IIF Business School

IIF Business School IIFBS is affiliated to APJ Abdul Kalam Technical University, Lucknow, Uttar Pradesh for offering MBA program with 180 seats from 2019.

It is approved by AICTE (All India Council of Technical Education, Ministry of HRD, Government of India).

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04/12/2025

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Finance India September 2025 Issue Vol. 39 No. 3 Released

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04/12/2025

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Finance India September 2025 Issue Vol. 39 No. 3 Article 11 Strategic Management Implementation to Respond to the Environmental Change in the Textile Sector by Abdul Kader Zairbani and Senthil Kumar J.P.
This study aims to examine strategic management implementation
{collaboration (CO) and firm alliance (FA)}, as a response to the
environmental change {organizational resources and capability (ORC) and environmental culture (EC)} in the textile companies' performance.
This study focus on understanding the relationship between CO, FA,
and EC with CP. Additionally, the study explores the moderation effect of ERC on the relationship between CO and CP. A structural equation modeling technique was applied to examine our study hypotheses. A simple convenient sample was used to collect 561 responses by using a questionnaire. The questionnaire was distributed to the top and middlelevel managers in Bangalore City. We found that there is a significant relationship between CO and CP. Moreover, there is a moderator impact of ORC on the relationship between CO and CP, additionally; FA has a
significant impact on the CP.

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04/12/2025

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Finance India September 2025 Issue Vol. 39 No. 3 Abstract of Doctoral Dissertation Effects of Weather Factors on Indian Stock Market by Chinnadurai KathiravanA psychological state, the mood, feelings, emotion and sentiment, are known to play an important role in people's decision making and judgment. Besides, the weather has a significantinfluence on the people's mood and sentiment, and in turn, people's decision and behavior, are affected due to the weather effect. More to this, the literature of market anomaly has suggested that weather factors affect individuals' mood and sentiment and in turn influence investors' rational decision makings. Behavioural finance also argues that market anomalies can be explained by assuming investors are not always fully rational. Moreover, there are links between weather factors and stock prices via human mood. The study employed the secondary daily data of weather factors in five sample cities and two stock indices in India from January 1, 2001, to December 31, 2019.

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04/12/2025

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Finance India September 2025 Issue Vol. 39, No. 3 Article 6 Shadow Banking as Transmitter of Systemic Risk : An India Centric Review of International Literature by Nandita Bhattacharjee and Ambika Prasad Pati
Traditional banks and the evolution of securitization have
led to the parallel development of Shadow Banks (SB) which
changed the financial landscape of many economies around the
world. Many of their activities levelled as off-balance sheet
financing outside the regulatory purview have the potential to
build up Systemic Risk (SR) capable of disrupting the entire
financial economy. The growing size, extending leverage and
investments into risky assets increase the various risks due to
interconnectedness, and regulatory arbitrage raises serious
concerns among the regulators. In India, their growth has been
phenomenal over the last decade that has enormous potential for
contributing to SR. The paper presents the various dimensions of
their activities as the global transmitter of SR, with particular
emphasis on India.

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04/12/2025

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Finance India September 2025 Issue Vol. 39 No. 3 Article 1 Global Growth in Uncertain Times : The Bahudha Approach to Life, Peace and Prosperity by Balmiki Prasad Singh On the Global Growth in these un-certain times and how Bahudha approach has coalition of Nations against terrorism. The Apprach is useful to answer questions like "what could we do to achieve Harmony in the World so globalization, yet with Nations so unequal, living in mutual distrust, fear, and worst terror". This approach is both an idea and reality. The Bahudha phylosophy helps in resolution of conflicts in an Innovative and creative fashion so that in any given situation, the maximum position win-win position for all concerned can be accomplished. As the head for the Center for Peace and Prosperity at IIF, we have been focusing on developing means and machanisms to develop this approach and aligne the objectives of Nations to bring Peace, Harmony and Prosperity not undermining the Human intellegencia, human capital and human needs for growth and prosperity. No Growth at any One's cost can bring properity in the Society. The Bahudha Approach has answers to such complex problems.

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04/12/2025

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Finance India September 2025 Issue Vol 39 No. 3 Article 2 AI Data Space Interplay as Knowledge Resource in Building Human Capital as tools for Growh using Automated NLXs by Yamini Agarwal and Prof. Aman Agarwal
Artificial Intelligence (AI) interventions include the heavy reliance on
machines to do the matching that may be based on the data supplied. In the markets the information asymmetries and a lot of information contained from data suppliers may not give the correct information and perception which may form the basis of labour market clearing in many jobs that need skills beyond repeated actions. Human based skills is needed in all job markets and hence the role of the recruiting, training, development and assessement and monitoring continue to be a tough algorithm beyond the
data collections, assessement to pre given algorithms and also on the specifics of the job requirements. Cyber security threats, frauds and other humanly interventions of subconsciously driving the market to desired outcomes may also influence the system. This needs to be taken care and monitored when the AI algorithms are trained to develop the National Labour Exchange (NLXs) as proposed in Agarwal, Agarwal, Agarwal and Agarwal (2017) that meets the SDGs and stakeholders needs and labour market information and manpower requirements.

