Financial Year Research Articles

Transparency and Readability of the Financial Statements of the Ceará Government during the Covid-19 Pandemic

The context of exceptionality generated by the Covid-19 pandemic has made once insurmountable rules more flexible, bringing to the state the legal duty to act more transparently and understandably to avoid flaws in public spending. Based on the specific state legislation on data transparency in this period, this article aims to present the disclosure of information by the Government of the state of Ceará according to State Law nº 17,257 of August 3rd, 2020, and analyze the readability of the Explanatory Notes of the General Balance Sheet and the Social Balance Sheet for the financial year 2020 (Governo do Estado do Ceará, 2020). The case study demonstrates a cut in the control criteria of public spending from March 2020 to March 2021, evaluating the mechanism used descriptively and qualitatively when investigating the case of transparency in the scope of the information presented by the Ceará government and the application of the Flesch and Gunning-FOG indices adapted for the Portuguese language. In the end, we indicated some improvements in the level of systems integration. In conclusion, the degree of transparency was achieved, presenting total compliance with the specified information and median textual comprehensibility in six of the seven categories.

Provision of interpreting support for cross-cultural communication in UK maternity services: A Freedom of Information request

BackgroundLanguage, communication and understanding of information are central to safe, ethical and efficient maternity care. The National Health Service (NHS) commissioning board, NHS England, describes how healthcare providers should obtain language support through professionally trained interpreters. Providers of interpreters are commissioned to deliver remote/face to face interpretation across the NHS. Services can be booked in advance or calls can be made in real time. However, women report infrequent use of professionally trained interpreters during their maternity care, often relying on friends and family as interpreters which can compromise confidentiality, disclosure and accuracy. MethodsTo determine the demand for, and provision of, professionally trained interpreters in practice, we sent a Freedom of Information (FOI) request to 119 NHS Trusts delivering maternity services in England in November 2022. For the financial years 2020/2021 and 2021/2022, we asked how many women in the maternity service were identified as needing an interpreter, the number and mode of interpreter sessions, and the annual spend on interpreting services. Data were analysed using descriptive statistics. ResultsOne hundred maternity Trusts responded by 21st April 2023 (response rate 100/119–84 %). Of these, 56 (56 %) recorded a woman's need for an interpreter. Nineteen Trusts relied on documentation in paper notes and 37 Trusts recorded the information on a digital system. From the 37 Trusts where this information could be digitally retrieved, women requiring interpreter support reflected between 1 and 25 % of the annual birth rate of the Trust (average 9 %) and received an average of three interpreter sessions across their pregnancy, birth and postnatal journey. Telephone was the dominant mode used for interpreting sessions, though 11 Trusts favoured face to face interpreting. Financial spend on interpreting services varied across Trusts; some funded their own in-house interpreting services, or worked with local community groups in addition to their contracted interpreting provider. ConclusionInformation obtained from this FOI request suggests that documentation of a woman's interpreting need is not complete or consistent across NHS maternity services. As a result, it is not clear how many women require an interpreter, the mode of provision or how frequently it is provided, and the cost involved. However, the limited information available suggests a failure to provide interpreter support to women at each scheduled care encounter. This raises questions about, the risk of women not understanding the care being offered, and the increased risk of uninformed, unconsented care as women traverse pregnancy and birth. TweetableThere appears to be failure to provide interpreter support to women at each scheduled maternity care encounter increasing the risk of uninformed, unconsented care.

