58, 9-11. A Handbook for Writing Research Paper 96 7 Marital Status and Frustration Among Working and Non-Working Females Dr. Garima Mathur, Smriti Rathor, Chetna Pandey, Priyadarshini Nagori, Parul Kulshrestha, Sweety Dubey & Sandeep Dixit ABSTRACT Frustration is the key factor which determines human behaviour. Life has become over stressed for individuals especially women. They are required to play different roles. The status of the females, whether they are married or not and they are working or non-working determines the level of frustration. Both working and non-working women have their own type of stresses which enhances levels of frustration. In this study the levels of frustration in the females was compared and measured. The results indicate that working and non-working females differ in frustration especially in case of their level of aggression. Though, they were similar on other modes of frustration. Key Words: Frustration, Working and Non Working Introduction Frustration is an emotion that occurs in situations where a person is blocked from reaching a desired outcome. In general, whenever we reach one of our goals, we feel pleased and whenever we are prevented from reaching our goals, we may give way to frustration and feel irritable, annoyed and angry. Typically, the more important the goal, the greater the frustration and resultant anger or loss of confidence Frustration is not necessarily bad since it can be a useful indicator of the problems in a person’s life and, as a result, it can act as a motivator to change. However, when it results in anger, irritability, stress, resentment, depression, or a spiral downward where we have a feeling of resignation or giving up, frustration can be destructive. Marital Status and Frustration Among Working and Non-Working Females 97 Frustration is described as a feeling of dissatisfaction or discouragement that occurs when an individual’s needs, goals or expectations are not met. When you feel that your efforts are being blocked or cannot be achieved, it is quite common to become frustrated and discouraged. Frustration is one of the most dominating factors influencing individual behavior. The sources of frustration are many and diversified the specific situations that bring about frustrations are endless but they can generally be put into three main make up. Besides its inability, frustration is a phenomenon of a great consequence to human happiness. Many psychologists have pointed out the importance of frustration towards constructive side. The frustration may spur individual to greater and more well organized efforts, determine to achieve ultimate success and satisfaction. It may increase the strength of the motive and to re double the efforts to go ahead with the blocked line of activity. Many of the outstanding achievements in human, social and individual history have sprung out of deeply frustrating situations or backgrounds. “Frustration occurs when ever the organism meets a more or less insurmountable obstacle or obstruction in its root to the satisfaction of any vital need”- (Rosenzweig, 1941) and according to Stagner (1961) “frustration is a state of emotional stress characterized by confusion, annoyance and anger. Interruption to goal seeking behavior causes frustration”. The person is aware of his inability to satisfy his drives and his failure to reach the goals he has set for himself and so he fells helpless and suffers from injured pride (Writ, 1956). Fraud (1933) reported that aggression is an expression of frustration. According to him, frustration occurs whenever pleasure- seeking or pain avoiding behavior is blocked. Feeling of fear of failure, thus germinate frustration. The frustration-aggression hypothesis asserts that the occurrence of aggression always presupposes the existence of frustration always lead to some of aggression (Filler, 1952). As opposed to the Frustration-Aggression hypothesis, Barker, Dembo and Lewin (1952) advanced “Frustration –Regression” hypothesis which reveals that frustration of one activity will produce lowered quality of performance in the second activity. To the extent that it leads to the making of responses that are incompatible with are interfere with the responses of the second activity (Baker et. al. 1941).According to Freud (1933) FrustrationRegression hypothesis causes an individual to revert to modes of action that had characterized his behavior to earlier developmental stage. Maier (1940) has advanced the theory of Frustration-Fixation, which states that “Abnormal fixations” produced under frustration are different in kind from behaviors produced from motivated learning. Subsequently Maier (1956) revised his thinking and restated that ‘Motivation is separated from causation as explanatory concept. Modes of Frustration Frustration has a different set of behavior mechanism. It is expressed in various modes: aggression, resignation, fixation, and regression. 98 A Handbook for Writing Research Paper Aggression: Aggression is behavior, verbal or physical, intended to physically hurt or harm in some other way another person or thing. It may be expressed in terms of irritation, quarreling and fighting, disrespect to elders, and negative reaction to traditions and believes etc. Freud (1933) has developed the concept of frustration in human beings goes to. He has established the causal relationship between frustration and aggression according to him aggression plays a prominent role in behavior disorders. Mc Clelland and Apicella (1945) have also done significant work in the context of frustration-aggression hypothesis. Resignation: Resignation is a formal act of quitting or giving up one’s position. It is a severe state of frustration. In resignated behavior, there is extreme elimination of needs, no plans, no future orientations withdrawal from social contacts, isolation, lack of interest in surrounding etc. Fixation: It is the state in which an individual becomes obsessed with an attachment to another person, being or object. ‘A strong attachment to a person or thing, especially such an attachment formed in childhood or infancy and manifested in immature or neurotic behavior that persists throughout life’. Maier (1949, 1956) contends that fixation behavior cannot be explained by using learning principles. Here behavior is repeated over and over again without variations and shows a degree of resistance to change. In other words, fixated behavior as such remains compulsive. Fixated person usually attached with interests and emotional attitudes belonging to an early stage of development may occur due to frustration of the normal expression of instinctual drive, or it’s over gratification or trauma and weakens the ego of the individual. Regression: According to Fraud (1933) regression is a defense mechanism leading to the temporary or long-term reversion of the ego to an earlier stage of development rather than handling unacceptable impulses in a more adult way. He has also suggested frustrationregression hypothesis. His notion was that frustration could cause an individual to revert to modes of action that had characterized his behavior to earlier developmental stage. Lewin (1937) has stated that people under stress regress to a more ‘primitive’ level, when he has learned habits at younger age. A famous study of regressive behavior in humans was that of Barker, Dembo, and Lewin (1941) where they have taken children between 2 to 5 years as subjects in their experiment. Regression lowers constructiveness and represents a backward step in development. It is expressed in behavior characteristics like- defective speech, homesickness, escapist attitude, lack of self control, thinking old days, excessive day dreaming etc. Thus frustration has its own system. It has four modes of reactions to a situationaggression, resignation, fixation, and regression. Aggression indicates frustration dynamics in hostile situation, resignation is the extreme escapism from reality. Regression is the condition to go back and fixation is the compulsive type of behavior. Marital Status and Frustration Among Working and Non-Working Females 99 Review of Literature Aleem and Danish (April 2008) concluded that pressure and hassles of jobs not only affect marital life but also proved to be a major source of anxiety particularly among women. Marital satisfaction among working women hardly gets disturbed due to their multiple role but the thought processes seemed to be disturbed that can be seen in the form of prevalence of higher anxiety among them. Narimani and Basharpour (2009) conducted a study in order to comparing of perfectionism and self alienation in employed women and unemployed women. Statistical society of this study comprised of whole employed women in Ardabil City and the total of housekeeper women that had any job at out of home comprised normal society. Thirty employed women were selected randomly as a study group and 30 unemployed women were selected by this way as a comparison group. They were tested individually by perfectionism and self alienation questionnaire. Collected data were analyzed by MANOVA and regression and Pearson correlation tests. The results of multivariate variance (MANOVA) showed that there was no significant difference in positive perfectionism and social isolation between two groups. But there were significant differences between two groups at negative perfectionism and norm lessness and powerlessness. The result of regression analysis showed that self alienation can explained about 15% variance of positive perfectionism and 13% variance of negative perfectionism. Efere (2005) suggested that one should bear in mind that almost every frustration or problem has a solution to it. According to him all we need to do is apply a step by step approach to identify that solution. In conclusion, it can clearly be seen that it is advisable for us to follow the constructive behavior path when confronted by frustration. In increasingly complex Western societies, frustration is a daily occurrence. Inability to contain frustration could result in catastrophic consequences, some of which are: Stress, Illness, Violence, Domestic violence and abuse, Mental Illness, Alcoholism and drug abuse, Road rage, Suicide, Homicide Constructive behavior in the face of frustration will help prevent these negative consequences. Mehta, Kulshrestha and Chowdhry (July 2006) conduct a study to see the effect of widowhood on repression - sensitization tendency taking four groups of women i.e. non working widows, working widows, non working married and working married women, who are middle aged and residing in urban setting. The study was conducted on 70 widows (35 non working and 35 working) and 90 married women (45 non working and 45 working) aged between 35 to 50 years using R-S scale by Mehta and Koradia was used to assess the repression - sensitization tendency. Data was analyzed using‘t’ Test. The findings reveal that widows were found to be having significantly higher level of sensitization tendency in comparison to married women irrespective of non working/ working status of theirs or of married women. Harshpinder and Paramjit Aujla (2006) examined Psychological and physiological stressors among working and non-working women have been in their study. Data were collected from 75 working and 75 non -working women from four localities of Ludhiana city. Results indicated that common factors of stress in both categories were unfinished A Handbook for Writing Research Paper 100 tasks, compulsion of doing disliked activities, death of close relative, improper sleep. In working women, stressors were ‘pleasing others’ (mean score 0.92) and overburden of work (1.04), whereas in non- working women stressors were ‘wrong working posture’ (0.97) and ‘non – involvement in decision making by family’ (1.02). This study shows that working women were more stressed as compared to non-working Saxena (2008-09) confirmed in the study that the working woman has higher level of frustration than the non- workingwomen. Gaur (August 2009) concluded in their research that old people with low level of adjustment, the dimensions of reaction to frustration i.e. Aggression, regression, fixation, and resignation are high whereas where the adjustment levels are high, the reaction to frustration is low supported by the research indicating that it is reported that nearly 60% of the Aged were not satisfied with personal and financial help extended. Objectives To identify the frustration level of working and non working females. To compare the difference in the frustration level of working and non working females. To measure the impact of marital status on frustration of working and non working females. Hypothesis Formation To find out relationship between marital status and frustration among working and non working females a hypothesis was formed: H01: It states that there is no significant between marital status and frustration among working and non working females H02: It states that there is no significant difference in the modes of frustration of married and unmarried females. Research Methodology The Study and Sample: The study is empirical in nature. A survey of working and non working females was conducted to collect the data. A sample size 200 (100 working and 100 non working females) was taken for the purpose of study. The sample was collected by judgmental sampling. The working women were from different occupational background such as education, insurance etc. The Measure: The data was collected on a reaction to frustration measure (Hindi version) proposed by Dixit and Srivastava (1997). The Reaction to Frustration Scale (RFS) covers four kinds of reactions namely aggression, resignation, fixation and regression as scientifically described by Maier (1949). It consisted of 40 items out of which each reaction to frustration had 10 items equally divided in to positive and negative items. These items are presented in the simple statements and provide six alternative response options graded Marital Status and Frustration Among Working and Non-Working Females 101 on a six – point scale. The scale has the satisfactory reliability coefficient when positive and negative items of each mode of reactions to frustration are correlated. The reliability and validity scores of the frustration scale were 0.92 and 0.61 respectively. The Tools: To measure the level of frustration the calculation was done on the basis of test scores given by Dixit and Srivastava (1997). To compare the frustration level Ttest using SPSS was applied. The impact of marital status was also measured through Ttest by checking differences. The overall differences were measured through ANOVA. Ethical Consideration: Prior permission for filling the data was taken from all the respondents. Only the willing subjects were taken for the study and they were convinced to keep the confidentiality. Results and Discussion The data was put to various statistical tests for the purpose of analysis. Various modes of all the females were calculated on the basis of scoring key provided by Dixit and Srivastava (1997). The results of scoring key indicates the Calculation through test scores of RFS The level of frustration was measures among females in married and unmarried. The different modes and percentile score for females are shown below in table 1. The scoring table of reaction to frustration is given below. The values indicates the scoring level under different modes and total indicates the over all frustration level. Table 1: Modes of Reaction to Frustration Percentiles Aggression Resignation Fixation Regression Total Interpretation 100959080 34302723 44383431 44403734 43413853 124119116112 Very High Frustration 75(Q3)70 2221 3029 3332 3432 110108 High Frustration 191816 272523 302926 312927 10410299 Average Frustration 3025(Q1) 1413 2119 2423 2524 9493 Low Frustration 20105 1297 181511 221916 222018 918783 Very Low Frustration 6050(Md)40 On the basis of frequencies in the above table show the level of frustration of females was calculated. A Handbook for Writing Research Paper 102 Table 2: Frequencies Showing Different Modes of Reaction to Frustration Percentile Aggression Resignation Fixation Regression Total 43 7 29 34 35 Very high Frustration High Frustration 6 7 5 16 8 Average Frustration 8 32 32 18 25 Low Frustration 01 10 15 11 26 Very Low Frustration 01 21 22 10 65 The frequencies are shown in table 2. The data shows that 35 females were in very high frustration level, 8 females were in high frustration, 25 were in average frustration level, where as 26 were having low frustration and 65 females were having very low frustration. The frequencies showing mediate values were not considered in the table 3. Table 3: Showing Results of Descriptive Statistics for Over all Frustration Descriptive Statistics N Mean Std. Deviation Variance SW 40 1.0892E2 14.45131 208.840 SNW 40 1.0455E2 12.82416 164.459 MW 40 1.0350E2 15.38897 236.821 MNW 40 1.1448E2 13.22195 174.820 Valid N (listwise) 40 Results of descriptive statistics indicate that married non-working females exerts highest level of frustration as compared to others. A further analysis has been conducted by applying t-test. Analysis The data was further analysed by using inferential statistics. ANOVA Anova was applied to check differences in the marital status and working and nonworking on the basis of reaction to frustration model. Before applying ANOVA the data was checked for various assumptions. Assumptions 1. Normality The data was checked for normality and it was found to be normally distributed as Kolmogorov-Smirnov test value indicates that the hypothesis is not rejected. Marital Status and Frustration Among Working and Non-Working Females 103 2. Homogeneity of Variance Second assumption for ANOVA was checking homogeneity of variance which was achieved through Levene’s test. The Levene’s statistic indicates that the homogeneity of variance exist as the value is significant at 0.201. The value of F is also significant at 0.017 showing the overall model frustration. The TUKEY HSD test shows that there is no difference in the frustration level of single working & single non-working, single working & married working, single working & married non-working, single non-working & married working, single non-working & married non-working. Only married working & married non-working shows significant difference in the frustration level. The LSD test shows that there is no difference in the frustration level of single working & single non-working, single working & married working, single working & married non-working, single non-working & married working whereas single non-working & married non-working, married working & married non-working shows significant difference in the frustration level. The DUNNETT T3 test shows that there is no difference in the frustration level of single working & single non-working, single working & married working, single working & married non-working, single non-working & married working, single non-working & married non-working whereas married working & married non-working shows significant difference in the frustration level. The above results demonstrate that regardless of marital status it is the job that differentiated the women in their frustration level. t-test T-test was applied to find out the differences in various modes of reaction to frustration on the basis of marital status. Firstly, t-test was applied to verify Ho1 that is, to study differences in the overall frustration level as well as among different modes of frustration in married and unmarried females. t-tests for Aggression: The hypothesis was formed on the basis of Levene’s test again. The value of F-test (3.889) is significant at 5% level of significance, so the second hypothesis indicating “Equal variance not assumed” was considered. Further, the value of t statistic indicates that the hypothesis is not rejected as the value was not significant (t-value=1.518, p-value=.131). Thus, indicates that married and unmarried females vary in their level of aggression. The mean value of single women is (Mean=27.65, S.D. = 5.589) higher than the married women (Mean=26.21, S.D. = 6.361) which shows that single women have high degree of aggression as compared to their married counter part. A Handbook for Writing Research Paper 104 Table 4: Showing Results of Independent Samples Test for Aggression N Group Statistics Mean Std. Deviation Std. Error Mean 1 2 80 80 27.6500 26.2125 5.58955 6.36186 .62493 .71128 Levene's Test for Equality of Variances F Sig. t-test for Equality of Means t df Sig. (2tailed) Mean Difference Std. Error Difference 95% Confidence Interval of the Difference -.43278 -.43254 .94681 .94681 1.43750 1.43750 .131 .131 155.425 158 1.518 1.518 .050 3.889 Equal Equal variances variances AGGRESSION Lower Upper 3.30778 3.30754 AGGRESSION Groups t-tests for Resignation: The results in table-5 indicates the value of ‘F’ (.011) in Levene’s test was insignificant, so the hypothesis indicating “Equal variance assumed” was considered. Further, the value of t statistic indicates that the hypothesis is not rejected as the value was not significant. Thus, indicates that married and unmarried females have same level of resignation. Table 5: Showing Results of Independent Samples Test for Resignation Group Statistics Groups RESIGNATION N Mean Std. Deviation Std. Error Mean 1 80 21.0375 6.38321 .71366 2 80 21.9125 6.78083 .75812 Marital Status and Frustration Among Working and Non-Working Females 105 Levene's Test for Equality of Variances t-test for Equality of Means 95% Confidence Interval of the e Upper 1.18143 -2.93143 Lower 