Research Aims: This case study explores the 'Mohan Biscuit Udhyog' in Dhankuta, Nepal, a traditio... more Research Aims: This case study explores the 'Mohan Biscuit Udhyog' in Dhankuta, Nepal, a traditional, small-scale business that has become a cultural symbol and popular gift. Despite expansion challenges, including the impact of COVID-19, the business has maintained its appeal by preserving its artisanal approach, relying on community-driven marketing, and considering trademarks to protect its key products against competition. Design/methodology/approach: The paper has adopted a single case study research design. A single case study research design is a collective term for an in-depth analysis of a small non-random sample (Hunziker & Blankenagel, 2021). Among 15 biscuit industries operating at Dhankuta, only one biscuit industry, Mohan Biscuit Udhyog', is taken as sample for the case study for the paper. Research Findings: The study highlights the role of heritage-based enterprises in fostering community identity, sustainable production, and cultural preservation, suggesting that similar rural businesses can succeed by emphasizing quality, local heritage, and community engagement. This case underscores the potential of rural entrepreneurship in creating culturally significant brands that contribute both economically and socially to their regions. Over time, despite having varieties of products, Dhankute Coconut Biscuits have grown in popularity, attributed to their unique firewood-baked flavor, traditional production methods, and a strong local reputation sustained through word-of-mouth marketing. This shows how a single product can maintain the image and continuity of the small-scale business. Theoretical Contribution/Originality: This case study of Dhankute Coconut Biscuits exemplifies how traditional businesses, rooted in community and heritage, can create lasting economic and cultural value, offering valuable insights into the intersection of local entrepreneurship and cultural preservation.
An acquisition is a strategic tool to enhance a competitive advantage. However, the a... more An acquisition is a strategic tool to enhance a competitive advantage. However, the acquisition practice in the Nepalese banking industry is done to strengthen the capital base of the acquiring bank and reduce the number of banks and financial institutions in the industry. The paper considers the commercial banks that have exercised acquisitions of other financial institutions since the enactment of the Acquisition Bylaws in 2013. Nepal Rastra Bank, has enacted acts and bylaws related to the acquisition of financial institutions. After the enactment of the Acquisition Bylaws in 2013, the number of development banks and finance companies heavily declined in the Nepalese financial market, as did the number of commercial banks, which also dropped through acquisitions and mergers between commercial banks. The results found that acquisition practices strengthen the capital base and manage the liquidity position of the acquiring commercial banks. Nevertheless, the acquiring bank needs to manage the non-performing loan, integrate human resources and accounting systems, and ultimately satisfy the shareholders of the acquired banks and financial institutions, as well as its own human resources and shareholders.
Elections are vital to democracy, ensuring representation, peaceful transitions, and stability. T... more Elections are vital to democracy, ensuring representation, peaceful transitions, and stability. They resolve conflicts and legitimise leadership. However, dissatisfaction among youth voters due to political infighting and slow governance has created negative perceptions. Social media significantly impacts political engagement, and educating new voters is essential for strengthening democracy and fostering informed participation. Using a historical-analytical research design with elements of quantitative analysis, this article assesses the public participation in Nepal’s political system right from the autocratic Rana and Panchayat rule to general elections for the House of Representative in 1959, 1991, 1994,1999, 2017 and 2022 and Constitution Assembly elections of 2008 and 2013. It infers that voter participation in Nepal has evolved significantly, especially after the 1951 democratic revolution, and in democratic periods, voter turnout remained strong, even during the Maoist insurgency. The 2008Constituent Assembly election marked a shift towards a federal democratic republic, with increased voter engagement in 2013. Political stability and local governance structures have since revivified voter interest, with youth increasingly advocating for reforms and shaping Nepal's political future.
Green finance is an emerging concept of finance, where investment and credit for renewable energy... more Green finance is an emerging concept of finance, where investment and credit for renewable energy, energy efficiency, pollution control, biodiversity conservation, and sustainable uses of natural resources boost environmentally friendly activities for a better financial return. Nepal, with a high concentration of natural resources and biodiversity, requires green finance. Hence, the central bank of Nepal, Nepal Rastra Bank (NRB), in collaboration with the United Nations Development Program (UNDP) and the International Finance Corporation (IFC), drafted Environmental and Social Risk Management (ESRM) in May 2018. Then, after the banks and financial institutions (BFIs) were directed and encouraged to make green financing within the total credit portfolio. The paper used data published by the NRB, where the 'A' class banks have allocated credit for agriculture, hydro-power projects, the tourism sector, and small and medium enterprises (SMEs) under green financing, where agriculture covered 11-13 percent of the total credit portfolio, while the remaining three sectors credit portfolios varied from 2018-19 to 2022-23. The paper also found that the banks have not invested in waste management under the green financing program. Hence, an immediate diversification of credit portfolio under green financing by 'A' class banks and transparent green financing reporting is needed, with better climate-related disclosure adjoined with the credit disbursement by BFIs.