Costs of orphan medicinal products: longitudinal analysis of expenditure in Wales

Abstract Background The Orphan Regulation ((EC) No 141/2000) has successfully redirected private and public investment towards previously neglected areas through incentives, regulatory obligations and rewards. However, the growth in the number of licensed orphan medicinal products (OMPs) has led to concerns about increased costs. The aims were to investigate the trend in the costs of OMPs to the National Health Service in Wales, to attribute costs of medicines within and outside periods of marketing exclusivity, and estimate the contribution of individual medicines to the overall costs of OMPs. Methods Expenditure on OMPs in Wales was analysed between the 2014/15 and 2019/20 financial years using data on prescriptions dispensed in primary care, secondary care, and specialised commissioned services. OMP spend was calculated as a proportion of total medicines expenditure, whether it was incurred during, or outside the marketing exclusivity period (MEP), and by therapeutic area and medicine. Results Overall spend on OMPs and all medicines increased from £32 m to £82 m, and from £1,030 m to £1,198 m, respectively, with the proportion of spend on OMPs more than doubling from 3.1% to 6.9% per annum. Average year-on-year growth in the costs of OMPs was 21%, compared to 2% for other medicines. Costs following MEP expiry contributed significantly to overall OMP costs, increasing from £8 m to £30 m, corresponding to an increase from 24% to 37%. Treatments for ‘malignant disease and immunosuppression’, ‘nutrition and blood’ and the ‘respiratory system’ accounted for 90% of all OMP spend. Half of total OMP annual expenditure was on just 4 medicines in 2014/15, increasing to 8 in 2019/20. Conclusions Both the number of OMPs and the amount spent on OMPs in Wales has increased over time, possibly as a consequence of favourable licensing conditions, permissive health technology assessment policies and dedicated funding.

Understanding The Reasons for High Rates of Caesarean Section Deliveries in Telangana, South India: An Explorative Study

Background: Telangana continues to top the list of the highest number of caesarean section (C-section) deliveries in the country for the financial year 2019-2020. As per NFHS-5 it is about 60.7% deliveries out of the total number of all institutionalized childbirths. This study aims to address the crucial research gap by qualitatively exploring the reasons for the high rates of unnecessary C-section rates in the state of Telangana. Methodology: A purposive sampling was done across the health care facilities and geographies in the State & the districts were selected based on high, medium and low CS rates. A 360-degree stakeholder engagement approach was taken for a qualitative exploration to find out the reasons. Results: Medical, behavioural, cultural, and infrastructure including health system related factors have contributed to the rise of C-sections, particularly unnecessary elective C-sections. Limited trained personnel for doing normal deliveries in the public sector, infrastructure and safety issues for mother and child, and a preference for painless deliveries, and prior CS delivery stood out. Conclusions: As per the study's findings, it can be said that non-medical reasons account for a high percentage of C-sections in Telangana.

The association of demographics, frailty and multiple health conditions with outcomes from acute medical admissions to hospitals in England: exploratory analysis of an administrative dataset

Emergency and acute hospital services in England are under increasing pressure. The aim of this study was to investigate the association between key case-mix indicators and outcomes for adults admitted to hospital with an acute medical condition in England. All patients aged ≥16 years admitted to hospital in England as an acute unselected medical admission and who survived to discharge during the financial year 2021-2022 were included. Length of hospital stay was the primary outcome of interest. Data were available for 1,586,168 unique patients. A case-mix index was developed with a score that ranged from 0 to 12. Frailty was the most important variable in the index, followed by multiple health conditions and patient age. The mean case-mix score across hospital trusts in England ranged from 5.3 to 7.8. The case-mix index will support initiatives to better understand factors contributing to outcomes from acute medical admissions to hospital.

A Comprehensive Analysis of the Drivers Behind the Effective Tax Rate of Financial Times Stock Exchange (FTSE) in Malaysia

This study examines corporate effective tax rates (ETR) of Malaysian multinational corporations (MNC) listed in the Financial Times Stock Exchange (FTSE) Bursa Malaysia Kuala Lumpur Composite Index (KLCI) and FTSE Bursa Malaysia Mid 70 Index. The main objective of this study is to examine the relationship between the ETR of MNCs with subsidiaries in tax haven countries, and selected corporate characteristics such as firm size, leverage, capital intensity, return on assets, inventory intensity, profit margin, and foreign directors. Using a multiple linear regression approach on a balanced panel sample of 68 companies (321 firm-years) spanning 2017 to 2021, the study provides evidence for the variability of corporate ETRs in which the average corporate ETRs falls below the STR for the financial year 2021 of 24%. The statistical results also reveal that lower ETRs are associated with highly leveraged companies, and greater investments in fixed assets. Further, a negative coefficient for return on assets and profit margin suggests that companies have benefited from tax incentives provided by the government. Hence, this study contributes to tax literature and policymakers on factors that influence the corporate ETR, especially MNC with subsidiaries in tax haven countries. Tax authorities should implement tight monitoring to avoid these MNCs extensively engaging in tax planning which will result in revenue loss to the Malaysian income tax collection.