1.18149 .402 Difference -2.93149 158 -.840 1.04118 Difference 1.04118 tailed) -.87500 Differenc -.87500 Mean .402 df Sig. (2- 157.427 .917 t -.840 Sig. .011 Equal variances assumed F Equal variances not assumed RESIGNATION Std. Error t-tests for Fixation: The results in table-6 indicates the value of ‘F’ (.408) in Levene’s test was again insignificant, so the hypothesis indicating “Equal variance assumed” was considered. The value of t statistic indicates that the hypothesis is not rejected as the value was not significant (t-value=-.840, p-value=.402). Thus, indicates that married and unmarried females have same level of fixation. Table-6 showing results of Independent Samples Test for Fixation Group Statistics Groups FIXATION N Mean Std. Deviation Std. Error Mean 1 80 28.4625 7.10490 .79435 2 80 29.1750 7.25097 .81068 A Handbook for Writing Research Paper 106 -.628 157.935 .531 -.71250 1.13499 95% Confidence Interval of the Difference Upper 1.52921 Lower -2.95421 Std. Error Differenc e 1.13499 Mean Difference -.71250 df .531 .524 Equal variances not assumed t Sig. (2tailed) 158 Sig. t-test for Equality of Means -.628 F .408 Equal variances assumed Levene's Test for Equality of Variances -2.95422 1.52922 t-tests for Regression: The results in table-7 indicates the value of ‘F’ (.408) in Levene’s test was again insignificant, so the hypothesis indicating “Equal variance assumed” was considered. The value of t statistic indicates that the hypothesis is not rejected as the value was not significant (t-value=-.628, p-value=.531). Thus, indicates that married and unmarried females have same level of regression. Table 7: Showing Results of Independent Samples Test for Regression Levene's Test for Equality of Variances t-test for Equality of Means -.71250 1.13499 -2.95421 1.52921 -.71250 1.13499 -2.95422 1.52922 Upper .531 Lower .531 .524 df 158 .408 t Std. Error Differenc e 157.935 Sig. Mean Difference -.628 F Sig. (2tailed) -.628 Equal variances not assumed Equal variances assumed 95% Confidence Interval of the Difference Marital Status and Frustration Among Working and Non-Working Females 107 Many studies have been conducted to check frustration among women. There should be no surprise that single women, whether they are unmarried, divorced, or widowed, live different lives than women who are married. Different, however, does not mean better or worse. Statistics reported that women married females live a longer average life than the single one. Women who are married tend to have children earlier and more frequently than women who are not especially in Indian context. Moreover, women who are married have traditionally held fewer jobs than women who are not. But, these are simply numbers and statistics. There are tangible differences between married and notmarried women in other studies. But in this study overall no differences found in the frustration of both females. In fact they were similar in other modes also such as fixation, regression and resignation. But the single women were found to be more aggressive than married one. Conclusion The total number of females in very high frustration group is more indicating that mostly females are having higher level of frustration. The reaction to frustration was similar for single working and non-working females but for married females there were differences among working and non working. The married non working females reflected higher level of frustration as most of the time women start feeling that their lives have been limited to there house and they could not achieve whatever they are worth. More over in Indian context behaviour of other members of society also make them feel that they are not so important. Unmarried females were differing on aggression to married one where single women were higher on aggression. The reason may be attributed to the fact that married females take things calmly as they have learned not to react on most of the things. REFERENCES Aleem, S., Danish, L. (2008), Marital Satisfaction and Anxiety among Single and Dual Career Women Journal of the Indian Academy of Applied Psychology, 34, 141-144 Aujla, H. Aujla P (2006), Physiological and Psychological Stressors among Working and Non Working Women. J. Hum. Ecol., 20(2): 121-123 Dixit and Srivastava (1997), Reaction to Frustration Scale, American Psychological Association, National Psychological Corporation, Agra. Efere Prince (2005), Frustration, Notes for Trans-Atlantic College, London. Freud, S. (1933), New Introductory Lectures on Psycho-Analysis, New York: Norton. Gaur, J (2008). Adjustment in ageing adults a predictor of reaction to Frustration, Shodh, Samiksha aur Mulyankan International Research Journal, II (7). Harshpinder and Paramjit Aujla (2006), Physiological and Psychological Stressors among Working and Non Working Women, J. Hum. Ecol., 20(2): 121-123. Lussier M.L., Schwab, C, Koninck, J. (1985) Working mothers versus homemakers: Do dreams reflect the changing roles of women, sex roles, 12: 1009-102. Maier, N.R.F. (1956),”Frustration: The study of behavior without a goal, New York, McGraw Hill. 108 A Handbook for Writing Research Paper Mc Clelland, D.C. and Apicella, F.S. (1945)”A Functional Classification of Verbal reactions to experimentally included failure. Journal of Abnormal and Social psychology, 40: 376-390. Mehta, M. Kulshrestha U, Chowdhry R. (2006) Effect of widowhood on repression – sensitization tendency Journal of the Indian Academy of Applied Psychology 32, (3), 221 – 225. Narimani, M., Basharpour S., (2009). Comparison perfectionism and self-alienation in working women and non-working women. J. Applied Sci., 9: 4038-4043. Rosenzweig, S. (1994), An Outline of Frustration Theory in J.Mc.V.Hunt (Ed) Personality and The Behavior Disorders Vol. 1, New York Ronald Press Chapter II. Saxena, P. (2009), A Comparative Study of Frustration among Working and Non- Working Women. Shodh,Samiksha aur Mulyankan International Research Journal II, (5) 446. Stagner, Ross (1961), The Nature of Personality Structure, pp. 69-86 in Ross Stagner, Psychology of Personality, 3d ed. New York: McGraw-Hill. Employees Induction Program and its Effect on Employees Job Satisfaction 109 8 Employees Induction Program and its Effect on Employees Job Satisfaction: A Study of Insurance Sector Gaurav Jaiswal, Amit Tiwari, Nandan Velankar, Neha Kotwani & Kritika Sharma ABSTRACT In the absence of Information and Support, there is likely to be anxiety and fear, insecurity and nervousness in the mind of a new employee, joins an organization. He may undergo, reality shock caused by a gap between his expectation and real situation. A proper induction program has many positive effects upon the worker and his work output. Employees’ Job Satisfaction is also one of the work outputs, which is most important for an organization. The insurance industry is one of the industries where employees undergo in many pressures and feelings. His work is very demanding and he has to complete all the targets time to time. A proper induction program may help the employees to better understand his job and job profile so that employees will stay with the organization for a longer duration. That’s why it is interesting to know the effect of Employees Induction on overall Job Satisfaction of employees. This study is an effort to analyze the effect of the Induction program on employee job satisfaction in the Insurance Industry. Introduction Induction is a systematic process of familiarizing the new recruits to the organization functioning so that they become productive in the least possible time. Induction is the tool to orient the new recruits to various aspects of the organization and his /her job. The aim of the induction process is to help new employees make a smooth, positive adjustment to the workplace. It enables the new employee to gain familiarity with the work environment and to acquire a sense of belonging that will build a commitment to 110 A Handbook for Writing Research Paper the organization. On the other hand Job satisfaction is in regard to one’s feelings or state-of-mind regarding the nature of their work. Job satisfaction can be influenced by a variety of factors, eg, the quality of one’s relationship with their supervisor, the quality of the physical environment in which they work, degree of fulfillment in their work, etc.. A well planned induction programme can help an employee to perform well and give better outcomes. Review of Literature Ragsdale & Mueller (2005) identified that Orientation programs concentrate on why employees perform their duties. They discovered that formal orientation programs are essential in retaining and motivating employees, lowering turnover, increasing productivity, improving employee morale, facilitating learning, and reducing the anxiety of new employees. Hacker (2004) cautioned that substandard orientation programs can affect an organization’s present and future recruitment efforts. He also found that just by improving the orientation program, organizations had the ability to increase their retention rates by up to 25%. McKersie (2003) stated that new employee orientation programs have the power to do two positive things: increase employee satisfaction and improve employee retention. Klein and Weaver (2000) conducted a study focusing on evaluating the impact of formal organizational-level orientation programs, which they identify as a common tactic for socializing new hires. Ragsdale & Mueller (2005) stated that when designing widespread orientation programs, there are three things organizations should think about: (a) their adult learners, (b) creating programs that allow information to be shared, and (c) providing opportunities for that information to be implemented in the organization. Parry (2005) suggests that the design of the program is important because orientation programs have the power to shape employees’ attitudes about their job duties. First impressions and the components of an orientation program are important to the program’s success. “Mapping out your orientation process with every attention to detail to make a great first impression”. Hacker (2004) cautions that the essence of new employee orientation programs should be more than providing group introductions and completing paperwork. Hacker advises, however, for organizations not to create information overload for their new employees. New employees usually have a list of questions, and the more organizations can anticipate those concerns, the quicker the employee can get on board Ragsdale and Mueller (2005) state that “new employees need to be introduced to the structure, culture, and standards of the hiring facility”. It will be beneficial to employees to understand their role within the company and be given a big picture break down. Also important is providing employees with the information necessary so they know what is expected of them and what they can be expecting as well (Ragsdale & Mueller). Employees Induction Program and its Effect on Employees Job Satisfaction 111 One of the purposes of an orientation program is to explain a new employee’s role and duties which will aid in the employee’s commitment to the organization. McKersie (2003) suggests employees get introduced to “the company’s long- term goals, key projects in progress, the organizational structure and how the new employee’s role contributes to the overall strategy for success”. What new employees do not need, however, is to be bombarded with every little detail about the organization. Gray (2005) stated that providing a new employee with a group of individuals they can go to for advice and direction should be a necessary component of the orientation process. Just as important as the content of the program is the way the program is presented. The lecture-based format will not be the best method for every aspect of the program. For instance, it may not be “effective as the primary or predominant model for inculcating values, enhancing critical thinking, and encouraging individual participation”. Hacker (2004) summarizes the important aspects of an orientation program. Orientation in its most ideal form is ongoing. It starts with recruitment and selection, and continues throughout the new employee’s first year on the job. Many successful companies mix and match mentors or buddies with new hires, including those from departments outside their own. McKersie (2003) stated that Effective orientation programs have a number of benefits. New employees will quickly be able to get up to speed, have rational expectations, and exhibit positive attitudes. These programs can also cause turnover rates to reduce and be a time saver for employee supervisors. Kelly (1980) defined Satisfaction as the discrepancy between actual accomplishment and expectation of reward. Job satisfaction is often viewed through Herzberg’s (1959) “two-factor” theory which identifies satisfiers and dissatisfies. Arends and Winitzky (1999) looks at several induction programmes in greater depth in terms of their governance and funding, beginning teachers’ experience, support providers, assistance processes and procedures, and professional development for both new teachers and their mentors. It goes on to make recommendations at the levels of policy, practice and research. Dawis and Lofquist (1984) defined job satisfaction as the result of the workers appraisal of the degree to which the work environment fulfills the individuals needs. According to Arnett, Laverie and McLane (2002), “job satisfaction refers to an employee’s general affective evaluation of his or her job”. Spector (1997) defines the concept more simply as “how people feel about their jobs and different aspects of their jobs”. He also considers it as a “related constellation of attitudes about various aspects or facets of the job”. Objectives of the Study 1. To evaluate the Satisfaction with Employees Induction Program in Insurance Sector. 2. To evaluate the Overall Job Satisfaction among the Employees of Insurance Industry. A Handbook for Writing Research Paper 112 3. To know the underlying factors of Employees Induction Program. 4. To know the underlying factors of Job satisfaction. 5. To evaluate the effect of Employees Induction on Employees Job Satisfaction. 6. To open new vistas of further researches. Research Methodology: The Study The exploratory survey method was used for study. Sampling Design Population: Population included the employees of HDFC Standard Life Insurance Company working in Gwalior region. Sampling Element: Individual employees were the sampling element. Sampling Technique: Non – Probability purposive sampling technique will be used to select the sample. Sample Size: 50 respondents. Data Collection Instrument Self designed questionnaire were used to measure the satisfaction with Employees Induction Program and Overall Employees Job Satisfaction. The data were collected on a Likert type scale where 1 stands for minimum agreement and 5 stands for maximum agreement. Tools Used for Data Analysis Item to total correlation was used to check the internal consistency of the questionnaire. The measures were standardized through computation of reliability and validity. The factor analysis test was used to find out the underlying factors of Induction Program and Overall Employees Job Satisfaction. Linear Regression Test was used to evaluate the effect of Induction Program on Overall Employees Job Satisfaction. Results and Discussion Induction Program Consistency Measure First of all consistency of all the Items was checked through item to total correlation. Under this total of every item with the total of all the Items was measured and the computed Employees Induction Program and its Effect on Employees Job Satisfaction 113 value is compared with standard value (i.e.0.2960). If the computed value is found less than standard value than whole statement is dropped and was termed as inconsistent. No item was dropped, as the computed value was more than standard value. Table 1: Item to Total Correlation of Induction Program Questionnaire Items Computed Correlation value Consistency Accepted/ Dropped 1. Made to feel welcome .788 Consistent Accepted 2. Introduced to other members .707 Consistent Accepted 3. Boss attention .751 Consistent Accepted 4. Well planned induction .831 Consistent Accepted 5. The company’s benefits explanation .706 Consistent Accepted 6. Workspace set up .762 Consistent Accepted 7. Organization tour .584 Consistent Accepted 8. Availability of necessary forms .734 Consistent Accepted 9. Received relevant literature .656 Consistent Accepted 10. Learned company’s future plans .759 Consistent Accepted 11. Final Job Description .626 Consistent Accepted 12. Observation of colleague’s work .569 Consistent Accepted 13. Job Assignment .506 Consistent Accepted 14. Policies Explanation .517 Consistent Accepted 15. Awareness of the communication facilities .704 Consistent Accepted 16. Opportunities for asking questions .767 Consistent Accepted 17. Feeling as a team member .709 Consistent Accepted Note:- All the items of questionnaires were having value more than the standard value (0.2960). Therefore no statement was dropped and all were termed as consistent. Reliability Measure Reliability test was carried out using SPSS software and the reliability test measures are given below Cronbach Alpha 0.943 The value of reliability test was more than the standard value 0.7, hence the reliability of the questionnaire was considerably acceptable. A Handbook for Writing Research Paper 114 Table 2: Item to Total Correlation of Job Satisfaction Questionnaire Items Computed Correlation value Consistency Accepted/ Dropped 18. Overall satisfaction .628 Consistent Accepted 19. Understanding of the long term strategy of the company .673 Consistent Accepted 20. Confidence in the company’s leadership .745 Consistent Accepted 21. Authority in decision making .808 Consistent Accepted 22. Like the allotted work .562 Consistent Accepted 23. Job security .698 Consistent Accepted 24. Frequency of corporate communication .812 Consistent Accepted 25. Trust in company .803 Consistent Accepted 26. Spirit of cooperation .728 Consistent Accepted 27. Supervisor’s treatment .695 Consistent Accepted 28. My involvement in decision making .705 Consistent Accepted 29. Gain initial training .663 Consistent Accepted 30. Fair salary .774 Consistent Accepted Note:- All the items of questionnaire of job satisfaction were more than the standard value (0.2960). Therefore no statement was dropped and termed as consistent. Reliability Measure Reliability test was carried out using SPSS software and the reliability test measures are given below Alpha 0.939 The value of reliability test was more than the standard value 0.7, hence the reliability of the questionnaire was considerably acceptable. Factor Analysis Principle component factor analysis with Varimax rotation was applied by SPSS 16.0. The raw scores of 17 items were subjected to factor analysis to find out the factors that contribute towards different aspects of Induction Program. The factor analysis resulted in 4 factors. The details about factors, the factor name, Eigen value, Variable convergence, Loadings, Variance% and cumulative% are given in the table. Employees Induction Program and its Effect on Employees Job Satisfaction 115 Table 3: Table of Factor Analysis–Induction Program Factor Name Observation and Planned Learning Job Assignment and documentation Proper Communication Conducive Environment Eigen value Total %age of Variance 9.137 53.749 1.508 1.150 1.129 8.871 6.765 6.644 Variable convergence Loading value Observation of colleague’s work .866 Learned company’s future plans .720 Well planed induction .684 Introduced to other members .666 Opportunities for asking questions .471 Organization tour .831 Received relevant literature .798 Availability of necessary forms .576 Made to feel welcome .561 Job Assignment .560 Policies Explanation .914 Awareness of the communication facilities .669 Final Job Description .578 Boss attention .744 Feeling as a team member .673 Work space set up .663 Factor Analysis-2 Principle component factor analysis with Varimax rotation was applied by SPSS 16.0. The raw scores of 13 items were subjected to factor analysis to find out the factors that contribute towards different aspects of Induction Program. The factor analysis resulted in 2 factors. The details about factors, the factor name, Eigen value, Variable convergence, Loadings, Variance% and cumulative% are given in the table. A Handbook for Writing Research Paper 116 Table 4: Table of Factor Analysis – Job Satisfaction Factor Name Eigen value Motivating Policies & System Overall Satisfaction & Trust Total %age of Variance 7.595 58.424 1.184 9.108 Variable convergence Loading value Gain initial training .790 Frequency of corporate communication .767 Like the allotted work .764 Fair salary .750 Authority in decision making .677 Trust in company .662 My involvement in decision making .647 Supervisor’s treatment .640 Spirit of cooperation .637 Overall satisfaction .880 Confidence in the company’s leadership .830 Understanding of the long term strategy of the company .822 Job security .568 Regression Analysis The regression was calculated by taking the total of Employees Induction Program and Job Satisfaction by using SPSS 16.0 software. In this the Employees Induction Program has taken as an independent variable and Job Satisfaction as a dependent variable. Therefore, regression was calculated by taking dependent and independent variable. Null hypothesis (Ho): It states that there is no relationship between Employees Induction Program and Employees Job Satisfaction. Model Summaryb Model 1 R R Square Adjusted R Square Std. Error of the Estimate .828a .686 .678 5.56772 a. Predictors: (Constant), Induction_Pro b. Dependent Variable: Job_Satisfaction Employees Induction Program and its Effect on Employees Job Satisfaction 117 Coefficientsa Model Unstandardized Coefficients 1 (Constant) Induction_Pro B Std. Error 7.911 3.931 .635 .067 Standardized Coefficients Beta .828 Collinearity Statistics t Sig. 2.012 .051 9.456 .000 Tolerance VIF 1.000 1.000 a. Dependent Variable: Job_Satisfaction Y = a + bx Y= 7.911 + (.635)x X = Employees Induction Program (independent variable) Y = Employees Job Satisfaction (dependent variable) The significance level is .000 which is less than the standard value (.05). It means that the result is significant. Therefore Null hypothesis is rejected. There is a reliable relationship existed between Employees Induction Program and Job Satisfaction of Employees. Conclusion Hacker (2004) mentioned that “It costs money - lots of money when you lose good people, sometimes because they got off to a rocky start”. In this study we have tried to explore the relationship of Well Planned Employees Induction Program and Employees Job Satisfaction. We have also tried to explore the underlying factors of these two variable of this study. Factor analysis of the Employees Induction program resulted in to Four Factors, among which observation and Planned Learning had emerged as the most important factor. Other factors were Job Assignment and Documentation, Proper Communication and Conducive Environment. Factor Analysis of Job Satisfaction resulted in to Two Factors, which were Motivating Policies & System and Overall Satisfaction & Trust. The result of the Linear Regression Test indicated that there was a significant relationship existed between Well Planned Employees Induction Program and Employees Job Satisfaction. It means by using a well planned induction program, organizations can enhance the employees Job Satisfaction. REFERENCES Arends RI, Winitzky N (1999) Beginning Teacher Induction: Research and Examples of Contemporary Practice. Largo, Florida: Suncoast Academy for Teacher Induction, Pinellas County Schools. Arnett, D.B., Laverie, D.A., & McLane, C. (2002, April). Using job satisfaction and pride as internalmarketing tools. Cornell Hotel and Restaurant Administration Quarterly, 87- 96. At Your Request: Room Service Dining. (n.d.). (CD). Avon, CT: Sodexho Health Care Services. Bruening, T. H., & Hoover, T.S. (1991). Personal life factors as related to effectiveness and satisfaction of secondary agricultural teachers. Journal of Agricultural Education, 33 (4), 37-43. 