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04/12/2025

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Finance India September 2025 Issue Vol. 39, No. 3 Article 4 Systemic Importance of Banks and Market Discipline : A Study of Indian Banks by C.P. Gupta and Arushi Jain
We examine the relationship between the systemic importance of
banks and market discipline in the Indian banking industry. This study has two objectives, first is to check if market discipline exists at different levels of the systemic importance of the banks and second, if market discipline exists, then does its strength differs across different systemic importance of the banks. This study is based on 38 banks including both public and private banks. The existence and strength of the market discipline have been tested with regard to its importance by analysing the responsiveness of the depositors towards the riskiness of the banks.
The study uses fixed effects for the deposit growth model and system generalised method of moments (GMM) estimator in the cost of deposi model due to its dynamic nature. The results show that the market discipline is present at all levels of systemic importance.

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04/12/2025

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Finance India September 2025 Issue Vol. 39 No. 3 Article 5 Bridging the Financial Divide through Technology : An Empirical Analysis of IT-enabled Financial Inclusion in Andhra Pradesh by S. Uma Priyadharshini
In Financial Inclusion is one of the main drivers of inclusive
economic growth, which aims to give the underbanked and unbanked access to reasonably priced financial services. Information and Communication Technology (ICT) is essential for providing financial services to remote areas in India, as demonstrated by programs like the Pradhan Mantri Jan Dhan Yojana (PMJDY). This study investigates how Andhra Pradesh's financial inclusion is affected by IT and ITenabled services, including debit/credit cards, internet banking, and mobile banking. The goal is to evaluate the level of awareness, usability,
usage trends, and difficulties related to digital banking among people in urban, semi-urban, and rural areas. A structured questionnaire was used to collect primary data from 600 respondents across six districts of Andhra Pradesh. The study offers evidence-based recommendations for improving digital access and strengthening inclusive financial practices through targeted interventions.

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04/12/2025

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Finance India September 2025 Issue Vol. 39 No. 3 Article 8 Estimating Beta of Capital Assset Pricing Model : An Empirical Study using the Dow Jones Industrial Average Index Stocks by Abhishek Parikh
The CAPM was introduced by Sharpe (1964) and Linter (1965) as a
way to estimate the expected return of an asset, many extensions have
been developed and accepted for equity pricing. Some researchers began
to question the stability of beta (a measure of an asset’s volatility
compared to the market as a whole) in the context of equity valuation.
Baesel (1974) and Porter and Ezzell (1975) were among the researchers
who raised doubts about how to predict beta in the CAPM model. A
recent study aimed to develop a model for predicting beta using a longterm relation for short-term (monthly) prediction. Researchers used monthly adjusted return (AR) data from January 1996 to May 2020 to develop a better predictive CAPM model. Study found that beta is not stationary in short run, suggesting need for a new methodology for predicting beta. Proposed model showed a significant reduction in error (3.45 percent) compared to existing model for the testing period. It means that investors can use model to select stocks that are likely to perform well in long run, even if there is a highly volatile trend in market.

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04/12/2025

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Finance India September 2025 Issue Vol. 39 No. 3 Article 7 Identifying the Gaps between Participants' Expectations & Perceptions on Service Quality of Developed Financial Literacy Programs in North India by Sarita Thakur and Monita
The principal objective of this study is to identify the relevant gaps
between participants' expectations and their perceptions on the quality
of Financial Literacy Programs (FLPs) in north India. To ensure better
research outcomes, an upgraded SERVQUAL questionnaire was
prepared to identify the gaps. The questionnaire consisted of five original
dimensions and also comprised two new dimensions which are based on review of literature. Data were gathered from 692 participants of FLPs having attended any of FLPs in north India. The judgmental sampling method was adopted to select the respondents. Data were analyzed on the basis of reliability test, gap scores, and paired t-test analysis. The results indicated that the perceptions of participants could not be met on seven dimensions of the service quality of FLPs in north India. Authors strongly feel that no such studies have been conducted
where the service quality of FLPs

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04/12/2025

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Finance India September 2025 Issue Vo. 39, No. 3 Article 9 Women Empowerment in Rural Punjab : The SmartPLS Analysis Approach byBalbir Kaur, Abhay Jain and Anand Bansal
The study aimed to develop a model for evaluating the impact of
participation in SHGs on women empowerment using three dimensions (Authority, Autonomy, and Inter-spouse consultation) of women empowerment. A well-structured questionnaire was prepared using a 7-point Likert's scale. The targeted population was the women who are members of SHGs in rural Punjab. In total, 432 respondents were chosen from rural areas of Punjab after dividing it into different regions, districts, and then into blocks. Data analysis was performed using EFA (Exploratory Factor Analysis) and CFA (Confirmatory Factor Analysis) with the Smart PLS 3.0 tool. The present study is based on the reflectiveformative construct model wherein higher order construct, i.e., women empowerment, has been taken as a dependent variable. The results
depicted that participation in SHGs has a significant impact on women empowerment.

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