The Role of Small Farmers Agribusiness Consortium (SFAC) Towards Doubling Farmers' Income: The Case of Kerala, India

This paper describes the proactive interventions and positive impacts made by SFAC Kerala in the agribusiness sector. As we all know, doubling farmers' income is the main target of the country's agriculture sector during this period. SFAC Kerala also strives to achieve the same goal. Here, the performance of the 54 agribusiness units initiated by SFAC Kerala in the last five years (from the 2017-18 financial year to the 2021-2022 financial year) duration has been considered for analysis and interpretation. Census methodology has been adopted in this study. Primary data was collected from all the above agencies through the telephonic interview method. Barring a decline phase during the Covid pandemic, SFAC's efforts towards doubling farmers' income have been successful. The average monthly income of farmers has increased by over sixty percent in the last five financial years. If the current growth rate is maintained, SFAC will achieve the target of doubling farmers' income within a minimum of five financial years through the agribusiness sector. Advanced technology adoption and professional management approach in the field of agribusiness are more helpful in the journey towards it.

The Effects of Investigators' Resignations on Officers Performance at Wanaheda Police Station

Resignations among seasoned investigators continue to impede service delivery worldwide, with Africa experiencing challenges due to constant recruitment and the lure of better remuneration in the private sector (Kamau & Omondi, 2020; Mukwevho & Bussin, 2021). This issue is not exclusive to the Namibian Police Force, which struggles to compete with well-paying organisations, such as commercial banks and government agencies (Namweya, 2017). Wanaheda Police Station, classified as an 'A' class station, boasts significant human resources and jurisdiction. However, it operates with a shortfall of investigators, with only 26 of the required 57 investigators available (Namibian Police Force, 2021). This shortage is attributed to a lack of motivation and recognition, leading officers to seek transfers or resignations (Namibian Police Force, 2021). Despite public expectations for effective investigations, there's a considerable backlog of unresolved cases due to slow investigations (Namibian Police Force, 2021). During the 2020/2021 financial year, Wanaheda Police Station registered 12,624 cases, but only 425 underwent complete police investigation, leaving 96.6% pending due to ongoing investigations, among other reasons. This statistic highlights systemic issues in the crime investigation process, which links investigation delays to prolonged court proceedings. The primary reason for this slow investigative process in the Namibian Police Force and Wanaheda Police Station is the strained human resources of investigators (Namweya, 2017). Thus, there is a pressing need to investigate the impact of the departure of approximately 18 investigators from 2017 to 2021 on service delivery at the Wanaheda Police Station.

Working Capital Management Practices on Profitability of Manufacturing Firms Listed in Nairobi Securities Exchange, Kenya