118 A Handbook for Writing Research Paper Cano, J. & Miller, G. (1992). A gender analysis of job satisfaction, job satisfier factors, and job dissatisfier factors of agriculture education teachers. Journal of Agricultural Education, 33(3), 40-46. Dinham, S. & Scott, C. (1998). A three domain model of teacher and school executive career satisfaction. Journal of Educational Administration, 36(4), 362-378. Dawis, R.V., & Lofquist, L.H. (1984). A psychological theory of work adjustment. Minneapolis:University of Minnesota Press. Gray, A. (2005, December 19). Getting off on the right foot with a new employee [electronic version]. Fairfield County Business Journal, 9. Retrieved June 19, 2006, from Regional Business News database. Hacker, C.A. (2004, Winter). New employee orientation: Make it pay dividends for years to come [electronic version]. Information Systems Management, 89-92. Retrieved June 19, 2006, from Business Source Elite database. Kamrneyer-Mueller, J.D. & Wanberg, C.R. (2003). Unwrapping the organizational entry process: Disentangling multiple antecedents and their pathways to adjustment [electronic version]. Journal ofApplied Psychology, 88(5), 779-794. Retrieved September 29,2006, from Psyc ARTICLES database. Kelly, E.F. (1980) Problems in the measurement of student satisfaction in ATI studies: Proposals for a new measure. Paper presented at the meeting of the American Educational Research Association, Boston. Klein, H.J., & Weaver, N.A. (2000). The effectiveness of an organizational-level orientation training program in the socialization of new hires [electronic version]. Personnel Psychology, 53,47-66. Retrieved September 29,2006, from Business Source Elite database. Kyriacou, C., & Sutcliffe, J. (1977). Teacher stress; A review. Educational Review, 29, 299-306 McKersie, E. (2003, June 13-26). The first 90 days: Helping new employees succeed [electronic version]. NH Business Review, 10B. Retrieved June 19, 2006, from Regional Business News database. Parry, C. (2005, July 25) Employee orientation make right first impression [electronic version]. Inside Tucson Business, 9. Retrieved June 19,2006, from Regional Business News database. Ragsdale, M.A., & Mueller, J. (2005) Plan, do, study, act model to improve an orientation program [electronic version]. Journal of Nursing Care Quality, 20(3), 268-272. Retrieved June 19, 2006, from Academic Search Elite database. Reese, D. (2005). Get organized with an orientation database [electronic version] Nursing Management, 36(1 I), 10,14. Retrieved June 19,2006, from Academic Search Elite database. Spector, P.E. (1997). Job satisfaction: Application, assessment, causes, and consequences. Thousand Oaks, CA: Sage. Dynamics between Mutual Fund Inflows and Stock Returns: Empirical Evidence 119 9 Dynamics between Mutual Fund Inflows and Stock Returns: Empirical Evidence Dr. Navita Nathani, Prof. Amitabha Maheshwari, Prof. K.K. Panday, Shweta Dani, Kayam Singh & Bhupendra Chahar ABSTRACT This paper studied the dynamics between BSE stock returns and aggregate equity mutual fund flows in the Indian financial market. Study differentiated the impact of fund inflow and outflow, respectively, on the Stock Returns. Under which Inflow and Outflow Fund is evaluated in three Scheme- Income, Balanced & Growth. The result found that there is no significant effect of any scheme of mutual fund flow on the stock returns. And it was concluded that there is hardly any effect of inflow and outflow mutual fund on the stock returns in long run. Key Words: Mutual Fund, Stock Returns, Schemes of Mutual fund Introduction Contrarian investments tactic claims that “Today’s losers are tomorrow’s winners and today’s winners are tomorrow’s losers’ and for this reason the investment tactic based on buying today’s losers and selling today’s winners should cause greater returns. But we know it is not possible for investors to generate excess returns by using trading strategies based on historical price information. This implies that the analysis which is entirely based on historical returns should not generate excess returns. So here is an attempt to find an empirical evidence of overreaction hypothesis from Indian markets. This paper studies the dynamics between BSE stock returns and aggregate equity mutual fund flows in the Indian financial market. More specifically, the collected information from the BSE stock market and AMFI the official site of mutual fund and examine the possibility of causality between stock returns and mutual fund flows. 120 A Handbook for Writing Research Paper Literature Review Kim (2007), investigated dynamic relations between stock returns and equity mutual fund flows at the macro level; they combined information from the stock market with information from bond and money markets in a system method. The empirical evidence from SURECM and Granger causality tests pointed out that there seems to be a positive long-run relationship between stock returns and fund flows, and stock returns were likely to lead fund flows. Hence they found that investors tend to move their money to the securities that yield higher returns, and the most important element explaining equity mutual fund flows appeared to be security performance in the US market. Edelen & Warner (1999, August) studied the relation between market returns and unexpected aggregate flow into U.S. equity funds, using semi-weekly and daily flow data. They found that reaction of flow and return —whether it be one reacting to the other, or both reacting to a third factor was fast and strong. The flow-return relation was mainly concurrent, but flow also follows returns with a one-day lag. The lagged response of flow indicated either a common response of both returns and flow to new information, or positive feedback trading. Additional tests suggested that the concurrent relation reflects flow driving returns. Berk & Green (2002) developed a simple rational model of active portfolio management that provides a natural benchmark against which to evaluate observed relationship between returns and fund flows. Many effects widely regarded as anomalous are consistent with this simple explanation. In the model, investments with active managers did not outperform passive benchmarks due to the competitive market for capital provision, combined with decreasing returns to scale in active portfolio management. A strong relationship between past performance and the flow of funds exists in their model: indeed, this was the market mechanism that ensures that no predictability in performance exists. Edelen and Warner (2001) re-analyzed the relation between market returns and aggregate fund flow, using daily data in the sense of the price impact (pressure) of institutional trading. They showed that the concurrent relation reflects flow and institutional trading affecting returns. Ko & Kim (2003) studied the relation between international mutual fund flow and local/home market returns following Warther (1995) and Froot, O’Connell and Seasholes (2001). Author examined that the concurrent relation between the local return and the international mutual fund flow could be explained by information hypothesis rather than price pressure effect in the context of international mutual funds. And the lagged local market returns do not have any significant effect on the flow, implying that no positive-feedback trading exists. It was found that the coefficients of lagged exchange rates for Japan-related funds were negative and statistically significant. That could be called positive-feedback trading from the viewpoint of exchange rate. Last, the U.S. market factor was not statistically significant for explaining the international mutual fund flow, but for the local return after controlling for the effects of expected and unexpected fund flows. Dynamics between Mutual Fund Inflows and Stock Returns: Empirical Evidence 121 Friesen & Sapp (2007) observed the timing ability of mutual fund investors using cash flow data at the individual fund level. They found that over 1991-2004 equity fund investor timing decisions reduced fund investor average returns by 1.56% annually and under performance due to poor timing is greater in load funds & funds with relatively large risk-adjusted returns. In particular, the magnitude of investor underperformance due to poor timing largely offsets the risk-adjusted alpha gains offered by good-performing funds. Investors in both actively managed funds and index funds exhibit poor investment timing. They revealed that their empirical results were consistent with investor return chasing behavior. Ali & Chen et al (2008) used portfolio holdings and returns of mutual funds to examine whether sophisticated investors trade on post earnings announcement drift (PEAD) and whether they profit from it. The key finding was that a subset of funds persistently trade on the anomaly, optimize their trading in the presence of transaction costs, and profit from such trading. Nonetheless, it was found that mutual funds avoid highly-illiquid high-SUE stocks, and funds actively pursuing the drift strategy exhibit high performance volatility and high flow volatility. using time series analysis, we show that the subset of funds most actively trading on the drift anomaly play the role of marginal investors that reduce the magnitude of post earnings announcement drift. Ederington & Golubeva (November 2008) discovered a strong negative Relationship between changes in expected market volatility as measured by the VIX index and net equity fund flows. They found that the negative volatility – net flow relationship is entirely due to the effect of volatility on outflows. When volatility increases, equity fund inflows actually increase - just not as much as outflows. In contrast, returns on equity funds only impact inflows, i.e., when returns increase aggregate inflows rise but outflows do not slow which showed that the mutual fund investor purchase decisions are primarily driven by returns while redemption decisions are primarily driven by risk perceptions. They also found an asymmetry in the investor reaction to risk in that both inflows and outflows increase significantly (with a much stronger effect on outflows). Philippas (2002) examined the hypothesis that mutual funds may act as instability factors in financial markets within a VAR framework. Daily data from a period, that the emerging market of Greece had no particular trend, were used. Their empirical evidence suggested that mutual fund flows can be predicted by lagged flows and index returns. They also found a negative relationship between index returns and lagged mutual fund flows, and they got no correlation between contemporary flows and Index returns. Their analysis implied that mutual fund shareholders were unsophisticated, frequently wrong (noise traders) and often worse than informed investors. However, they got no evidence for price pressure and the snowball scenario. Chang & Wang (2002, May) investigated the impact of institutional trading on the market by examining the daily relation between aggregate flow into US equity funds and market volatility. They differentiated the impact of fund inflow and outflow, respectively, on the market volatility. Their results revealed that there exit an asymmetric concurrent relationship between fund flow and market volatility, fund inflow was negatively A Handbook for Writing Research Paper 122 correlated with market volatility while fund outflow is positively correlated with market volatility. Objectives 1. To calculate the stock index returns. 2. To calculate the mutual fund inflows in various scheme. 3. To calculate aggregate flow during the sampling frame. 4. To establish the relationship between mutual fund inflows and stock returns. The Study The design chosen for this study was descriptive in nature. The major purpose of descriptive research was the description of the state of affairs, as it exists at present. Target respondents were 30 companies listed in BSE Index and aggregate Mutual Fund Inflows of various scheme during the sampling frame. Stock Index returns and various schemes of mutual fund were the sampling element. The sampling frame of the study was from year 2001-2009. Tools for Data Collection a) Data was collected from secondary sources i.e. through website of BSE and the data of mutual fund inflow from official website of AMFI. b) Data that used for examining the returns of stock index consist 30 Companies listed in Bombay Stock Exchange and the data of aggregate mutual fund inflow consist of different schemes of mutual fund. Tools for Data Analysis For the purpose of detailed analysis, in accordance with the present research, expected stock returns were calculated. Initially it was considered necessary to calculate excess stock return from Bombay stock exchange on the basis of the following formulaRp = Current Month Index price – Previous Month Index price ———————————————————————————————————* 100 Previous Month Index price To check the normality of the data Kolmogrov Smirmov test was applied. To know the difference between stock return and aggregate inflow of mutual fund mann whitney test was applied. Hypothesis: Ho = there is no significant difference between the stock return and aggregate inflows of mutual fund during 2001-2009. Dynamics between Mutual Fund Inflows and Stock Returns: Empirical Evidence 123 Results and Discussions The study was conducted into two main parts; one part is effects of Mutual Fund inflow on Stock returns and second is effect of Mutual Fund Outflow on Stock Returns. Inflow and Outflow Mutual fund is further evaluated under three schemes - Income, Growth and Balanced. Normality To check the normality of data Kolmogorov-Smirnov Test was applied and found the data was not normal. One-Sample Kolmogorov-Smirnov Test One-Sample Kolmogorov-Smirnov Test VAR00001 VAR00002 VAR00003 N Normal Parametersa Most Extreme Differences 141 141 141 Mean 2898.0851 901.5319 23.9220 Std. Deviation 8.16491E3 2.34685E3 101.64420 Absolute .361 .373 .476 Positive .355 .373 .476 Negative -.361 -.350 -.407 4.290 4.428 5.649 .000 .000 .000 Kolmogorov-Smirnov Z Asymp. Sig. (2-tailed) a. Test distribution is Normal. Inflow Mutual Fund (See Annexure From Table 1 to Table 10) Income Scheme Open Z Value 1.634 Closed Assured Total Sig. Value Z Value Sig. Value Z Value Sig. Value Z Value Sig. Value .102 -.081 .936 1.183 .237 .352 .725 Man Whitney Test was applied between mutual fund inflow of income scheme and stock returns. The result of this test indicate that there is no significant difference between mutual fund inflow and stock returns in the year 2001-2009 as our calculated value in A Handbook for Writing Research Paper 124 [Open (1.634), Closed (0.081), Assured (1.183)] is less than the standard value (1.96) at 5%significant in all the cases. The results could be concluded that inflow of the mutual fund income do not affect the stock returns in long run. Growth Scheme Open Z Value Closed Assured Total Sig. Value Z Value Sig. Value Z Value Sig. Value Z Value Sig. Value .403 1.109 .267 -.752 .452 -.667 .505 . 836 Man Whitney Test was applied between mutual fund inflow of growth scheme and stock returns. The result of this test indicate that there is no significant difference between mutual fund inflow and stock returns in the year 2001-2009 as our calculated value in [Open (0.836), Closed (1.109), Assured (0.752)] is less than the standard value (1.96) at 5%significant in all the cases. The result could be concluded that inflow of the mutual fund growth scheme hardly effect the stock returns in long run. Balanced Scheme Open Z Value Closed Assured Total Sig. Value Z Value Sig. Value Z Value Sig. Value Z Value Sig. Value .049 1.582 .114 -.752 .452 2.774 .006 1.973 Man Whitney Test was applied between mutual fund inflow of balanced scheme and stock returns. The result of this test indicate that there is no significant difference between mutual fund inflow and stock returns in the year 2001-2009 as our calculated value in [Open (1.973), Closed (1.582), Assured (0.752)] is less than the standard value (1.96) at 5%significant in all the cases. The result concluded that inflow of the mutual fund balanced scheme do not affect the stock returns in long run. Outflow Mutual Fund (See Annexure From Table 11 to Table 19) Income Scheme Open Z Value -1.466 Closed Assured Total Sig. Value Z Value Sig. Value Z Value Sig. Value Z Value Sig. Value .143 .081 .936 .585 .559 1.847 .065 Dynamics between Mutual Fund Inflows and Stock Returns: Empirical Evidence 125 Man Whitney Test was applied between mutual fund outflow of income scheme and stock returns. The result of this test indicate that there is no significant difference between mutual fund inflow and stock returns in the year 2001-2009 as our calculated value in [Open (1.466), Closed (0.081), Assured (0.585)] is less than the standard value(1.96) at 5%significant in all the cases. The study could be concluded that outflow of the mutual fund hardly effect the stock returns in long run. Growth Scheme Open Z Value Closed Assured Total Sig. Value Z Value Sig. Value Z Value Sig. Value Z Value Sig. Value .553 .198 .843 -.752 .452 535 .593 .594 Man Whitney Test was applied between mutual fund outflow of growth scheme and stock returns. The result of this test indicate that there is no significant difference between mutual fund inflow and stock returns in the year 2001-2009 as our calculated value in[Open (0.594), Closed (.198), Assured (0.752)] is less than the standard value at 5%significant in all the cases. The study could be concluded that outflow of the mutual fund hardly effect the stock returns in long run. Balanced Scheme Open Z Value -.498 Closed Assured Total Sig. Value Z Value Sig. Value Z Value Sig. Value Z Value Sig. Value .618 .220 .826 . 752 .452 -.059 .953 Man Whitney Test was applied between mutual fund outflow of Balanced scheme and stock returns. The result of this test indicate that there is no significant difference between mutual fund inflow and stock returns in the year 2001-2009 as our calculated value in [Open (0.498), Closed (0.220), Assured (0.752)] is less than the standard value(1.96) at 5%significant in all the cases. The study could be concluded that outflow of the mutual fund hardly affect the stock returns in long run. Conclusion The study, concluded macro level research explaining the relationship between stock returns and aggregate inflow and outflow of mutual fund scheme. The study found no relation between inflow and outflow of mutual fund scheme and stock returns during the sampling frame. It shows that the fund flows do not respond to eliminate the deviation in the stock market. Previous changes in stock returns may cause changes in equity fund A Handbook for Writing Research Paper 126 flows in the same direction. However, the same is not true for inflow and outflow fund flows of mutual fund schemes. Our empirical findings are not likely to support the popular notion of mutual fund flows as a driving force behind rallies in security markets. REFERENCES Ali, A., Chen, X., Yao, T. & Yu, T. (April 2008). Profiting from the Post Earnings Announcement Drift: Mutual Fund Trades, Market Frictions, and Market Efficiency. Retrieved August 13, 2010 from http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1108717 Berk, J. B. & Green, R. C. (2002, December). Mutual Fund Flows and Performance in Rational Markets. 