The major purpose for which any company is formed is to generate profits for the shareholders. Profits are meant to keep growing and not static if the business is to be sustainable. Profits refer to the gains used for the benefit of the business stakeholders and is generally calculated after a specified period of time, for example within a financial year. The profitability of a business can be described as the ratio that provides more information about the profit number benchmarked against a given point of reference like the investments or equity of a firm. Through the profitability, the company is able to determine its combined success in the market that is crucial to its growth and survival more so to manufacturing firms. Profitability ratios are also used in examining the financial health of a company. The profits of the 9 manufacturing firms listed in the Nairobi Securities exchange has been dwindling for the period under study triggering the researcher to want to know whether declining profits was in any way related to the working capital management practices. The general objective of the study was to investigate working capital management practices on profitability of manufacturing firms listed in Nairobi Securities Exchange. The specific objectives of the study were; to analyze the effect of cash holding management practices on profitability of manufacturing firms listed in NSE, to determine the influence of inventory management practices on profitability of manufacturing firms listed in NSE, to assess the effect of current liabilities management practices on profitability of manufacturing firms listed in NSE and to analyze the influence of debtors’ management practices on profitability of manufacturing firms listed. The research relied heavily on the cash conversion cycle theory, the profit innovation theory, and the credit theory. The research strategy used in this study was explanatory. Nine manufacturing companies trading on the Nairobi Stock Exchange were the focus of the research. Due to the small sample size, the research relied on census data. Secondary data was gathered from the publicly available financial statements of the targeted organizations for the time period. The data was analyzed using the 23rd edition of the Social Science Statistical Package (SPSS).It was decided to do a panel data analysis. Secondary data in the form of panel data was used for the study, which spanned the years 2014 to 2022. The way in which cash is handled by management has a major impact on the bottom line. The financial success of companies trading on the NSE's manufacturing index is also significantly impacted by how well they manage their inventories. A company's financial success is significantly impacted by how well it handles its current obligations and by how well it handles its debtors. According to the study's findings, NSE-listed manufacturing businesses' financial performance may be described by differences in cash holding management methods, inventory management practices, Current liabilities management strategies, and debtors' management practices alone. Based on the findings, it was suggested that NSE-listed manufacturing firms improve their financial performance by implementing better cash holding management practices, inventory management practices, Current liabilities management practices, and debtors' management practices.

The effect of auditor switching, audit opinions, and financial distress on audit delay

<p>Mining companies are among the Indonesian capital market's most popular or sought-after sectors. As companies listed on the Indonesia Stock Exchange <em>(Bursa Efek Indonesia-BEI</em>), they are also obliged to provide regular financial reports. An independent auditor will review this financial report. The process of auditing financial statements until the final report by an independent auditor is called audit delay. Audit delay is the time required to carry out an audit from the end of the financial year until an independent auditor completes the audit report. Researchers in this study looked at the possibility that audit delays were caused by factors such as auditor switching, audit opinion, and financial distress. Mining business actors on the Indonesia Stock Exchange (<em>Bursa Efek Indonesia-BEI</em>) are the subjects of this research. This research used non-probability sampling and purposive sampling to obtain 140 research samples. Non-participant observation is used to get this data. To analyze the data using multiple linear regression with the help of the Statistical Package for Social Science (SPSS) software. The research results show that auditor switching has no impact on audit delay. In the case of audit delay, it does not matter whether the auditor changes or not. On the other hand, audit delay can occur due to the audit opinion given by the auditor, especially if the argument is unreasonable. Last, audit delays are exacerbated if the company experiences financial distress, whether caused by internal or external factors. The reason is that when auditors carry out audits on companies experiencing financial distress, they will be more careful, and of course, it will take a long time.</p>

Non-Performing Assets of Public Sector Banks for the Financial Year 2022

NPA are seen to be essential components in establishing a bank's profitability. However, banks' profitability is currently falling as NPAs grow. NPA is the main problem that the financial institution and the company are facing. The performance of banks and other institutions is being harmed by mounting NPAs. To reduce the effect of NPA losses on the banks, however, banks must continue to make provisions for NPAs. Compared to other sector banks, NPAs in public sector banks are rising faster. According to an analysis of the aforementioned research from FY'22, SBI, the largest public sector bank, should be more concerned about its low Gross NPA compared to its Gross Advance, whereas CENTRAL BANK OF INDIA should be more concerned about its high Gross NPA.

Employee qualifications and competencies versus deployment: Existing gaps in the context of Masinde Muliro University of Science and Technology (MMUST), Kenya

Staff competency is a key factor in ensuring an organization performs and delivers on her mandates. Both professional and academic are important indicators of competency and it evolves over time in line with presenting scenarios. A mismatch between staff competencies and deployment creates apathy towards work which greatly compromises performance. At Masinde Muliro University of Science and Technology for instance, in the first half of the financial year 2021/2022, about 3% of employees left the service in search for greener pastures elsewhere. This was largely due to job dissatisfaction arising from improper deployment among other reasons. This study was conducted to establish the relationship between staff qualifications and competencies vis-à-vis deployment and the extent to which this relationship affected staff performance. A Mixed Methods Research Design, allowing a blend of both quantitative and qualitative paradigms was employed. A cross-sectional design was adopted as the study targeted a cross-section of staff across all cadres. Results show that while a majority of staff are qualified for the various assignments they are assigned to perform, a small proportion do not have the requisite skills. This could be explained by the fact that the University has not fully operationalized her HR manual and therefore the machinery for measuring staff performance is weak and needs improvement. Further, it is also evident that apart from academic qualifications, professional training is equally vital. There is therefore need for continuous professional training which should equip staff with the most current skills needed for effective delivery of services.

Assessment of open-pit captive limestone mining areas using sentinel-2 imagery with spectral indices and machine learning algorithms

Limestone mining is a significant economic activity in India, accounting for around 10% of the GDP however, it has certain negative environmental consequences. The objective of this study is to determine the spatial distribution area of captive limestone mines using remote sensing datasets, spectral index, and machine learning algorithms and compare their area estimation with industrial field survey reports for the financial year 2019. The study area includes a limestone resource area of 2226.16 ha with an excavation area of 487.10 ha in 2019. In the present research, we used a high-resolution Sentinel-2A satellite dataset to map and compute the active mining area by implementing the Normalised Vegetation Index (NDVI), Iterative Self-Organizing Data Analysis Technique (ISODATA), K-Nearest Neighbours (KNN), and Random Forest (RF) algorithms in the QGIS 3.18 software tool. The RF classifier estimated a limestone mine area of 379.57 ha with user accuracy (UA) of 97.25% and producer accuracy (PA) of 99.18% with a kappa coefficient value of 0.957. The mine area was estimated at 417.47 ha with a UA of 98.99% and PA of 99.10% and kappa value of 0.947 of the KNN method, The NDVI method estimated 469.92 ha with a UA of 93.63% and PA of 92.04% and kappa value 0.685. This research confirmed that the RF classifier well performed in classification with overall accuracy (OA) of 95.79% to KNN (OA of 94.78%), NDVI (OA of 79.84%) classifiers, and ISODATA poor in classification with OA of 64.16%. This research assists limestone mine owners and environmental engineers in making environmentally sustainable decisions, eco-friendly mine design, and monitoring.

Pay-for-Performance incentives for specialised services in England: a mixed methods evaluation

BackgroundA Pay-for-Performance (P4P) programme, known as Prescribed Specialised Services Commissioning for Quality and Innovation (PSS CQUIN), was introduced for specialised services in the English NHS in 2013/2014. These services treat patients with rare and complex conditions. We evaluate the implementation of PSS CQUIN contracts between 2016/2017 and 2018/2019.MethodsWe used a mixed methods evaluative approach. In the quantitative analysis, we used a difference-in-differences design to evaluate the effectiveness of ten PSS CQUIN schemes across a range of targeted outcomes. Potential selection bias was addressed using propensity score matching. We also estimated impacts on costs by scheme and financial year. In the qualitative analysis, we conducted semi-structured interviews and focus group discussions to gain insights into the complexities of contract design and programme implementation. Qualitative data analysis was based on the constant comparative method, inductively generating themes.ResultsThe ten PSS CQUIN schemes had limited impact on the targeted outcomes. A statistically significant improvement was found for only one scheme: in the clinical area of trauma, the incentive scheme increased the probability of being discharged from Adult Critical Care within four hours of being clinically ready by 7%. The limited impact may be due to the size of the incentive payments, the complexity of the schemes’ design, and issues around ownership, contracting and flexibility.ConclusionThe PSS CQUIN schemes had little or no impact on quality improvements in specialised services. Future P4P programmes in healthcare could benefit from lessons learnt from this study on incentive design and programme implementation.