13th Annual Utah Winter Finance Conference Retrieved August 13, 2010 from http:/ /papers.ssrn.com/sol3/papers.cfm?abstract_id=383061 Chang, E.C. & Wang, Y. (2002, May). A study of Mutual fund Flow and market Return Volatility. Retrieved August 13, 2010 from from http://www.hiebs.hku.hk/working_paper_updates/pdf/ wp1065.pdf Edelen, R. & Warner, J. (2001). Aggregate price effects of institutional trading: a study of mutual fund flow and market returns. Journal of Financial Economics. 59, 195-220. Edelen, R.M., & Warner, J.B. (1999, August). Why Are Mutual Fund Flow and Market Returns Related? Evidence from High frequency Data. Retrieved August 20, 2010 from http:// fm.whut.edu.cn/lunwen/teacher%20fang/4.pdf Ederington, L. & Golubeva J. (2009,July). Evidence on Investor Behavior From Aggregate Stock Mutual Fund Flows. Retrieved August 13, 2010 from http://papers.ssrn.com/sol3/ papers.cfm?abstract_id=1442127 Friesen, G.C. & Sapp, T.R.A. (2007). Mutual Fund Flows and Investor Returns: An Empirical Examination of Fund Investor Timing Ability. Journal of Banking and Finance. 31, 2796-2816. Froot, K., O’Connell P. & Seasholes, M. (2001). The portfolio flows of international investors. Journal of Financial Economics. 59, 151-193. Kim, J. (August 2007). Stock Returns and Aggregate Mutual Fund Flows: A System Approach. Retrieved August 13, 2010 from http://69.175.2.130/~finman/Orlando/Papers/ JBUSDynamicsnFMAn.pdf Ko, K. & Kim, M. (2003). International Mutual Fund Flow and Local Markets: The Case of U.K. Unit Trusts and OEICs. Retrieved August 13, 2010 from papers.ssrn.com/sol3/Delivery.../ SSRN_ID415244_code030730500.pdf Philippas, N. D. (2002). The interaction of mutual funds flows and security returns in emerging markets: The case of Greece. Retrieved August 13, 2010 from from http://www.aislab.aueb.gr/ hfaa/ar/Philippas.pdf Warther, V., (1995). Aggregate mutual fund flows and security return. Journal of Financial Economics. 39:209-235. Dynamics between Mutual Fund Inflows and Stock Returns: Empirical Evidence 127 Annexure Descriptive Statistics N Mean Std. Deviation Minimum Maximum VAR00001 141 2.8981E3 8164.91343 .00 52620.00 VAR00002 141 9.0153E2 2346.84781 .00 16740.00 VAR00003 141 23.9220 101.64420 .00 673.00 Table 1: Test Statistics InOpen Mann-Whitney U 929.000 Wilcoxon W 2.105E3 Z -1.634 Asymp. Sig. (2-tailed) .102 a. Grouping Variable: Category Table 2: Test Statisticsa InClosed Mann-Whitney U 1.141E3 Wilcoxon W 2.317E3 Z -.081 Asymp. Sig. (2-tailed) .936 a. Grouping Variable: Category Table 3: Test Statisticsa InAssured Mann-Whitney U 997.000 Wilcoxon W 2173.000 Z -1.183 Asymp. Sig. (2-tailed) .237 a. Grouping Variable: Category Table 4: Test Statisticsa InTotal Mann-Whitney U 1.104E3 Wilcoxon W 2.280E3 Z -.352 Asymp. Sig. (2-tailed) .725 a. Grouping Variable: Category A Handbook for Writing Research Paper 128 Table 5: Test Statisticsa GrOpen Mann-Whitney U 1.038E3 Wilcoxon W 2.214E3 Z -.836 Asymp. Sig. (2-tailed) .403 a. Grouping Variable: Category Table 6: Test Statisticsa GrClosed Mann-Whitney U 1005.000 Wilcoxon W 2181.000 Z -1.109 Asymp. Sig. (2-tailed) .267 a. Grouping Variable: Category Table 7: Test Statisticsa GrAssured Mann-Whitney U 1056.000 Wilcoxon W 2232.000 Z -.752 Asymp. Sig. (2-tailed) .452 a. Grouping Variable: Category Table 8: Test Statistics BalOpen Mann-Whitney U 890.000 Wilcoxon W 2.066E3 Z -1.973 Asymp. Sig. (2-tailed) .049 a. Grouping Variable: Category Table 9: Test Statistics BalClosed Mann-Whitney U 946.000 Wilcoxon W 2122.000 Z Asymp. Sig. (2-tailed) a. Grouping Variable: Category -1.582 .114 Dynamics between Mutual Fund Inflows and Stock Returns: Empirical Evidence Table 10: Test Statistics BalAssured Mann-Whitney U 1056.000 Wilcoxon W 2232.000 Z -.752 Asymp. Sig. (2-tailed) .452 a. Grouping Variable: Category Table 11: Test Statistics IncOpen Mann-Whitney U 952.000 Wilcoxon W 2.128E3 Z -1.466 Asymp. Sig. (2-tailed) .143 a. Grouping Variable: VAR00005 Table 12: Test Statistics IncClose Mann-Whitney U 1.141E3 Wilcoxon W 2.317E3 Z -.081 Asymp. Sig. (2-tailed) .936 a. Grouping Variable: VAR00005 Table 13: Test Statistics IncAssured Mann-Whitney U 1073.000 Wilcoxon W 2249.000 Z -.585 Asymp. Sig. (2-tailed) .559 a. Grouping Variable: VAR00005 Table 14: Test Statistics GrwOpen Mann-Whitney U 1071.000 Wilcoxon W 2247.000 Z -.594 Asymp. Sig. (2-tailed) .553 a. Grouping Variable: Category 129 A Handbook for Writing Research Paper 130 Table 15: Test Statistics GrwClose Mann-Whitney U 1125.000 Wilcoxon W 2301.000 Z -.198 Asymp. Sig. (2-tailed) .843 a. Grouping Variable: Category Table 16: Test Statistics GrwAssured Mann-Whitney U 1056.000 Wilcoxon W 2232.000 Z -.752 Asymp. Sig. (2-tailed) .452 a. Grouping Variable: Category Table 17: Test Statistics BalaOpen Mann-Whitney U 1084.000 Wilcoxon W 2260.000 Z -.498 Asymp. Sig. (2-tailed) .618 a. Grouping Variable: Category Table 18: Test Statistics BalnClose Mann-Whitney U 1122.000 Wilcoxon W 2298.000 Z -.220 Asymp. Sig. (2-tailed) .826 a. Grouping Variable: Category Table 19: Test Statistics BalnAssured Mann-Whitney U 1056.000 Wilcoxon W 2232.000 Z -.752 Asymp. Sig. (2-tailed) .452 a. Grouping Variable: Category Assessment of Students towards Social Responsibility 131 10 Assessment of Students towards Social Responsibility Dr. Navita Nathani, Prof. Amitabha Maheshwari, Prof. K.K. Panday, Prof Suman Bisht, Prof Vidhi Tyagi, Prof Mukta & Satyam Dubey ABSTRACT Social responsibility through examination of ethical implications of knowledge, actions and social policies is one of the prime objectives of any of the education institute. Morris(1999) summarized the history of accountability in education. The family was the first in the education system and when children began attending the schools the accountability shifted from the parents to the school teachers and later on to college teachers. But what should be the accountability of students in this respect is always a debatable question. This paper is an attempt to assess the students towards social responsibility while attending the classes, maintaining relationship and in general context. The study revealed the perceptual difference between male and female students. Key Words: Accountability, Resistance and Proactive approach Introduction Man is a social animal – as somebody rightly said; we the privileged human beings posses 6 senses who are ultimately responsible for the preservation of this beautiful world by our socially responsible actions and activities. Everything does matters and makes either a positive or a negative impact on everything around us. The need for the stimulation and promotion of socially responsible behavior through the display of various forms of moral behavior, adoption of positive styles of interaction and compliance to existing social rules and norms is generally appreciated by all members of the society. A Handbook for Writing Research Paper 132 A general tendency is that females exhibit greater levels of socially responsible behavior as compared to males as proposed by Entwisle et al. (2000).Social responsibility and its dimensions are closely related to student’s performance. Good measure of social responsibility not only in school but also out of school situations can motivate students to enhanced academic achievement. Assessment of social responsibility comes from accumulating observations in a wide variety of situations that taken together can provide a useful outline of student development. Socially responsible individuals show community mindedness in their responses to school, local, national, and global issues and events and will make an effort to create a positive effect on others and enrich environment. This attitude is the basis of a functioning and flourishing democratic society. Human and social development is one of the primary goals of the education system. This broad goal further specifies that students are expected to develop a sense of social responsibility and a tolerance and respect for the ideas and beliefs of others. The major performance standards for social responsibility for student development can be categorized as: Contributing to the Classroom and School Community Sharing responsibility for their social and physical environment Participating and contributing to the class and to small group Solving Problems in Peaceful Ways Managing conflict appropriately, including presenting views and arguments respectfully, and considering others’ views Using effective problem-solving steps and strategies Valuing Diversity and Defending Human Rights Treating others fairly and respectfully; showing a sense of ethics Recognizing and defending human rights Exercising Democratic Rights and Responsibilities Knowing and acting on rights and responsibilities (local, national, global) Articulating and working toward a preferred future for the community, nation, and planet—a sense of idealism Social Responsibility The online dictionary Wikipedia says: “Social responsibility is an ethical or ideological theory that an entity whether it is a government, corporation, organization or individual has a responsibility to society. This responsibility can be “negative,” in that it is a Assessment of Students towards Social Responsibility 133 responsibility to refrain from acting (resistance) or it can be “positive,” meaning there is a responsibility to act (proactive). Social responsibility have become common terms in both the world of social activism and the world of business (e.g., socially responsible investing). The state of being fit to be trusted, worthy of confidence, and dependable for the improvement of the health of society and its members. Thus, a socially responsible individual is a person who promotes a healthy society.A community that employs activities that contribute to the happiness, health, and prosperity of its members. It logically follows, therefore, that a socially responsible individual is a person who takes part in activities that contribute to the happiness, health, and prosperity of a community and its members. The basic purpose of education is to produce ideal persons to face the responsibilities of the future. This aim can be achieved only when the students are sincere and they acquire the education in the real sense. Just copying a few questions and passing the examination is not an education. A student can never be educated until and unless he does not put his heart and should to the cause of education. A student is a person, who devotes himself to the pursuits of knowledge and learning. It is therefore, the first and foremost duty of an ideal student to seek knowledge. The pursuit of knowledge demands hard work and full devotion. Unfortunately, the students do not realize their duties. They have confined the education. Their greatest purpose is to get good grade in the examination by hook or by crook. They adopt all the foul means to get through the examinations. The ideal student enriches himself with knowledge. In practical life only those students come out with best colors, who had acquired knowledge. An ideal student enjoys learning. He goes deep and deep in search of the knowledge. He is not a bookworm. He knows that a healthy body is necessary for healthy mind. He takes interest in all the activities that promote his physical health. He goes to the play ground with the same pleasure and enthusiasm with which he studies in the library. An ideal student is not unsocial. He loves his fellow students and takes part in all the collective activities. The ideal student respects and honors his teachers. He knows the place of teachers, who are opening the gate of glories for him. He is humble and obedient. The more he learns from his teachers, the more grateful he is to them. The more knowledge he gets, the more humble he becomes. An ideal student is not a frog in a well but a person with greater visions and ideals. He is regular and punctual. He does not participate in adverse and negative activities. He confines himself to his studies and task. He does not keep association with such elements whose purpose is to damage the cause of education. He believes in simple and plain living. He is kind and generous. Importance of Student Responsibility According to Davis and Murrell (1975) social responsibility is important in three aspects. First, student responsibility is the key to all development and learning. Research has demonstrated that college outcomes are tied to the effort that students put into their work and the degree to which they are involved with their studies and campus life. 134 A Handbook for Writing Research Paper Second, irresponsible students diminish our collective academic life. Within an individual classroom, the behavior of even a few highly irresponsible students or, worse, a large number of passive, disaffected students can drag a class down to its lowest common denominator. For an institution, the erosion of an academic ethos can lead to a culture that is stagnant, divisive, and anti-intellectual. Third, the habits of responsible civic and personal life are sharpened and refined in college. Will employers, international economic competitors, or future history itself be tolerant of students who fail to develop sufficient self-control and initiative to study for tests or participate in academic life? Finally, if colleges are to reclaim the public trust, they must learn not to make promises that cannot be kept. Colleges have responsibilities to students and society. Yet, colleges are not solely responsible for the outcomes of their students. A clear acknowledgment of the mutual obligations of all members of the academic community is a prerequisite to restoring the academy’s balance and clarity of purpose. Litreture Review Student Assumption of Responsibility Hughes (1976) observed that society places great responsibility upon the educational system for the education of students stated that the teacher has the responsibility for teaching, and the students have the responsibility for learning. Johnson emphasized the need for students to assume responsibility for their own learning. He noted: Just as kids become dependent on the institution to regulate their behavior, so they depend on teachers to fill them with learning as if they were empty vats. Bratter(1977) noted that a need exists for schools to help students assume responsibility for their learning and for their living. He stated: In brief, students are encouraged not only to assume total responsibility for their behavior, but also to accept the natural consequences for their decisions. Students can select activities which interest them, as long as no one is disturbed. In so doing, students learn a respect for the right of others. Several authors including Miller and Rosser and Ford (1972) stated a belief that teachers should not be held responsible for lack of student achievement when factors outside of teacher control were involved. Miller cited experiences obtained in the home and community environments as factors beyond teacher control. Rosser and Ford stated that pupils’ attitudes and inborn abilities are two factors that influence achievement of students and are beyond teacher control. Coleman reported that the extent to which students believe they have control over their own destinies is a stronger factor related to achievement than all the school factors combined, Johnson continued by stating that students must be forced out of that passive role and forced into accepting responsibility for learning. He suggested use of open classrooms, inquiry methods, and independent study in the freshman through the senior years of high school. He indicated the existence of a relationship between student assumption of responsibility and student self-direction and self-motivation. Most of all, he believed, “They will have discovered that it is possible to learn independently of teachers and that such learning is stimulating and fun” Assessment of Students towards Social Responsibility 135 In 1971, Grunwald reported that there were increasing problems and malcontent among students and teachers. She illustrated the impending crisis with examples of students not listening and of students rebelling, going on strike, and burning down school buildings. Grunwald stated a need for students and teachers to share responsibility in the educative process. She stated that one can no longer run schools for children, they must learn how to run schools with children. One must take them in as partners in the educative process. For one thing, teachers cannot and should not be held accountable for everything that happens in class. Everyone in class is accountable for what happens in the classroom. Grunwald added that teachers need to help students in assuming responsibility toward themselves as well as toward others. Sigelman, Ater, and Spanhel (1978) conducted a study to assess assumption of responsibility in the home. Findings in the study indicated that normal children assumed greater household responsibility than mentally retarded persons living at home, and mentally retarded persons living at home assumed greater household responsibility than mentally retarded persons living in an institution. Gallant et. al (2010) explored university students’ attitudes of social responsibility and participation in volunteering, probed how these were related to prior experiences of mandatory community service in high school. Students’ perceptions of the quality of their mandatory community service experience were found to be powerful predictors of their attitudes towards social responsibility, while ongoing volunteering was found to be influenced more significantly by school and community influences, most notably prior volunteer involvement. Author concluded that community service experiences, when perceived as being of high quality, may engender ongoing civic engagement. They suggested that aligning mandated community service with serious leisure might enlarge quality of experience, and provide an avenue to experience the rewards and benefits associated with civic participation. Maliki1 et al (2010) examined the relationship between background variables, social responsibility and academic achievement among senior secondary school students in Bayelsa State of Nigeria. The sample of the study was made up of 450 senior secondary three students randomly selected from the secondary schools in Bayelsa State. From the data analyzed, it was found out that various dimensions of social responsibility are significantly related to academic achievement. The study also revealed that parental educational attainment and number of siblings are related to sex. It was also discovered that there was no significant relationship between social responsibility and age of parents. Loh (2006) discussed that how a Singapore hospice, in working with student volunteers, successfully diverted its volunteer efforts towards building society. The program had proven to be a successful tool in inculcating social responsibility among students who opt to do their community work at the hospice as part of a Community Involvement Programme (CIP). While some not-for profit organizations (NPOs) and volunteer hosting organizations (VHOs) do not appear to recognize the value of CIP hours and student volunteers, others have leveraged such efforts to benefit both the organization and its clients. The hospice had gone one step beyond by turning the described program into A Handbook for Writing Research Paper 136 an effective tool to instill in student volunteers a sense of social responsibility, better preparing them for active citizenship. Davis et al emphasized the importance of student effort and involvement in their academic and co-curricular activities as the decisive elements in promoting positive college outcomes. As colleges have struggled to extend opportunities, an accompanying expectation for students to assume responsibility for their own education often had been lacking. Author found that Institutions must work to create a climate in which all students feel welcome and able to fully participate. It was equally important to nurture an ethic that demands student commitment and promotes student responsibility. Students can contribute to their own learning and to the development of a campus climate in which all can grow and learn. Objectives 1. To develop and standardized the measure to evaluate the students towards social responsibility 2. To identify the underlying factors towards the social responsibility of students. 