Cash Management and Financial Performance of Listed Agricultural Firms in Nigeria

The financial performance of agricultural has been declining to recent time where most of the agricultural firms reported deficits in their income statement, following the dwindling revenues, firms are in a deep financial crisis that can possibly lead some of them to a halt. Proper cash management is essential for any organizational survival. This is because an institutions’ inability to identify relevant cash management practices can be its source of inability to perform. The general objective of this study was to determine the effect of cash management on financial performance of listed agricultural firms in Nigeria. The study employed an ex-post facto research design. The study population was five (5) listed agricultural firms on the Nigerian Exchange Group (NGX). A sample size of five (5) agricultural firms was used using a census sampling technique covering ten financial years (2012 to 2021). The data used in this study were secondary sourced from annual reports and statement of accounts of the selected firms between 2012 and 2021. The method of data analysis is descriptive statistic, unit root test, diagnostics test and panel ordinary least square (OLS) with the help of E-view v12. The findings showed that there is a significant effect of cash and cash equivalent on return on assets, there is no significant effect of cash turnover on return on assets, there is no significant effect of cash and cash equivalent on return on equity and there is no significant effect of cash turnover on return on equity of listed agricultural firms in Nigeria. It was suggested amongst others that given that cash and cash equivalent were found to enhance return on assets as a measure of financial performance of agricultural firms, this study therefore recommends for continuous embracement of these cash and cash equivalent by agricultural firms in Nigeria.

Empowering Whistleblowing Policy within Public Listed Companies: Current Practice in Malaysia

Whistleblowing is an act of disclosing any unethical or questionable act within an organization by disclosing them to individuals, the public or authorities that could influence the wrongdoing. It became an important part of the corporate governance process as such action would benefit society and the organization. With the increase in whistleblowing cases involving publicly listed companies (PLCs) by the mass media in Malaysia, there is a dearth of information on to what extent these PLCs manage whistleblowing matters. As a general practice, albeit not compulsory, many publicly listed companies disclose whistleblowing statements in their annual report. As this aspect of corporate governance for the employees is still unexplored, this study purports to explore the form of disclosure on whistleblowing policy by publicly listed companies in Malaysia for the financial year ending 2021. This study is a content analysis of 918 annual reports of companies listed in Malaysia. The findings reveal that most of the companies disclosed matters relating to whistleblowing policies in their Statement of Corporate Governance section, established whistleblowing policies, and mentioned the importance of whistleblowing activities within sections in their annual reports. This study focuses on companies’ annual reports. Future studies could be conducted to assess whistleblowing disclosure in other mediums such as the official websites of the companies. The study explored the aspect of corporate governance for the employee as practiced within publicly listed companies in Malaysia. The findings revealed the companies’ best practices for promoting transparency and accountability within organizations.

An Empirical Study on Factors Influencing on Dividend Payout in India with Respect to NIFTY 50 Companies

This article examined the factors influencing the dividend payout of Non financing and non-banking companies listed in NIFTY 50 India. Generating profit is one of the key characteristics of the successful firms. So, when these profits are attained firms distribute profits with their shareholders (investor’s) in the form of dividends. So here we are going to see the various factors which are influencing the dividend payout in India’s NIFTY Fifty. This study covers for the tenure of 5 financial years (2018 - 2023). Various theoretical models have been developed by academicians and researchers to empirical examine the impact of factors on dividend payout ratios of different companies, and it is also suggested that managers should use these models while making decision for dividend payments, Grullon et al. (2002).
 So, in this paper we are going to find the various factors influencing the dividend payout, and we are also going to draw the conclusion by using Descriptive Statistics, Correlation, Simple Regression and Panel Data Analysis. Companies with higher ROE tend to exhibit higher dividend payout ratios, underscoring the role of profitability as a strong driver of dividend distribution policies. Conversely, the Debt-to-Equity Ratio (DE Ratio) consistently demonstrates a negative relationship with DP Ratio, implying that companies with higher debt levels relative to equity tend to have lower dividend payout ratios. This emphasizes the impact of financial leverage on dividend decisions, as firms with substantial debt obligations prioritize debt servicing over dividend payments.

Poverty Reduction through MGNREGA in Himachal Pradesh

People are considered poor if their levels of income and consumption fall below a given minimum level necessary to fulfill their basic needs. Poverty reduction aims at improving the quality of life through various government schemes launched from time to time. The Mahatma Gandhi National Rural Employment Guarantee Act, 2005 or MNREGA is one such scheme that provides hundred days of guaranteed employment to each household in a financial year. The present paper is an endeavour to study the impact of the scheme on poverty reduction in the Sirmour and Solan districts of the states of Himachal Pradesh. For this study, 400 below poverty line (BPL) MNREGA beneficiaries were selected and data collected with the help of a questionnaire on aspects like food availability, earnings, expenditure patterns, risk management, and savings, among others. Their level of living has improved significantly, and the scheme has been proven to be an important source for their income and survival. The study also revealed that after MNREGA employment, the poor were able to procure food grains from fair price shops and grain shops. The findings also show that expenditure on the education of children, medical facilities, insurance, entertainment, social occasions, etc. has increased in poor households after the implementation of MNREGA.

MGNREGP - PROBLEMS AND CHALLENGES IN ARUNACHAL PRADESH

ABSTRACT The National Rural Employment Guarantee Scheme was introduced in 2005 under National Rural Employment Guarantee Act (NREGA), 2005. On 2nd October’2009, NREGA has been renamed as Mahatma Gandhi National Rural Employment Act (MGNREGA). MGNREGA provides 100 days of guaranteed employment opportunities in a financial year to any rural household whose adult members are willing to do unskilled manual work at the statutory minimum wage. It is an important step towards the realisation of the Right to Work. It is also expected to enhance People’s livelihoods on a sustainable basis by developing the economic and social infrastructure in rural areas. The MGNREGP is different from earlier wage employment programmes because of its legal and demand-driven framework. However, there is no denying fact that there have been many problems in infusing the system with the new culture of demand-driven, right-based and decentralized decision making. The present study was carried in Lohit district of Arunachal Pradesh where the Mahatma Gandhi National Rural Employment Guarantee Programme (MGNREGP) was initiated in second phase in the financial year 2007-08.

Impact of macroeconomic factors on firm performance: Empirical evidence from India

Understanding the macroeconomic factors is essential for all firms operating in the economy. Investment decisions, financing decisions, and risk management of firms are influenced by the existing macroeconomic factors, thereby impacting their performance. This paper examines the effect of macroeconomic factors on the performance of Indian manufacturing firms. Two-step generalized method of moments model is applied in this investigation to analyze the effect of firm performance from the financial year 2004-05 to 2021-22. Firm performance is proxied by two accounting-based measures and a market-based measure, namely, return on assets, return on equity, and Tobin’s Q, respectively, while the macro-economic factor is proxied by annual gross domestic product growth rate. The empirical findings show that firm performance has a positive relationship with macroeconomic factors. In addition, the findings reveal that firm size, firm age, leverage, sales growth, and operating profit impact firm performance. The study further extends to examine the moderating effect of financing constraints (measured by firm size and age) on macroeconomic factors and firm performance. The results show that the effect is more pronounced on small and young firms as compared to large and mature firms. The study also evaluates the impact of macroeconomic factors on firm performance excluding the crisis periods (the financial crisis of 2008 and the COVID-19 pandemic) and finds the impact on the market performance to be insignificant during non-crisis periods. This study recommends that lenders, managers, and other stakeholders should take proactive policy measures for any anticipated adverse changes in macroeconomic factors on the performance of Indian firms. AcknowledgmentsThe financial and infrastructural support provided by FORE School of Management, New Delhi, India in completing this paper is gratefully acknowledged.