3. To compare the perception of female and male students towards social responsibility. Research Methodology Questionnaire Designing While designing the questionnaire, focus was to formulate un-ambiguous and straight questions to which respondents should have full flexibility to express their opinion. While building the flexibility in the design of questionnaire, due care has been taken not to dilute the precious findings of idea engineering. Face Validity Face validity has been done in order to verify the definition of the variables as perceived by the researcher and intended for operational through the survey research. For accomplishing this objective, help was taken from academicians. As a result of such deliberation it became possible to finalize the set of attributes for each variable and evolve the operational definition for them. Content Validity Content validity of the questionnaire was checked through the experts of different specialization viz. finance, marketing, human resource and production. Very few changes were suggested by experts and their views were incorporated suitably. The study was empirical in nature with survey method being used to collect the data. The total population was the students of professional and non professional courses. The sample size was 200 students. Individual respondent was the sampling element. A self-designed questionnaire was used for taking the responses of the students on likerttype scale of 1to5. The tools used for data analysis were item to total correlation which Assessment of Students towards Social Responsibility 137 wasl be applied to check the internal consistency of various items used in the questionnaire. For testing the reliability, Cronbach alpha was applied to the items. Factor analysis using SPSS 13.0 software was applied to identify the underlying factors. Finally t-test was be applied to compare the perception between male and female students. Results and Discussions Consistency Measure of Item no. Item Computed correlation value Consistency Accepted/ Dropped 1. Brings necessary materials to class such aspaper, pen, pencils, and assignments .677 Consistent Accepted 2. Keeps books in good condition .600 Consistent Accepted 3. Corrects mistakes when papers are returned .435 Consistent Accepted 4. Leaves College property in good condition .602 Consistent Accepted 5. Uses own possessions such as books, paper, pen, and pencils .543 Consistent Accepted 6. Writes neatly and readable .631 Consistent Accepted 7. Helps keep the classroom neat and clean .621 Consistent Accepted 8. Carries an identity card .572 Consistent Accepted 9. Promptly returns papers that must be signed .607 Consistent Accepted 10. Promptly returns borrowed items such as the Faculty ‘s reference books .661 Consistent Accepted 11. Promptly takes care of fees .630 Consistent Accepted 12. Promptly returns borrowed items such as pen pencils, books, and notes of friends. .570 Consistent Accepted 13. Switching off electric equipment while leaving the classroom. .485 Consistent Accepted 14. Uses available class time to work on assignments .647 Consistent Accepted 15. Completes assignments on time .690 Consistent Accepted 16. Promptly makes up work missed during absences .655 Consistent Accepted 17. Brings other work to do after completing class work .597 Consistent Accepted 18. Studies for tests .579 Consistent Accepted 19. Asks questions when explanations are not understood .511 Consistent Accepted 20. Uses sources allowed to complete work .654 Consistent Accepted 21. Contributes to class discussions in a positive way .467 Consistent Accepted 22. Is well groomed .466 Consistent Accepted 23. Voluntarily comes for extra help from the Faculty when needed .532 Consistent Accepted A Handbook for Writing Research Paper 138 24. Is seated when the bell rings .512 Consistent Accepted 25. Follows directions of your seniors .510 Consistent Accepted 26. Does work to the best of ability .680 Consistent Accepted 27. Concentrates on the work of the class during the class period .679 Consistent Accepted 28. Avoids disturbing others .522 Consistent Accepted 29. Whispering in presence of faculty/when class is going on. .018 Consistent Accepted 30. Obeys institute rules .616 Consistent Accepted 31. Obeys class rules .658 Consistent Accepted 32. Asks questions relating to topic .592 Consistent Accepted 33. Accepts results of own behavior .614 Consistent Accepted 34. Follows class routine willingly .668 Consistent Accepted 35. Attends College regularly .645 Consistent Accepted 36. Behaves well when visitors are present .708 Consistent Accepted 37. Speaks in a way that is easily heard .559 Consistent Accepted 38. Using cell phones when the class is going on -.198 Consistent Accepted 39. Respects the Faculty 657 Consistent Accepted 40. Respects the Faculty’s belongings .652 Consistent Accepted 41. Waits for a turn for the Faculty’s help .605 Consistent Accepted 42. Run after the subject faculty when the class is over. .233 Consistent Accepted 43. Listens to others when they talk .326 Consistent Accepted 44. Respects other students’ belongings .653 Consistent Accepted 45. Encourages other students to be quiet .573 Consistent Accepted 46. Allows the Faculty to settle serious problems .585 Consistent Accepted 47. Helps other students understand information .528 Consistent Accepted 48. Cooperates with the Faculty .672 Consistent Accepted 49. Cooperates with the students .630 Consistent Accepted Reliability Measure It is being considered that reliability value should more than 0.7 and it can be seen that in the reliability method applied here, reliability value is quite higher than the standard value, so all the questionnaire are highly reliable and the value of Cronbachs, alpha is .772. Assessment of Students towards Social Responsibility 139 Reliability Statistics Cronbach’s Alpha N of Items .957 49 Factor Analysis KMO and Bartlett’s Testa Kaiser-Meyer-Olkin Measure of Sampling Adequacy. Bartlett’s Test of Sphericity Approx. Chi-Square .941 7.970E3 Df 1176 Sig. .000 a. Based on correlations 1. Factor name Eigen value % of variance explained Self– 6.370 13.001 Restraint Reliable 5.574 11.375 Item converged Factor loading 9. Promptly returns papers that must be signed .681 10. Promptly returns borrowed items such as the Faculty‘s reference books .645 7. Helps keep the classroom neat and clean .620 12. Promptly returns borrowed items such as pen-pencils, books, and notes of friends. .618 11. Promptly takes care of fees .612 4. Leaves College property in good condition .578 8. carries an IC .549 5. Uses own possessions such as books, paper, pen, and pencils .529 17. Brings other work to do after completing class work .470 20. Uses sources allowed to complete work .446 18.Studies for tests .438 6. Writes neatly and legibly .437 3. Corrects mistakes when papers are returned .401 40. Respects the Faculty’s belongings .724 39. Respects the Faculty .713 A Handbook for Writing Research Paper 140 Compliant 5.493 Receptive 4.497 Multi- 2.385 11.211 9.178 4.867 tasking Creating 1.681 3.431 Nuisance 49. Cooperates with the students .694 48. Cooperates with the Faculty .590 46. Allows the Faculty to settle serious problems .559 41. Waits for a turn for the Faculty’s help .552 33. Accepts results of own behavior .498 47. Helps other students to understand information .494 44. Respects other students’ belongings .467 31. Obeys institute rules .678 30. Attends to personal business before class starts .669 2. Keeps books in good condition .658 1. Brings necessary materials to class such aspaper, pen, pencils, and assignments .585 25. Follows direction of your seniors .559 36. Behaves when visitors are present .545 35. Attends College regularly .529 26. Does work to the best of the ability .422 19. Asks questions when explanations are not understood .647 21. Contributes to class discussions in a positive way .641 32. Asks questions relating to topic .566 15. Completes assignments on time .496 27. Concentrates the best of the class period .468 22. Is well groomed .454 23. Voluntarily comes for extra help from the Faculty when needed .449 42. Run after the subject faculty when the class is over .752 43. Listens to others when they talk .489 16. Promptly makes up work missed during absences .435 29. Whispering in presence of faculty/when .825 class is going on 38. Using cell phones when the class is going on .664 Description of Factors 1. Self-Restraint:- This factor has emerged as the most significant determinant of research with a total variance of 13.001. Key elements of this factor include “Promptly returns papers”(.681), “Promptly returns borrowed item to Faculty “(.645), “Promptly returns borrowed item to Friends”(.618), “Helps to maintain class room Assessment of Students towards Social Responsibility 141 neat and clean”(.620),”Timely fees deposit”(.612), “Take care college property”(.578), “Brings an IC”(.549), “Uses own possessions”(.529), “Brings other work after completing class”(.470), “Promptly uses source after completing class”(.446), “ Required study for test” (.438), “Writes neatly and legibly” (.437), “.Improves mistakes when papers are returned”(.401). 2. Reliable:- This factor has a total variance of 11.375.Key elements of this factor include “Respect the faculties belongings”(.724), “Respect the faculties belongings”(.713), “Cooperate with the faculty “ (.590), “Cooperate with the students” (.694), “ Faculty decision acceptance in case of serious issues” (.559), “Self-realization” (.498), “Care other students to understand information” (.494), “Respects other students belongings” (.467). 3. Compliant:- This factor has a total variance of 11.211.Key elements of this factor include “Comply with institute rules” (.678), “Attends to personal business before class starts” (.669), “Keeps books in good condition” (.658), “carry required materials to class” (.585), “Comply with the senior” (.559), “Behaves in presence of visitors” (.545), “Attends College regularly” (.529), Application of self-skill” (.422). 4. Receptive:- This factor has a total variance of 9.178. Key elements of this factor include “Asks quarries” (.647), “positive attitude while class discussion”(.641), “Asks topic relating quarries” (.566), Timely submission of assignment” (.496), “Focus the class period”(.468), “Is well groomed”(.454), “self-motivation to take help from faculty “(.449). 5. Multi-tasking:- This factor has a total variance of 4.867. Key elements of this factor include “Run after the subject faculty when the class is over” (.752), “Listens to others when they talk”(.489), “Promptly makes up work missed during absences”(.435). 6. Creating Nuisance:- This factor has a total variance of 3.431. Key elements of this factor include “Whispering in presence of faculty/when class is going on”(.825), “Using cell phones when the class is going on”(.664). t- Test Group Statistics malefemale VAR00002 N Mean Std. Deviation Std. Error Mean 1 184 1.9011E2 33.32190 2.45652 2 114 2.0032E2 32.49792 3.04371 A Handbook for Writing Research Paper 142 Independent Samples Test Levene's Test for Equality of Variances t-test for Equality of Means Mean Std. 95% Confidence Error Interval of the Sig. (2- Differe Differe F mal Equal efe variances mal assumed e Equal variances not assumed .76 2 Sig. .384 t Df - 2.596 nce nce - 296 - 244.1 2.612 tailed) 82 Difference Lower Upper - .010 10.2158 3.93450 17.9590 7 0 - - .010 10.2158 3.91135 17.9201 7 6 2.47273 2.51157 The null Hypothesis in Levene’s test is that the variances of the two populations are equal. The test statistics F as a value of .762 is at a significance (p value) of .384 (38.4%). Since we are assuming the equal variances for this test statistic, T equals – 2.596 at p value .01(1%). It means that there is a significant difference between the perceptions of male and female students towards social responsibility. Conclusion Social responsibility is an ethical philosophy or concept that an entity, be it an organization or individual, has an obligation to act to benefit society at large. This responsibility can be passive, by avoiding engaging in socially harmful acts, or active, by performing activities that directly advance social goals. Assessment of Students towards Social Responsibility 143 The study was accompanied to develop standardized the measure of social responsibility those are supportive for student evaluation. Factor analysis Categorized seven main factors namely as Self Restraint, Reliable, Compliant, Receptive, Multi-tasking, Creating Nuisance with 6.370, 5.574, 5.493, 4.497, 2.385, 1.681respactive Eigen values. Students should take accountability for contributing to the school environment rather than abolishing it through damage and misconduct but after compilation of research we can conclude that the perception of female student differ with the male student. REFERENCES 1. Hughes, G, Edward, (1976). “Accountability: Let’s Tell It Like It Is-” Illinois Schools Journal 56 (Spring 1976): 21-23, 2. Johnson, Christopher. (1978). “Secondary Schools and Student Responsibility.” Phi Delta Kappan 59 (January 1978): 338-41. 3. Bratter, Thomas Edward. (1977). “From Discipline to Responsibility Training: A Humanistic Orientation for the School.” Psychology in the Schools 14 (January 1977): 45-54. 4. Miller, William C. (1972), Accountability Demands Involvement, Educational Leadership 29 (April 1972): 613-17, 5. Rosser, Don, and Ford, Faye. (1975), They Say—Somebody’s Responsible for My Son’s School Failures, Pennsylvania School Journal ,124 ,75-77, 88. 6. Coleman, James S,; Campbell, Ernest Q,; Hobson, Carol J,; McPartland, James; Mood, Alexander M,; Weinfeld, Frederic D,; and York, Robert L, Equality of Education Opportunity 7. Hughes, G, Edward, (1976). “Accountability: Let’s Tell It Like It Is-” Illinois Schools Journal 56 (Spring 1976): 21-23, 8. Janeksela, Galan M. (1978). “Responsibility and Freedom to Learn.” Improving College and University Teaching 26 (Summer 1978): 171-73. 9. Grunwald, Bemice. (1971). “Strategies for Behavior Change in Schools.” Counseling Psychologist 3 (Number 1, 1971): 55-57. 10. Sigelman, Carol; Ater, Carolyn; and Spanhel, Cynthia, (1978). “Sex- Role Stereotypes and the Homemaking Participation of Mentally Retarded People.” Mental Retardation 16 (October1978): 357-58. 11. Gallant K., Smale B., & Arai S. (2010).Civic Engagement Through Mandatory Community Service: Implications Of Serious Leisure. Journal Of Leisure Research. 2010, Vol. 42, No. 2, pp. 181-201 12. Maliki1 A. B. , Sibiri E & Kebbi J. (2010). Background Variables, Social Responsibility And Academic Achievement Among Secondary School Students In Bayelsa State of Nigeria. Stud Home Comm Sci, 4(1): 27-32 13. Michael Loh (2005).Instilling Social Responsibility Among Student Volunteers: Observations From A Successful Singapore Hospice Experience. The International Journal Of Volunteer Administration. Vol. XXIV, Number 2. 14. Davis T.M. & Murrell P.H. (). Turning Teaching into Learning: The Role of Student Responsibility In The Collegiate Experience. A Handbook for Writing Research Paper 144 Annexure QUESTIONNAIRE Dear Respondents The statements listed below are responsibilities. For each statement, decide how often you, as a student, show the responsibility stated. There is no right or wrong answer. There are only opinions. Keep the following definition in mind as you read and answer each of the statement below “Responsibility involves doing something you know you are supposed to do without having to be told to do so”. Please rate the following statement in the scale of 1-5, where 1 stands for strongly disagree and 5 stands for strongly agree. 1. Brings necessary materials to class such aspaper, pen, pencils, and assignments 2. Keeps books in good condition 4. Corrects mistakes when papers are returned 5. Leaves College property in good condition 6. Uses own possessions such as books, paper, pen, and pencils 7. Writes neatly and readable 8. Helps keep the classroom neat and clean 9. Carries an identity card 10. Promptly returns papers that must be signed 11. Promptly returns borrowed items such as the Faculty ‘s reference books 12. Promptly takes care of fees 13. Promptly returns borrowed items such as pen pencils, books, and notes of friends. 14. Switching off electric equipment while leaving the classroom. Personal Responsibilities 1. Uses available class time to work on assignments 2. Completes assignments on time 3. Promptly makes up work missed during absences 4. Brings other work to do after completing class work 5. Studies for tests Assessment of Students towards Social Responsibility 145 6. Asks questions when explanations are not understood 7. Uses sources allowed to complete work 8. Contributes to class discussions in a positive way 9. Is well groomed 10. Voluntarily comes for extra help from the Faculty when needed 11. Is seated when the bell rings 12. Follows directions of your seniors 13. Does work to the best of ability 14. Concentrates on the work of the class during the class period 15. Avoids disturbing others 16. Whispering in presence of faculty/ when class is going on. 17. Obeys institute rules 18. Obeys class rules 19. Asks questions relating to topic 20. Accepts results of own behavior 21. Follows class routine willingly 22. Attends College regularly 23. Behaves well when visitors are present 24. Speaks in a way that is easily heard 25. Using cell phones when the class is going on Relationship Responsibilities 1. Respects the Faculty 2. Respects the Faculty’s belongings 3. Waits for a turn for the Faculty’s help 4. Run after the subject faculty when the class is over. 5. Listens to others when they talk 6. Respects other students’ belongings 7. Encourages other students to be quiet 8. Allows the Faculty to settle serious problems 9. Helps other students understand information 10. Cooperates with the Faculty 11. Cooperates with the students Name: Sex: Age: A Handbook for Writing Research Paper 146 11 Profitability Determinants of Indian Banking Sector Dr. Pushpa Negi, Ms. Shwati Singhai, Ms. Hina Agrawal, Ms.Trapti Tripathi, Ms. Rakhi Chauhan & Ms. Sonu Sidwani ABSTRACT This paper analyzed the profitability of 26 Public, 21 Private and 30 Foreign banks of India over the period from 2007 to 2010. Our profitability determinants included six bank-specific characteristics, Cost-income ratio, Loan loss provisions over total loans, Yearly growth of deposits, Bank size, Interest income share and Funding costs. The performance of a bank was measured by its return on assets (ROA). To find out the quantifying effect of different independent variable on Bank’s performance, Multiple Regression using SPSS-16 has been applied. The results of the study indicated that in case of Public Sector Banks the Cost Income, Credit Quality and Funding Cost affected the Return on Asset and in case of Private Sector banks the Bank Size and Interest Income affected the Return on Asset. On the other hand only one Independent Variable Funding Cost affects the Return on Asset of the Foreign Sector Banks of India. Introduction Restructuring and reform increases the competition in the banking sectors as a result it encourage to mobilize savings, lead to a more efficient allocation of resources, increasing level of deposits, credits and profitability and decrease in non-performing assets. All these developments would certainly have implications on the interest margin and profitability of the Indian banking industry. Like all businesses, banks increases profit by earning more money than what they pay in expenses. The major portion of a bank’s profit comes from the fees that it charges for its services and the interest that it earns on its assets. Its major expense is the interest paid on its liabilities. The major assets of a bank are its loans to individuals, businesses, and other organizations and the securities Profitability Determinants of Indian Banking Sector 147 that it holds, while its major liabilities are its deposits and the money that it borrows, either from other banks or by selling commercial paper in the money market. The profitability, which is an important criterion of measuring the performance of banks, has now considered the key topic for the research because of changing environment of the banking sectors. Lots of studies have been conducted to find out the effect of various factors on the performance of the banks (Molyneux and Thornton (1992), Demirguc and Huizinga (1999), Abreu and Mendes (2002), Staikouras and Wood (2004)). This paper intends to characterize the impact of various bank-specific factors on the profitability of the Public, Private and Foreign banks of India. Review of Literature Some of the studies on the determinants of bank’s interest margin and profitability have focused on a particular country (Berger, 1995; Guru, Staunton and Balashanmugam, 2002; Barajas, Steiner, and Salazar 2001; Ben and Goaied, 2001) and some focused on a panel of countries (Abreu and Mendes, 2002; Demerguç- Kunt and Huizingha, 1999). But most of the studies on bank performance are conducted in the US and emerging markets. Indranarain (2009) analyzed that credit risk triggers a negative impact on profitability, capital tends to consolidate profits and the results suggested that Taiwanese banking system is well-diversified. Andreas and Gabrielle (2010) analyzed the profitability of 453 commercial banks in Switzerland over the period from 1999 to 2008. In order to take into account the impacts of the recent financial crisis, they additionally consider the pre-crisis period and the crisis years 2007-2008 separately. Güven and Onur (2009) determined return on assets (ROA) and return on equity (ROE) for banks in Turkey. The regression results of their study demonstrate that consumer price index inflation and first difference of ratio of off-balance sheet transactions to total assets affect profitability indicators negatively in a statistically significant manner, and on the other hand first differences of industrial production index, the ratio of budget balance to industrial production index and the ratio of equity to total assets affect profitability indicators positively in a statistically significant way. Berger (1995) identified that capital adequacy ratio affected ROE of USA banks positively. Wilson, Molyneux and Goddard (2004) investigated that capital adequacy ratio affected ROE positively in the period of 1992-1998 using data from banking sectors of France, Germany, Spain, Denmark, Italy and England. Bennaceur and Goaied (2008) investigated the impact of banks’ characteristics, financial structure and macroeconomic indicators on banks’ net interest margins and profitability in the Tunisian banking industry for the 1980-2000 periods. They found that the disintermediation of the Tunisian financial system was favorable to the banking sector profitability and partial liberalization has a negative impact on the interest margin whereas complete liberalization strengthens the ability of Tunisian banks to generate profit margins. Demerguc-Kunt and Maksimovic (2002) presented evidence on the impact of financial development and structure on bank profitability using bank level data for a large number of developed and developing countries over the 1990-1997 period. The paper found that A Handbook for Writing Research Paper 148 financial development has a very important impact on bank performance. Afanasieff, Lhacer and Nakane (2002) used the panel data techniques to uncover the main determinants of the bank interest spreads in Brazil. The results suggest that macroeconomic variables are the most relevant elements to explain bank interest spread in Brazil. Athanasoglou, Brissimis and Delis (2005) investigated the effects of bank-specific, industry-related and macroeconomic variables on bank profitability by applying a GMM technique to a panel of Greek banks that covers the period 1985-2001. Naceur and Goaied (2005) studied the determinants of commercial bank interest margin and profitability in Tunisia. The expected determinants include individual bank characteristics (including overhead, equity capital ratio, loan to total asset ratio, non-interest activities and size), macroeconomic indicators (GDP and inflation), and financial structure factors (banking sector size, stock market size and bank concentration). Berger, Hasan & Zhou (2006) estimated the profit and cost efficiency frontiers to assess the efficiency of 38 Chinese commercial banks over 1994-2003 with different majority and minority ownership structures, and found that there is a strong favorable efficiency effect from reforms that reduce the state ownership of banks in China and increase the role of foreign ownership. Guru, Staunton and Balashanmugam (2002) identified the determinants of successful deposit found out that efficient expenses management was one of the most significant in explaining high bank profitability. Molyneux and Seth (1998) modeled the determinants of foreign bank profitability in the U.S. They found that capital strength, assets composition, commercial and industrial loan growth, and U.S. GDP growth were important factors in determining foreign banks’ ROA. Ben & Goaied (2001) studied the determinants of profitability of foreign banks operating in Australia. He found a positive effect of home GDP on foreign banks’ profitability. Demirgc-Kunt and Huizinga (2001) used the annual growth rate of GDP and GNP per capita to present evidence on the impact of financial development and structure on bank profitability. They found a positive relationship between inflation and interest rate on one side and bank profitability on the other. Berger (1995) used GDP, unemployment rate and interest rate differential to identify possible cyclical movements in bank profitability Objectives of the Study 1. To find out the effect of Cost-income ratio, Loan loss provisions over total loans, Yearly growth of deposits, Bank size, Interest income share and Funding costs on Return on Asset of the Public Sector banks of India. 2. To find out the effect of Cost-income ratio, Loan loss provisions over total loans, Yearly growth of deposits, Bank size, Interest income share and Funding costs on Return on Asset of the Private Sector banks of India. 3. To find out the effect of Cost-income ratio, Loan loss provisions over total loans, Yearly growth of deposits, Bank size, Interest income share and Funding costs on Return on Asset of the Foreign banks of India. Profitability Determinants of Indian Banking Sector 149 Hypothesis of the Study The study was undertaken with the following hypotheses:1. H01: There is no effect of Cost-income ratio, Loan loss provisions over total loans, Yearly growth of deposits, Bank size, Interest income share and Funding costs on Return on Asset of the Public Sector banks of India. 2. H02: There is no effect of Cost-income ratio, Loan loss provisions over total loans, Yearly growth of deposits, Bank size, Interest income share and Funding costs on Return on Asset of the Private Sector banks of India. 3. H03: There is no effect of Cost-income ratio, Loan loss provisions over total loans, Yearly growth of deposits, Bank size, Interest income share and Funding costs on Return on Asset of the Foreign Sector banks of India. Research Methodology The primary aim of this paper was to investigate the impact of Bank Capital, Costincome ratio, Credit Quality, Growth, Size, Interest income share and Funding cost on profitability of Indian Banking sector. This was achieved by developing a similar empirical framework first used by Andreas, & Gabrielle (2010). The Study & Sample This study was descriptive in nature. Total Population on the study was all the banks of India. The sample size was 26 Public, 21 Private and 30 Foreign sector banks of India. The period of the study cover the three Financial year from 2007 to 2010. Data Collection The Data was collected from secondary sources i.e. through website of Indian bank association and money control.com. The dependent variable of the study was the Return on Asset (ROA) of the banks and the independent variable were Bank Capital, Costincome ratio, Credit Quality, Growth, Size, Interest income share, Funding cost and Return on Asset of individual Public and Private and Foreign sector bank of India. In this study, the performance of the bank was measured by its Return on Assets (ROA). The ROA, defined as Net Income (Interest and Non Interest) divided by Total Assets, reveal how efficiently the bank’s management is in using the bank’s real investment resources to generate profits. The different independent variables of the study are: 1. Cost-Income Ratio: The cost-to-income (CIR) ratio is defined as the operating costs (such as the administrative costs, staff salaries, and property costs, excluding losses due to bad and nonperforming loans) over total generated revenues. This ratio measures the effect of efficiency on bank profitability. We therefore expect higher cost-income ratios to have a negative effect on bank profitability. 2. Credit Quality: The Credit Quality (CQ) of the banks has measured by the Loan A Handbook for Writing Research Paper 150 loss provisions over total loans. The ratio of loan loss provisions over total loans is a measure of a bank’s credit quality. A higher ratio indicates a lower credit quality and, therefore, a lower profitability. Thus, we expect a negative effect of the loan loss provisions relative to total loans on bank profitability. 3. Growth: We measure a bank’s Growth by the annual growth of its deposits. One might expect that a faster growing bank would be able to expand its business and thus generate greater profits. 4. Size: We measure bank Size by total assets. It is considered in the theories that Size is one of the most important factor which maximizes bank profitability. For example, both Smirlock (1985) and Pasiouras and Kosmidou (2007) argue that a growing bank size is positively related to bank profitability. This is because larger banks are likely to have a higher degree of product and loan diversification than smaller banks, which reduces risk, and because economies of scale can arise from a larger size. 5. Interest Income Share: The Interest Income Share (IIS) was calculated by dividing the interest income to total income. Mostly the banks generate a large fraction of their total income through traditional commercial banking activities (interest operations) and to a lesser extent through “fee and commission income” and “trading operations”. So the banks who earn a higher Interest Income, they are also considered to have a good profitability. 6. Funding Costs: Funding costs (FC), which we define as interest expenses over total deposits, vary among banks and over time. Overall, we expect better profits from banks that are able to raise funds more cheaply. Data Analysis Tool As stated above in order to fulfill the objective of quantifying the effect of different independent variable on Bank’s performance, Multiple Regression using SPSS has been applied. The Empirical Model The following regression model was used for testing the Hypothesis: ROA=+1CIR+2CQ+3Growth+ 4Size+5IIS+6 FC+ Where, ROA (Return on Asset) is Dependant Variable; CIR (Cost-to-Income), CQ (Credit Quality), Growth, Size, IIS (Interest Income Share), and (FC) Funding costs are Independent Variables; is constant term in the equation; 1-6 are coefficients of variables; and is residual term. Profitability Determinants of Indian Banking Sector 151 Results and Discussion Effect on Public Sector Banks In the multiple regressions the data of dependent variable and independent variables of different banks for three years are averaged and considered for the study. The adjusted R square value (0.696) of the multiple regression models with Return on Asset as dependent variable shows that the model can predict 69% of variance in the dependent variable. The regression was found to be significant with ANOVA (10.683, P= 000). This indicates that all the independent variables have a significant influence on the Return on Asset of Indian Public Sector Banks. The findings indicate that at 5 percent level of significance Cost Income, Credit Quality and Funding Cost affected the Return on Asset of the Public Sector Banks of India. The other Independent Variables like Growth, Size and Interest income did not affect the Return on Asset of the Public Sector Banks. The beta value (-.122) of Cost Income and Funding Cost (-.018) indicates significant negative relationship between the Cost income and ROA and Funding Cost and ROA. The beta value of Credit Quality (1.04) indicates the positive relationship between the Credit Quality and ROA. Effect on Private Sector Banks The adjusted R square value (0.744) of the multiple regression models with Return on Asset as dependent variable shows that the model can predict 74% of variance in the dependent variable. The regression was found to be significant with ANOVA (F=10.683, P= 000). This indicates that all the independent variables have a significant influence on the Performance of Indian Private Sector Banks. The findings indicate that at 5 percent level of significance Size, Interest Income and Growth affected the Return on Asset of the Private Sector Banks of India. The other Independent Variables like Cost Income, Credit Quality and Funding Cost did not affect the Return on Asset of the Private Banks of India. The beta value (-2.311) of Size indicates significant negative relationship between the Size and ROA and. The beta value of Interest Income (2.23) indicates the positive relationship between the Interest Income and ROA. Effect on Foreign Sector Banks In the multiple regressions the data of dependent variable and independent variables of different banks for three years are averaged and considered for the study. The adjusted R square value (0.758) of the multiple regression models with Return on Asset as dependent variable shows that the model can predict 75% of variance in the dependent variable. The regression was found to be significant with ANOVA (F=16.149, P= 000). This indicates that all the independent variables have a significant influence on the Return on Asset of Foreign Sector Banks of India. The findings indicate that at 5 percent level of significance only one variable Funding 152 A Handbook for Writing Research Paper Cost affect the Return on Asset of the Foreign Sector Banks of India. The other Independent Variables like Growth, Size, Credit Quality, Interest Income and Cost Income Ratio did not affect the Return on Asset of the Foreign Banks. The beta value of Funding Cost (0.80) indicates significant positive relationship between the Funding Cost and ROA of Foreign Sector Banks of India. The coefficient of the Cost-to-Income Ratio is negative and highly significant for the Public Sector Banks. It indicates the more efficient a bank is the higher is its profitability. This result meets our expectation and stands in line with the results of Bourke (1989), Jiang et al. (2003), and Athanasoglou et al. (2008). However, the cost-income ratio is not significant in case of Private and Foreign Sector Banks of India. The other most significant variable was the Funding costs in case of Public and Foreign banks. The results show that the banks that raise cheaper funds are more profitable. The third important factor which affects the performance of the public sector bank was the Credit Quality. As discussed in the literature, asset quality is reflected in the ratio. The banks tend to be more profitable when they are able to undertake more lending activities. But the higher ratio indicates a lower credit quality and, therefore, a lower profitability. Thus, we expected a negative effect of the loan loss provisions relative to total loans on bank profitability but the results ware apposite what we expected. The results showed the positive relationship between the Credit Quality and Return on asset of Public sector banks. On the other hand the Credit Quality ratio did not affected the performance of Private and Foreign sector banks. The yearly growth of deposits did not significantly affect the profitability of the Public, and Foreign sector banks of India. The results were also supported by the Andreas & Gabrielle (2010). They found non empirical evidence those banks in Switzerland ware able to convert an increasing amount of deposit liabilities into significantly higher income earning assets. The other non effected variable was the Bank Size. Smirlock (1985) and Pasiouras and Kosmidou (2007) argued that a growing bank size is positively related to bank profitability. This is because larger banks are likely to have a higher degree of product and loan diversification than smaller banks, which reduces risk, and because economies of scale can arise from a larger size. But the results of our study indicate insignificant relationship between Bank Size and the performance of the Indian banking sectors (Public, Private and Foreign). The results of the study also showed that the Interest Income did not affect the profitability of the banking sectors of India. The major reason behind it may be that the increase of nontraditional bank activity contributed more to enhance profitability in the Indian banking industry. Conclusion The Results of the study clearly indicated that in case of Public Sector Banks the Cost Income, Credit Quality and Funding Cost affected the Return on Asset of the Public Sector Banks of India and other Independent Variables like Growth, Size and Interest income did not affect the Return on Asset of the Public sector Banks. The variable Size, Growthand Interest Income affected the Return on Asset of the Private Sector Banks of Profitability Determinants of Indian Banking Sector 153 India. The other Independent Variables like Cost Income, Credit Quality and Funding Cost did not affect the Return on Asset of the Private Banks of India. And in case of Foreign Sector banks only one variable Funding Cost affect the Return on Asset of the Foreign Sector Banks of India. The other Independent Variables like Growth, Size, Credit Quality, Interest Income and Cost Income Ratio did not affect the Return on Asset of the Foreign Banks. REFERENCES 1. 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Journal of Banking and Finance, 13 (1), 65-79. 13. Demirguc, A., Huizinga, H. (1999). Determinants of Commercial Bank Interest Margins and Profitability: Some International Evidence. World Bank Economic Review, 13 (2), 379-408. 14. Demirgüc-Kunt, A., & Maksimovic, V. (2002). Funding Growth in Bank-Based an Market-Based Financial Systems: Evidence from Firm-Level Data. Journal of Financial Economics, 65, 337-363. 15. Guru, B., Staunton, J., & Balashanmugam, D. (2002). Determinants of commercial bank profitability in Malaysis. Journal of Money, Credit, and Banking, 17, 69-82. 16. Guven, Sayilgan and Onur, Yildirim (2009). Determinants of Profitability in Turkish Banking Sector: 2002-2007. International Research Journal of Finance and Economics, Retrieved August 6, 2010, from http://www.eurojournals.com/finance.htm. A Handbook for Writing Research Paper 154 17. Indranarain Ramlall (2009). Bank-Specific, Industry-Specific and Macroeconomic Determinants of Profitability in Taiwanese Banking System: Under Panel Data Estimation. International Research Journal of Finance and Economics, 34, Retrieved August 28, 2010, from http:// www.eurojournals.com/finance.htm 18. Jiang, G., N. Tang, E. Law and A. Sze (2003), “Determinants of Bank Profitability in Hong Kong,” Hong Kong Monetary Authority Research Memorandum, September. 19. Molyneux, P. & Seth, R. (1998). Foreign Banks, Profits and Commercial Credit Extension in the United States. Applied Financial Economics, Taylor and Francis Journals, 8 (5), 533-39. 20. Molyneux, P., Thornton, J. (1992). Determinants of European Bank Profitability: A Note. Journal of Banking and Finance, 16 (6), 1173-1178. 21. Naceur, S.B. and Goaied, M. (2001). The Determinants of the Tunisian Deposit Banks’ Performance. Applied Financial Economics, 11, 317-319. 22. Pasiouras, F., Kosmidou, K. (2007). Factors influencing the profitability of domestic and foreign commercial banks in the European Union, Research in International Business and Finance, 21 (2), 222-237. 23. Smirlock, M. (1985). Evidence on the Relationship between Concentration and Profitability in Banking. Journal of Money, Credit, and Banking, 17 (1), 69-83. 24. Staikouras, C., Wood, G. (2004). The determinants of European bank profitability. International Business and Economics Research Journal, 3 (6), 57-68. 25. Wilson, J.O., Molyneux, S.P. and Goddard, J. (2004). The Profitability of European Banks: A CrossSectional and Dynamic Panel Analysis. Manchester School, 72 (3), 63-381. Public Sector Banks Model Summary Change Statistics Std. Error of Model R .842a 1 R Square R Square Adjusted R Square the Estimate .708 .696 Change 167.70377 .708 Sig. F F Change df1 57.095 df2 6 Change 19 .000 a. Predictors: (Constant), FC, CQ, Growth, CIR, Size, IIS ANOVAb Model 1 Sum of Squares Regression Residual Total df Mean Square 19.047 6 3.175 4.160 14 .297 23.207 20 a. Predictors: (Constant), FC, CQ, Growth, CIR, Size, IIS b. Dependent Variable: ROA F 10.683 Sig. .000a Profitability Determinants of Indian Banking Sector 155 Coefficientsa Standardized Unstandardized Coefficients Model 1 B (Constant) Coefficients Std. Error Collinearity Statistics Beta .001 .010 CIR -.960 .052 CQ 1.996 Growth t Sig. Tolerance VIF .131 .898 -.122 -18.596 .000 .639 1.565 .011 1.044 180.445 .000 .822 1.216 -.002 .002 -.005 -.904 .377 .790 1.265 Size .000 .003 -.001 -.179 .860 .542 1.845 IIS .002 .002 .008 1.083 .292 .481 2.077 FC -.034 .012 -.018 -2.740 .013 .627 1.596 a. Dependent Variable: ROA Foreign Sector Banks Model Summary Change Statistics Model R .899a 1 Adjusted R Std. Error of R Square Square the Estimate Change R Square .808 .758 .85398 Sig. F F Change .808 df1 16.149 df2 6 Change 23 .000 a. Predictors: (Constant), VAR00007, VAR00004, VAR00003, VAR00005, VAR00006, VAR00002 ANOVAb Model 1 Sum of Squares Df Mean Square Regression 70.662 6 11.777 Residual 16.773 23 .729 Total 87.436 29 a. Predictors: (Constant), FC, CQ, Growth, CIR, Size, IIS b. Dependent Variable: ROA F 16.149 Sig. .000a A Handbook for Writing Research Paper 156 Coefficientsa Standardized Unstandardized Coefficients Model 1 B Coefficients Std. Error Collinearity Statistics Beta (Constant) .621 .807 CIR .245 .266 CQ .046 t Sig. Tolerance VIF .770 .449 .106 .922 .366 .634 1.577 .253 .017 .184 .856 .936 1.068 -.214 .225 -.103 -.952 .351 .718 1.393 .058 .094 .060 .613 .546 .875 1.143 IIS -.595 .883 -.072 -.674 .507 .722 1.385 FC 1.444 .215 .800 6.705 .000 .586 1.707 Growth Size a. Dependent Variable: ROA Private Sector Banks Model Summary Change Statistics Model R R Adjusted R Std. Error of R Square Square Square the Estimate Change .906a 1 .821 .744 .54511 .821 Sig. F F Change df1 10.683 df2 6 Change 14 .000 a. Predictors: (Constant), VAR00007, VAR00003, VAR00005, VAR00004, VAR00002, VAR00006 ANOVAb Model 1 Sum of Squares Regression Residual Total Df Mean Square 19.047 6 3.175 4.160 14 .297 23.207 20 a. Predictors: (Constant), FC, CQ, Growth, CIR, Size, IIS b. Dependent Variable: ROA F 10.683 Sig. .000a Profitability Determinants of Indian Banking Sector 157 Coefficientsa Standardized Unstandardized Coefficients Model 1 B (Constant) Std. Error 1.545 1.326 CIR -2.175 2.733 CQ 2.614 Growth Size Coefficients Beta Collinearity Statistics t Sig. Tolerance VIF 1.165 .263 -.120 -.796 .439 .561 1.783 12.154 .026 .215 .833 .866 1.155 -3.194 1.356 -.312 -2.355 .034 .728 1.374 -2.727 .409 -2.311 -6.675 .000 .107 9.361 IIS 2.668 .413 2.239 6.464 .000 .107 9.368 FC 1.257 .937 .200 1.342 .201 .579 1.728 a. Dependent Variable: ROA A Handbook for Writing Research Paper 158 12 Switching Behaviour in Mobile Service Providers: An Empirical Study Shilpa Sankpal, Jitendra Gupta, Saurabh Sharma, Prashant Shrivastava, Abhijit Khanwalkar, Jitendra Shrivastava & Aashish Mehra ABSTRACT The study looked at the reasons that influence switching behaviour for mobile service providers. There is intense competition among these service providers and the consumer is not lacking for the want of an alternative provider. This makes the life of the consumer a little easy and the service pressure on the provider a little tight. Three factors have emerged as the contributing reasons to the switching behaviour. The factors are competitive push, core service failure and surplus benefits inadequacy. Conceptual Framework Mobile Telephony is not that ancient an onslaught in the Indian landscape. It was in 1994 that the license for offering mobile services was granted by the government of India for the four metro cities. It was decided that the cellular mobile services would operate as a duopoly (that is, only two cellular mobile operators could be licensed in each telecom circle), under a fixed license fee regime for 10 years. It was the very next year that 19 more circles got mobile license and in August of the same year Kolkata became the first metro to have a cellular network (COAI, 2010). Since then the duopoly no longer exists, and several players both government and player are now battling it out for market share in various circles. Changes in technology, slashing of tariffs and user acceptance have made cell phones come down to the status of necessity rather than luxury. With the increased competition, companies now find it Switching Behaviour in Mobile Service Providers: An Empirical Study 159 hard to hold on to the customers, and have to constantly strategize their market moves. Switching behaviour reflects in a consumer propensity to move to a rival firm for obtaining a product/service that was being obtained from a particular provider. Stewart (1994) and Hirschman (1970) define switching behaviour as defection or customer exit. Similarly, Boote (1998) and Bolton & Bronkhurst (1995) posit that switching behaviour reflects the judgement that a customer makes to stop purchasing a particular service or patronising the service provider completely. A customer who defects is a dent for the company that he was earlier patronizing. Switching adds costs to the company’s sheets, and indicates that the rival has been effective in the snatching. The consequences of switching behaviour have been studied in some detail already. Reichheld (1996) and Keaveney & Parthasarathy (2001) find that customers’ switching behaviour reduces firms’ earnings and profits. Extra revenue gets lost because the initial investment on the customer (e.g. consulting promotion costs) get wasted and further costs are required to acquire a new customer (Colgate et al, 1996; Reichheld & Sasser, 1990; Fornell & Wernerfelt, 1987). In the study reported by Reichheld & Sasser (1990) customer defection is seen as having a greater potential to adversely effect on revenue than on scale, market share, unit costs, and other factors that are normally connected with competitive advantage. Since the Indian customer is no longer bound to choose between only two, and that it is easier to migrate to a different service with relative ease, switching is a common phenomenon. Review of Literature Switching Behaviour has generated a lot of interest, especially since the competitive landscape for marketers has tightened greatly. Benefits of having loyal customers and the implications of customers lost are both ends of the spectrum that have been dwelt upon. Customers that remain with a firm offer several advantages to the firm they patronize. In fact, it has been reported that continuing customers exhibit a lower price sensitivity (Keaveney, 1995), greater usage of the firm’s services (Bolton and Lemon, 1999), better receptivity to the firm’s new products (Hawkins et al., 2004), increased inclination to engage in positive word-of-mouth and a greater resistance to rivals’ persuasion attempts (Dick and Basu, 1994). Besides increasing the firm’s revenues, the loyal customers also contribute to cutting its costs, since they are less expensive to serve (Ganesh et al., 2000), the positive wordof-mouth they spread attracts new customers and reduces the costs needed to attract them (Keaveney and Parthasarathy, 2001), and the uncertainty in the exchanges diminishes due to the experience accumulated throughout the relationship (Heide and Weiss, 1995). 160 A Handbook for Writing Research Paper Studies have also focussed on the reasons that force the customers to change or switch. One of the several related studies is of Roos (1999) who interestingly distinguished three determinants of switching decisions using the Switching Path Analysis Technique (SPAT): pushing determinants (the reason to switch to another supplier), pulling determinants (factors that motivate the customers to come back to the original supplier) and swayers (they do not cause switching by themselves; they can only mitigate or strengthen the switching decision). Following a similar line of thought, Bansal et al. (2005), drawing from migration literature, established a model of customers’ switching behaviour that identified the process by which customers decide to switch service providers. Similar to Roos (1999), they distinguished push, pull and mooring variables that were deemed as central to the switching process. Roos et al. (2004) extend the ‘determinants’ line of research by analyzing the differences in such processes between five different service industries, showing the differential impact of the determinants identified in function of the industry configuration. However one of the most influential work in this field is that of Keaveney (1995) who in his pioneering work, identified eight factors behind customers’ switching decisions in service industries, including core service failures, pricing, employee responses to service failures, attraction by competitors, or inconvenience. Gerrard and Cunningham (2004) carried out a similar analysis for bank services, incorporating the weight that customers give to each incident that provokes switching. They obtained similar factors to Keaveney’s pioneering work. Besides the factors explicitly pointed out, studies have brought out other contributors as well. These contributors subsume dissatisfaction (Swinyard and Whitlark, 1994), perceived quality (Rust and Zahoric, 1993), awareness of alternatives (Capraro et al., 2003), location (Jones et al., 2003) and switching costs (Klemperer, 1995; Burnham et al., 2003). Studies have also examined switchers in terms of their behaviour. One such study is that of Ganesh et al. (2000) in the financial services sector. The study reported that switchers differed from stayers in aspects such as satisfaction, involvement and loyalty. Keaveney and Parthasarathy (2001), examining online services, associated these differences with dimensions relating to attitude, behaviour and socio-demographic characteristics. Studies have included the time factor of relationships in pertinence of switching decisions. As nascent the relationship is, the easier it is for a customer to jump the ship. Possibly lack of nostalgia or emotional bond may contribute to it, but still this is what studies have actually pointed out. Bolton et al’s (2004) study reported that the time since the customer purchased the service (time since service purchase) is likely to influence the strength of the relationship and the customer’s switching decisions. In fact, relevant literature postulates that the early stages of the relationship are critical for its future Switching Behaviour in Mobile Service Providers: An Empirical Study 161 continuity or dissolution (Bolton, 1998; Bowman, 2004). The chances of switching in these initial stages is much greater than in the later ones (Ongena and Smith, 2001; Israel, 2005). Objectives 1. To identify the reasons for switching behaviour in Mobile Service Providers. 2. To open new vistas for further research. Research Methodology The study was exploratory in nature and survey method was used to complete it. The population comprised all consumers of mobile telephony in Gwalior city region. Individual respondents were the sample element. The sample size was 80 individuals. Since no sampling frame is available, non-probability quota sampling was used for the study. The tools for data collection subsumed a self-developed questionnaire (see Annexure A-1) that was developed to be a Likert-type measure. The collected data was then subjected to item-to-total correlation, reliability measure and Factor Analysis. Results Item to Total Correlation The Item-to-Total Correlation was computed on SPSS 16.0 and corresponding improvement in reliabilities was considered. When all the 11 items were subjected to ITC, the following output was observed: Item-Total Statistics Scale Mean if Item Deleted Scale Variance if Item Deleted Corrected ItemTotal Correlation Cronbach’s Alpha if Item Deleted VAR00001 34.0500 34.478 .517 .635 VAR00002 34.2250 35.822 .440 .650 VAR00003 34.2000 38.516 .276 .677 VAR00004 34.1750 36.678 .359 .664 VAR00005 34.1500 37.825 .328 .669 VAR00006 34.9875 39.481 .157 .699 VAR00007 33.9500 36.580 .425 .654 VAR00008 34.3000 37.048 .367 .663 VAR00009 34.2750 37.518 .373 .663 VAR00010 34.5125 36.683 .283 .679 VAR00011 34.1750 39.539 .201 .688 A Handbook for Writing Research Paper 162 It was thus found that on dropping item 6 the reliability was rising, and hence that item was dropped and the rest of the items were retained for analysis. Reliability The reliability with 11 items was computed at 0.689. On dropping item 6, the following improvement was observed (see Annexure A-2). Reliability Statistics Cronbach’s Alpha N of Items .699 10 Validity The validity of the measure was considered through face validity and found to be high. Factor Analysis Principal Component Analysis with Varimax Rotation and Kaiser Normalization was applied. The factor analysis resulted in three factors for reasons for Switching Behaviour in Mobile Service Providers. The KMO Measure of Sampling Adequacy was 0.718 which indicates that sample was adequate for the analysis.The details of the same are presented below – Table 3: Details of Factor Analysis (see Annexure A-3) Factor Factor Name No 1. Eigen Value Total Competitive 1.993 % of Variance 19.926 Push 2. Core Service Failure 1.929 Variable Convergence 19.292 Factor Loading 10. if my location changes 0.770 3. if the competitor has a better offer 0.640 7. if the cost of continuing with the current one is too high. 0.606 9. if the service provider is not able to match with what the rivals are providing. 0.549 2. if there are recurrent billing problems. 0.700 5. if it is no longer convenient to continue with my existing service provider. 0.666 8. if there are negative issues with the services given. 0.665 1. if the price/tariff charged by my service provider if too high. 0.561 Switching Behaviour in Mobile Service Providers: An Empirical Study 3 Surplus Benefits Inadequacy 1.559 15.589 163 11. if my current service provider does not provide as many value added services as the rival. 0.795 4. if the customer care people do not respond well to my problems. 0.669 Description of Factors 1) Competitive Push:- The most important Factor that came out of the study is ‘Competitive Push’ which comprises of 4 variables and explains 19.926% of the variance. Total Eigen value is 1.993. The included variables are “If my location changes” (.770), “If the competitor has a better offer “ (.640), “If the cost of continuing with the current one is too high” (.606), “If the service provider is not able to match with what the rivals are providing “ (.549). 2) Core Service Failure:- The second important factor is ‘Core Service Failure’ which comprises of 4 variables and explains 19.292% of the variance. Total Eigen value is 1.929. The included 4 variables those are “If there are recurrent billing problems” (.700), “If it is no longer convenient to continue with my existing service provider” (.666), “ If there are negative issues with the service given” (.665), “ If the price/ tariff charged by my service provider if too high” (.561). 3) Surplus Benefits Inadequacy:- The third important factor is ‘Surplus Benefits Inadequacy’ which comprises of 2 variables and explains 15.589% of the variance. Total Eigen value is 1.559. The included 2 variables those are “ if my current service provider does not provide as many value added services as the rival” (.795), “if the customer care people do not respond well to my problems” (.669). Conclusion The study looked at the reasons that influence switching behaviour for mobile service providers. There is intense competition among these service providers and the consumer is not lacking for the want of an alternative provider. This makes the life of the consumer a little easy and the service pressure on the provider a little tight. Three factors have emerged as the contributing reasons to the switching behaviour. The factors are competitive push, core service failure and surplus benefits inadequacy. REFERENCES Bansal, H.S., Taylor, S.F. and James, S.T. (2005), Migrating to new service providers: toward a unifying framework of consumers’ switching behaviors, Journal of the Academy of Marketing Science, 3(1), pp. 96-115. Bolton, R.N. (1998), A dynamic model of the duration of the customer ’s relationship with a continuous service provider: the role of satisfaction, Marketing Science, 17(1), pp. 45-65. 164 A Handbook for Writing Research Paper Bolton, R.N., & Bronkhurst, T.M. (1995), The relationship between customer complaints to the firm and subsequent exist behaviour, Advances in Consumer Research, 22, 92-100 Bolton, R.N. and Lemon, K.N. (1999), A dynamic model of customers’ usage of services: usage as an antecedent and consequences of satisfaction, Journal of Marketing Research, 36(2), pp. 171-86. Bolton, R.N., Lemon, K.N. and Verhoef, P.C. (2004), The theoretical underpinnings of customer asset management: a framework and propositions for future research, Journal of the Academy of Marketing Science, 32(3), pp. 271-92. Boote, J. (1998), Towards a comprehensive taxonomy and model of consumer complaining behaviour, Journal of Consume Satisfaction, Dissatisfaction and Complaining Behaviour, 11, 141-149 Bowman, D. (2004), Customer retention in business services: determinants of duration in customersupplier relationships, working paper, ISBM Report 24997, ISBM, Penn State University, University Park, PA. Burnham, T.A., Frels, J.K. and Mahajan, V. (2003), Consumer switching costs: a typology, antecedents and consequences, Journal of the Academy of Marketing Science, 31(2), pp. 109-26. Capraro, A.J., Broniarczyk, S. and Srivastava, R.K. (2003), Factors influencing the likelihood of customer defection: the role of consumer knowledge, Journal of the Academy of Marketing Science, 31(2), pp. 164-75. Colgate, M., Steward, K., & Kinsella, R. (1996), Customer Defection: A study of student market in Ireland, International Journal of Bank Marketing, 14(3), 23-9. Dick, A.S. and Basu, K. (1994), Customer royalty: toward an integrated conceptual framework, Journal of the Academy of Marketing Science, 22(2), pp. 99-113. Fornell, C., & Wernerfelt, B. (1987), Defensive marketing strategy by customer complaint management: A theoretical analysis, Journal of Marketing Research, 24, 337-346. Ganesh, J., Arnold, M.J. and Reynolds, K.E. (2000), Understanding the customer base of service providers: an examination of the differences between switchers and stayers, Journal of Marketing, 64(July), pp. 65-87. Gerrard, P. and Cunningham, J.B. (2004), Consumer switching behavior in the Asian banking market, Journal of Services Marketing, 18(3), pp. 215-23. Hawkins, I., Best, J.B. and Coney, K.A. (2004), Consumer Behavior, Building Marketing Strategy, 9th ed., McGraw-Hill, New York, NY. Heide, J.B. and Weiss, A.M. (1995), Vendor consideration and switching behavior for buyers in hightechnology markets, Journal of Marketing, 59(July), pp. 30-43. Hirschman, A. O. (1970). Exit, voice and loyalty. Harvard University Press, Cambridge, MA. Israel, M. (2005), Tenure dependence in consumer-firm relationships: an empirical analysis of consumer departures from automobile insurance firms, The Rand Journal of Economics, 36, pp. 165-92. Jones, M.A., Mothersbaugh, D.L. and Beatty, S.E. (2003), The effects of locational convenience on customer repurchase intentions across service types, Journal of Services Marketing, 17(7), pp. 701-12. Keaveney, S.M. (1995), Customer switching behavior in service industries: an exploratory study, Journal of Marketing, 59(April), pp. 71-82. Keaveny, S. & Parthasarathy, M. (2001), Customer switching behaviour in online services: An exploratory Switching Behaviour in Mobile Service Providers: An Empirical Study 165 study of the role of selected attitudinal behaviour, and demographic factors, Journal of Academy of Marketing Science, 29(4), 374-390. Klemperer, P. (1995), Competition when consumers have switching costs: an overview with applications to industrial organization, Macroeconomics and international trade, Review of Economic Studies, 62, pp. 515-39. Ongena, S. and Smith, D.C. (2001), The duration of bank relationships, Journal of Financial Economics, 61, pp. 449-75. Reichheld, F. F. (1996), The Loyalty Effect, Harvard Business School Press, Boston, MA. Reichheld, F., & Sasser, W.E. Jr. (1990), Zero defections: Quality comes to services. Harvard Business Review, 68(September/October), 105-111. Roos, I. (1999), Switching processes in customer relationships, Journal of Service Research, 2(1), pp. 6885. Roos, I., Edvardsson, B. and Gustafsson, B. (2004), Customer switching patterns in competitive and non-competitive service industries, Journal of Service Research, 6(3), pp. 256-71. Rust, R.T. and Zahoric, A.J. (1993), Customer satisfaction, customer retention, and market share, Journal of Retailing, 69(2), pp. 193-215. Stewart, K. (1994), Customer exit: Loyalty issues in retail banking, Irish Marketing Review, 7, 45-53. Swinyard, W.R. and Whitlark, D.B. (1994), The effect of customer dissatisfaction on store repurchase intention: a little goes a long way, The International Review of Retail, Distribution and Consumer Research, 4(3), pp. 329-44. http://www.coai.com/historyIndia.php Retrieved in August 2010. ANNEXURE A-1/QUESTIONNAIRE The data being collected here is for academic purpose only. Kindly indicate the reasons that may make you want to switch from your current mobile service provider (such as Idea or Airtel or Vodafone etc). Responses should be given on a scale of 1 to 5 where 1 indicates Strongly Disagree and 5 indicates Strongly Agree. I am likely to shift to another mobile service provider: 1. if the price/tariff charged by my service provider is too high. 1 2 3 4 5 2. if there are recurrent billing problems. 1 2 3 4 5 3. if the competitor has a better offer. 1 2 3 4 5 4. if the customer care people do not respond well to my problems 1 2 3 4 5 5. if it is no longer convenient to continue with my existing service provider. 1 2 3 4 5 A Handbook for Writing Research Paper 166 6. if most of my friends/acquaintances have migrated to a different service provider. 1 2 3 4 5 7. if the cost of continuing with the current one is too high. 1 2 3 4 5 8. if there are negative issues with the services given. 1 2 3 4 5 9. if the service provider is not able to match up with what rivals are providing. 1 2 3 4 5 4 5 10. if my location changes. 1 2 3 11. if my current service provider does not provide as many value added services as the rival. 1 2 3 4 5 Personal Information Name: Gender: A-2 / Reliability Case Processing Summary N Cases Valid Excludeda Total % 80 100.0 0 .0 80 100.0 a. Listwise deletion based on all variables in the procedure. Reliability Statistics Cronbach's Alpha N of Items .699 10 Switching Behaviour in Mobile Service Providers: An Empirical Study 167 Item-Total Statistics Cronbach's Scale Mean if Scale Variance if Corrected Item- Item Deleted Item Deleted Alpha if Item Total Correlation Deleted VAR00001 31.3375 31.239 .470 .655 VAR00002 31.5125 31.392 .482 .653 VAR00003 31.4875 34.253 .291 .687 VAR00004 31.4625 32.404 .381 .672 VAR00005 31.4375 33.768 .330 .681 VAR00007 31.2375 32.462 .439 .662 VAR00008 31.5875 32.929 .378 .672 VAR00009 31.5625 33.971 .335 .680 VAR00010 31.8000 32.922 .268 .696 VAR00011 31.4625 35.163 .221 .698 Scale Statistics Mean Variance 34.9875 Std. Deviation 39.481 6.28338 N of Items 10 A-3 / Factor Analysis KMO and Bartlett’s Test Kaiser-Meyer-Olkin Measure of Sampling Adequacy. Bartlett’s Test of Sphericity Approx. Chi-Square df Sig. .718 124.197 45 .000 A Handbook for Writing Research Paper 168 Total Variance Explained Component Initial Eigenvalues Rotation Sums of Squared Loadings Total % of Variance Cumulative % Total % of Variance 1. 2.776 27.758 27.758 1.993 19.926 19.926 2. 1.523 15.232 42.989 1.929 19.292 39.218 3. 1.182 11.818 54.807 1.559 15.589 54.807 4. .976 9.765 64.572 5. .698 6.981 71.553 6. .682 6.824 78.378 7. .645 6.450 84.827 8. .572 5.724 90.551 9. .512 5.118 95.669 10. .433 4.331 100.000 Extraction Method: Principal Component Analysis. Cumulative % Switching Behaviour in Mobile Service Providers: An Empirical Study 169 Rotated Component Matrixa Component 1 VAR00010 .770 VAR00003 .640 VAR00007 .606 VAR00009 .549 2 .458 VAR00002 .700 VAR00005 .666 VAR00008 .665 VAR00001 3 .438 .561 VAR00011 .795 VAR00004 .669 Extraction Method: Principal Component Analysis. Rotation Method: Varimax with Kaiser Normalization. a. Rotation converged in 7 iterations. Component Transformation Matrix Compo nent 1 2 3 1 .626 .667 .404 2 .737 -.338 -.585 3 .253 -.664 .703 Extraction Method: Principal Component Analysis. Rotation Method: Varimax with Kaiser Normalization. A Handbook for Writing Research Paper 170 Component Score Coefficient Matrix Component 1 2 3 VAR00001 .153 .268 -.092 VAR00002 .069 .377 -.135 VAR00003 .377 -.343 .341 VAR00004 .004 .039 .416 VAR00005 -.093 .382 -.032 VAR00007 .294 .012 .056 VAR00008 -.155 .350 .161 VAR00009 .278 -.003 -.015 VAR00010 .425 -.027 -.238 VAR00011 -.068 -.080 .547 Extraction Method: Principal Component Analysis. Rotation Method: Varimax with Kaiser Normalization. Preference for Social Networking Sties: A Study of Management Students 171 13 Preference for Social Networking Sites: A Study of Management Students Shilpa Sankpal, Jitendra Gupta, Aradhya Sharma, Anil Pandey, Neel Rai & Priyanka Kushwah ABSTRACT Social Networking Sites are a common dimension in modern online life. Several people register at scores of sites to stay in touch with friends and family. The current study was a brief attempt to compare if males and females looked at different attributes in their preference for these sites. The study was conducted on management students and the result indicated that there apparently is no difference between males and females in terms of what they look for in a social networking sites. Conceptual Framework Almost everybody who maintains an online presence gets connected to social networking sites at some point or other. These networking sites are unique in their identity and each of them offers something to its members. A virtual identity connected online to other users has also come to redefine how humans view relationships, with online interface also generating considerable amount of interest. Boyd and Ellison (2007) define social network sites as web-based services that allow individuals to create a public or semi-public profile within a bounded system, define a list of other users with whom they share a connection, and view and go through their list of connections and those made by others within the system. It then follows that these networking sites have pre-defined levels of privacy, and a user has control over how a non-user of a site, a random user must and a connection can actually see through in their online profile. The degree of personalisation can also be affected by the user in 172 A Handbook for Writing Research Paper certain cases. For e.g. vis-à-vis Facebook, Orkut allows users the option of a ‘theme’ for their profile pages. Boyd and Ellison (2007) believe SixDegrees.com to be the first recognizable social network site. It was launched in 1997 and the users could create profiles, list connections and further 1998 onwards could go through the connections list of other friends. The consolidated features present here were available in parts at other places. AIM and ICQ also featured friends list, but it was not traversable by others. Similarly Classmates.com allowed people to ‘group’ as per their alumni details, but profile building got added much later. A common notion about these networking sites is that they focus on adding as many users as possible. After all, most of these sites are free and seem to work their financial viability through the mode of advertising. This notion is incorrect by the fact of presence of websites where entry is restricted. Activity-focused sites such as Couchsurfing and identity-primed sites such as BlackPlanet get limited by the demographic angle of their members. To appear selective sites such as BeautifulPeople allow entry only when some criterion is fulfilled (which happens to be physical attractiveness). Review of Literature There has been a flurry of research about the adoption and usage related dimensions of social networking sites. Many studies have been dedicated to a specific or a group of social networking sites. Efforts to develop insight into member behaviour on these sites have also been done. Looking at member behaviour in the spurt that Flickr and Yahoo! 360 experiences, Kumar et al (2006) postulated that members ranging from dormant ones, inviters to linkers completely participate in the social evolution of a network. This implies that everybody who is a member will directly or indirectly cause a change to the network’s growth chart. Studies focused on LiveJournal have encompassed a Friendship classification scheme (Hsu et al, 2007), an investigation of the role of language in the topology of Friendship (Herring et al., 2007), a study of the importance of geography in Friending (Liben-Nowell et al, 2005), and studies on what motivates people to join particular communities (Backstrom et al, 2006). Spertus, Sahami, and Büyükkökten (2005) used Orkut data and identified a classification of users through their membership in certain communities; they suggest that sites can use this to recommend additional communities of interest to users. It is not a vain suggestion. Today sites customize advertisements as per the expressed interests of its members and also by taking clues from what a member views while being on the site. Pages and communities are also suggested by taking hints from what the connections-list of the person contains. Liu, Maes, and Davenport (2006) argued that Friend connections are not the only network structure worth investigating. They examined the ways in which the performance Preference for Social Networking Sties: A Study of Management Students 173 of tastes (favorite music, books, film, etc.) constitutes an alternate network structure, which they call a “taste fabric.” The study added a cultural realm to the plane on which these sites operate; a clear mosaic of self-expression. Privacy or the lack thereof is also an issue that has generated a lot of interest. It is easier to create a reality that is not actual on the internet and to misrepresent. It is also a considerable decision to choose to reveal or not reveal intimate details. Since many of these sites will have online friends/connections that a person may never meet in real life, one of the ideas underlying is what to communicate and what to hold back. Acquisti and Gross (2006) state that there is often a disconnect between students’ desire to protect privacy and their behaviours, a notion also explored in Stutzman’s (2006) survey of Facebook users and Barnes’s (2006) description of the “privacy paradox” that occurs when teens are not aware of the public nature of the Internet. Teenagers who land in trouble online are often ones who reveal too much to a stranger who misuses the vested trust. Teenagers have also been found to use the online communities as a measure of popularity, and thus a component of self-image. In the same trust field, Dwyer et al(2007) argued that trust and usage goals may impact what people are willing to share. They found that Facebook users expressed greater trust in Facebook than MySpace users did in MySpace and hence were more willing to share information on the site. Differentiated levels of privacy also affect the trust levied on a site. A few culture based studies have documented the role of national identity. Fragoso (2006) investigated into the Brazilian invasion of Orkut and the resulting culture clash between Brazilians and Americans on the site. Such studies are still few and far in between. The impact of these sites in academia is also under investigation. Researchers are looking into the implication of these sites with respect to academic environment such as schools and universities and libraries. Studies have examined how students feel about having professors on Facebook (such as Hewitt & Forte, 2006) and how faculty participation affects student-professor relations (such as Mazer et al, 2007). The spilling over of offline connections onto the online world is bound to create ripples. Objectives 1. To compare the preference for networking sites on the basis of gender of users. 2. To open new vistas for further research. Research Methodology The study was exploratory in nature and survey method was used to complete it. The population comprise all management students in Gwalior city region. Individual respondent were the sample element. The sample size was 80: 40 males, 40 females. Since no sampling frame was available, non-probability quota sampling was used for the study. The tools for data collection subsumed a self-developed questionnaire (see Annexure A-1) that asked respondents to rank attributes. The collected data was subjected A Handbook for Writing Research Paper 174 to Mann-Whitney Test to report the findings. H01: The rankings for preference for attributes of social networking sites are similar for males and females. Results and Discussion The data collected was entered into SPSS 16.0 for analysis. The totals of responses per respondent were added into the data sheet. The totals were then subjected to Mann-Whitney U-test. The output is shown below: Table 1: Output of the Mann-Whitney U-test (see Annexure A-2) Test Statisticsa VAR00001 Mann-Whitney U 752.000 Wilcoxon W 1572.000 Z -.462 Asymp. Sig. (2-tailed) .644 a. Grouping Variable: VAR00002 On the basis of the results, it is obvious that for the given sample, z becomes significant at 64.4% level of significance. Hence the null hypothesis is not rejected. It implies that males and females do not have different preferences in terms of their attribute preferences in social networking sites. The researchers found a lot of contrary echo to the results that were elicited from the current study. Hindu Business Line (2009) quoted an Australian study about what kind of applications were preferred by the two genders and came to the conclusion that males and females preferred different kinds of applications. In fact, it was found that females preferred applications that allowed self-expression, while males preferred applications that allowed for competing. Similarly, Goudreau in Forbes (2010) article reported that women and men use social media in non-similar manner. Women are more likely to use social networking sites to make connection and share details of their intimate life with the world. Men are apparently more prone to use the sites to gather information and organize it on increase their status. Avenues for Further Research The study currently reported here had a very limited scope majorly because it was completed in the duration of the workshop. Review of literature reveals that most of the publications in this area of study are only in a span of the recent two and a half decades and that makes it a very vibrant area of study. Preference for Social Networking Sties: A Study of Management Students 175 Also not many studies have been conducted in the Indian context which makes it crucial for investigation in this context. The current study did not take any other demographical variable into consideration than gender, and the inclusion of other such variables would certainly enrich the study. Also, usage patterns can be looked into along with the motives. There is a gray area of study in the online communities and that is the realm of privacy and extent of information sharing. Connected to this is the occurrence of identity theft, and misrepresentation of self on the internet. This could also be a potent kind of research. Some amount of misrepresentation is innocuous, such as under-reporting of actual age, but when the misrepresentation leads to an online or offline crime, it can have serious implications for the society and the trust levied on strangers in such communities. Conclusion Social Networking Site memberships are almost as ubiquitous as e-mail accounts in the life of netizens. The current study was a brief attempt to compare if males and females looked at different attributes in their preference for these sites. The study was conducted on management students and the result indicated that there apparently is no difference between males and females in terms of what they look for in a social networking sites. REFERENCES 1. Acquisti, A., and Gross, R. (2006). Imagined communities: Awareness, information sharing, and privacy on the Facebook, In P. Golle & G. Danezis (Eds.), Proceedings of 6th Workshop on Privacy Enhancing Technologies, 36-58, Cambridge, UK: Robinson College. 2. Backstrom, L., Huttenlocher, D., Kleinberg, J. and Lan, X. (2006). Group formation in large social networks: Membership, growth, and evolution, Proceedings of 12th International Conference on Knowledge Discovery in Data Mining, 44-54, New York: ACM Press. 3. Barnes, S. (2006), A privacy paradox: Social networking in the United States. First Monday, 11(9), Retrieved September, 2010 from http://www.firstmonday.org/issues/issue11_9/barnes/index.html 4. Boyd, d. m., and Ellison, N.B. (2007), Social network sites: Definition, history, and scholarship, Journal of Computer-Mediated Communication, 13(1), article 11, Retrieved August, 2010 from http://jcmc.indiana.edu/vol13/issue1/boyd.ellison.html 5. Dwyer, C., Hiltz, S.R. and Passerini, K. (2007), Trust and privacy concern within social networking sites: A comparison of Facebook and MySpace, Proceedings of AMCIS 2007, Keystone, CO. Retrieved September, 2010 from http://csis.pace.edu/~dwyer/research/DwyerAMCIS2007.pdf 6. Fragoso, S. (2006), WTF a crazy Brazilian invasion, In F. Sudweeks & H. Hrachovec (Eds.), Proceedings of CATaC 2006, 255-274, Murdoch, Australia: Murdoch University. 7. Goudrea, Jenna (2010), What Men and Women are doing on Facebook, Retrieved in September 2010 from http://www.forbes.com/2010/04/26/popular-social-networking-sites-forbes-womantime-facebook-twitter.html 8. Herring, S.C., Paolillo, J.C., Ramos Vielba, I., Kouper, I., Wright, E., Stoerger, S., Scheidt, L.A. and Clark, B. (2007), Language Networks on LiveJournal, Proceedings of the Fortieth Hawaii International Conference on System Sciences, Los Alamitos, CA: IEEE Press. A Handbook for Writing Research Paper 176 9. Hewitt, A. and Forte, A. (2006, November), Crossing boundaries: Identity management and student/faculty relationships on the Facebook, Poster presented at CSCW, Banff, Alberta. 10. Hindu Business Line (June 22, 2009), Men and Women ‘use Facebook differently’, Available at: http://www.thehindubusinessline.com/blnus/18221160.htm, Retrieved in September 2010 11. Hsu, W.H., Lancaster, J., Paradesi, M.S.R., & Weninger, T. (2007), Structural link analysis from user profiles and friends networks: A feature construction approach, Proceedings of ICWSM2007 (pp. 75-80). Boulder, CO. 12. Kumar, R., Novak, J., & Tomkins, A. (2006), Structure and evolution of online social networks, Proceedings of 12th International Conference on Knowledge Discovery in Data Mining (pp. 611-617), New York: ACM Press. 13. Liben-Nowell, D., Novak, J., Kumar, R., Raghavan, P., & Tomkins, A. (2005), Geographic routing in social networks, Proceedings of National Academy of Sciences, 102 (33), 623-11,628. 14. Liu, H., Maes, P., & Davenport, G. (2006), Unraveling the taste fabric of social networks, International Journal on Semantic Web and Information Systems, 2 (1), 42-71. 15. Mazer, J. P., Murphy, R. E., & Simonds, C. J. (2007), I’ll see you on “Facebook”: The effects of computer-mediated teacher self-disclosure on student motivation, affective learning, and classroom climate, Communication Education, 56 (1), 1-17. 16. Spertus, E., Sahami, M., & Büyükkökten, O. (2005), Evaluating similarity measures: A largescale study in the orkut social network, Proceedings of 11th International Conference on Knowledge Discovery in Data Mining (pp. 678-684), New York: ACM Press. 17. Stutzman, F. (2006), An evaluation of identity-sharing behavior in social network communities, Journal of the International Digital Media and Arts Association, 3 (1), 10-18. ANNEXURE A-1 / QUESTIONNAIRE The data being collected here is for academic purpose only. Kindly rank the following attributes from most important (1) to least important (8) while considering the use of any social networking site (such as Facebook, Orkut, Twitter etc). Sr. No. Attribute 1. 2. 3. 4. 5. 6. 7. 8. Ease of making new friends Available games and applications Features such as photo sharing Ease of interaction Privacy Number of friends already using the site Offers and Schemes Chances of Personalization (such as themes, colour schemes etc.) Personal Information: Name: Gender: Social Networking Sites used: Rank (1 - 8) __ __ __ __ __ __ __ __ Preference for Social Networking Sties: A Study of Management Students 177 A-2 – Output of Mann-Whitney U-test Descriptive Statistics N Mean Std. Deviation Minimum Maximum VAR00002 80 34.3000 11.10867 14.00 57.00 VAR00001 80 1.5000 .50315 1.00 2.00 Ranks VAR00002 VAR00001 N Mean Rank Sum of Ranks 1 40 39.30 1572.00 2 40 41.70 1668.00 Total 80 Test Statisticsa VAR00002 Mann-Whitney U 752.000 Wilcoxon W 1572.000 Z -.462 Asymp. Sig. (2-tailed) .644 a. Grouping Variable: VAR00001 A Handbook for Writing Research Paper 178 List of Contributors S.N. Names of the Authors Affiliation 1. Aashish Mehra Faculty (Marketing), Prestige Institute of Management, Gwalior 2. Abdesh Singh Kushwah Research Scholar, Institute of Commerce and Management, Gwalior 3. Abhijeet Khandekar Professor, RGPV, Gwalior 4. Abhijit Khanwalkar Faculty (Marketing), RGVT, Gwalior 5. Alok Shrivastava 6. Amit Tiwari Assistant Professor, Prestige Institute of Management, Gwalior 7. Anil Pandey Faculty (Marketing), JBIMS, University of Mumbai, Mumbai 8. Anjali Sharma Alumni, PIMG 9. Aradhya Sharma Student, MBA (FT), Prestige Institute of Management, Gwalior 10. Bhawana Mishra Institute of Commerce and Management, Gwalior. 11. Bhupendra Chahar Student, MBA, Prestige Institute of Management, Gwalior 12. Charu Chandrika Dubey List of Contributors 179 13. Chetna Pandey Assistant Prof., BVM College, Gwalior 14. Dr Ashu Pasricha Reader, Deptt of Gandhian Studies, Punjab University, Chandigarh 15. Dr Navita Nathani Head, Management, Prestige Institute of Management, Gwalior 16. Dr. Anindita Chakraborty Assistant Professor, Prestige Institute of Management, Gwalior. 17. Dr. Garima Mathur Associate Prof., Prestige Institute of Management, Gwalior 18. Dr. Nishchaya Upmanyu Assistant Professor, Prestige Institute of Management, Gwalior 19. Dr. Pushpa Negi Assistant, Prof., Prestige Institute of Management, Gwalior 20. Dr. Sushma Suri Assistant Prof. Dept. of Psychology Jamia Millia Islamia, New Delhi 21. Dr. Tarika Singh Associate Professor, PIMG 22. Dr. S.S. Bhakar Director, Prestige Institute of Management, Gwalior 23. Gaurav Jaiswal Assistant Professor, Prestige Institute of Management, Gwalior 24. Iram Naz Research Scholar, Dept. of Psychology Jamia Millia Islamia, New Delhi 25. Jitendra Gupta Student, MBA (FT), Prestige Institute of Management, Gwalior 26. Jitendra Gupta Student, MBA (FT), Prestige Institute of Management, Gwalior 27. Jitendra Shrivastava Student, MBA (FT), SOS, Jiwaji University, Gwalior 28. Kayam Singh Student, MBA, Prestige Institute of Management, Gwalior 29. Kritika Sharma Student, Prestige Institute of Management, Gwalior 30. Manjari Agarwal Research Scholar, MLB College, Jiwaji University, Gwalior 31. Mr. Manish Yadav Almuni, PIMG A Handbook for Writing Research Paper 180 32. Mr. Muwaya Ahmad Dofar University, College of Commerce and Business AdministrationDepartment of Accounting and Finance, Oman 33. Mr. Saurav Shivhare Student 34. Ms Anju Pandey Almuni, PIMG 35. Ms Deepali Agrawal Almuni, PIMG 36. Ms. Iram Naaz Research Scholar, Jamia Milia Islamia 37. Ms. Sonu Sidwani Assistant, Prof., Prestige Institute of Management, Gwalior 38. Ms. Hina Agrawal 39. Ms. Rakhi Chauhan 40. Ms. Shwati Singhai 41. Ms. Trapti Tripathi Icm Jiwaji Uni 42. Nandan Velankar Assistant Professor, GICTS Group of Institutions, Gwalior 43. Neel Rai Faculty (Marketing & HR), Ojaswini Institute of Management and Technology, Damoh (MP) 44. Neha Kotwani Student, Prestige Institute of Management, Gwalior 45. Neha Manjhi Student, MBA (FT), Prestige Institute of Management, Gwalior. 46. Nisha Tiwari Students, Prestige Institute of Management, Gwalior 47. Parul Kulshrestha Research Scholar, Jiwaji University, Gwalior 48. Prashant Shrivastava Faculty (Marketing), BCPS, Gwalior 49. Pritviraj Mathur Alumni, PIMG 50. Priyadarshini Nagori Assistant Prof., BVM College, Gwalior 51. Priyanka Kushwah Faculty (Marketing), BMIT, Jaipur 52. Prof. Mukta Visiting Faculty, ICM, Jiwaji University, Gwalior 53. Prof. Suman Bisht Head T&P, Prestige Institute of Management, Gwalior 54. Prof. Vidhi Tyagi Faculty, IPS, Gwalior Icm Jiwaji Uni List of Contributors 181 55. Prof. Amitabha Maheshwari Assistant Professor, Prestige Institute of Management, Gwalior 56. Prof. Amitabha Maheshwari Assistant Professor, Prestige Institute of Management, Gwalior 57. Prof. K.K. Panday Assistant Professor, Prestige Institute of Management, Gwalior 58. Prof. Monika Mittal Lecturer, Aditya College 59. Prof. Sneha Rajput Assistant Professor, , Prestige Institute of Management, Gwalior 60. Prof. Sushma Suri Prof., DU 61. Samta Jain Assistant Professor, Prestige Institute of Management, Gwalior 62. Sandeep Dixit Students, Prestige Institute of Management, Gwalior 63. Satyam Dubey Student, MBA, Prestige Institute of Management, Gwalior 64. Saurabh Sharma Student, MBA (FT), Prestige Institute of Management, Gwalior 65. Shilpa Sankpal Faculty (Marketing), Prestige Institute of Management, Gwalior. 66. Shweta Agarwal Lecturer, SVITM, Gwalior. 67. Shweta Dani Student, MBA, Prestige Institute of Management, Gwalior 68. Smriti Rathor Assistant Prof., Prestige Institute of Management, Gwalior 69. Sonal Kushwaha Alumni, PIMG 70. Sonam Bhadauriya Research Scholar, Dayalbagh Education Institute, Agra. 71. Sumit Narula Lecturer, Deptt of Mass Communication, Amity University, Noida 72. Sweety Dubey Students, Prestige Institute of Management, Gwalior 73. Tanmayee Pandit Alumni, PIMG 74. Umesh Sharma Assistant Prof., IPS College, Gwalior View publication stats