Indian Journal of Commerce & Management Studies, 2024
Purpose: The present study examines on the corporate governance (CG) practices prevalent in India... more Purpose: The present study examines on the corporate governance (CG) practices prevalent in India and Nepal, as Corporate Governance emphasizes on fairness, transparency, accountability and responsibility.. The present study is an attempt to add value to this domain since no previous study comparing the CG practices in these countries was so far. Problem: India and Nepal had their own share of financial crises and problems besetting the trust of investors while the former took several measures to instil trust among the stakeholders, shareholders, regulatory bodies and the public. Nepal, on the other hand, has taken initiatives in the late 2010s and is expected to fulfil the intended objectives. The present study compares and contrasts the CG practices in these two countries. Methodology: The present study is a narrative review that encompasses data from the published articles, government data, external affairs ministry, standard organizations, books, research papers etc. Further, the present study also theoretically analyses the gap and provides suggestions to the policy makers. Findings: From the theoretical analyses, it can be inferred that although both countries experienced with financial scandals, India has been a forerunner in installing CG practices widely and gained edge compared to Nepal. On the other hand, Nepal has taken the necessary initiatives to move forward in the corporate ladder with its manpower, closeness to India both geographically and politically, and vibrant economy. Originality: The present study is a first of its kind attempt to compare the corporate governance practices between India and Nepal while the future studies should focus on CG practices in all SAARC countries as well.
1The economy of Nepal is based on the inflow of remittances sent by the Nepalese who have gone ab... more 1The economy of Nepal is based on the inflow of remittances sent by the Nepalese who have gone abroad for foreign employment. The trend started after the start of the Maoist insurgency and has been going on due to a lack of employment opportunities within the nation. Other than remittance, tourism and a certain amount of foreign aid have been the sources of foreign exchange earnings for Nepal. These sources of FOREX have been able to maintain the balance of payments in Nepal. One unique feature of FOREX rates in Nepal is that the Nepalese rupee (NPR) is pegged with the Indian rupee (INR), the currency of the neighboring nation, India. The central bank of Nepal, Nepal Rastra Bank, publishes FOREX rates for 21 different countries on a daily basis, though exchange rates for 16 currencies have been publishing buying and selling rates for the past decade. Hence, the paper analyzed the distribution nature of 16 countries FOREX buying and selling rates and found that INR FOREX rates have no randomness as they are pegged. The most concerned currencies, like USD, SAR, QAR, and AED, were fitted with beta distribution capabilities to reflect the future trend of the exchange rate. At the same time, the GBP buying rate, JPY, and KRW buying and selling rates were best-fitted in general extreme value (GEV), reflecting the risky nature of currencies. The exchange rate distribution seems to be a concern to the exporter and importer, as the nature of the distribution could help to categorize the level of FOREX risk with a specific currency.
Corporate governance includes a set of relationships among Board of Directors, management team, e... more Corporate governance includes a set of relationships among Board of Directors, management team, employees, and other stakeholders of an organization. Corporate governance is a mechanism that determines the setting of goals, attainment of objectives, and monitoring of the performance of an entity. Banks and financial institutions (BFIs.) in Nepal have been under great concern regarding good corporate governance from the regulatory body, Nepal Rastra Bank (NRB), a central bank of Nepal. After back-to-back off-site supervision and on-site supervision, issues of corporate governance have come to the surface. Issues of corporate governance at Nepalese BFIs go beyond the picture reflected in the books of accounts and financial indicators. Hence, issues of corporate governance have been raised in the courtrooms of Nepal. Thus, the paper conducted a case study on the issues of corporate governance within Nepalese BFIs. In such a scenario, the Supreme Court of Nepal, in most cases, gave verdicts in favor of the central bank, found the top managerial personnel to be the main culprit, and ordered it to settle the issues as corporate governance comes under the jurisdiction of NRB.
Journal of Business and Management Review, Aug 2023
Information plays a vital role in the trading process on the stock market. The buying and selling... more Information plays a vital role in the trading process on the stock market. The buying and selling prices are not only influenced by demand and supply of the listed stocks among investors and traders but are also important for intraday traders. Hence, looking at the importance of information related to the stock market, the media houses cover the news, make covers, post breaking news, and do other journalistic reporting on the stock market. Therefore, the paper conducted a quantitative content analysis of the media coverage of the Nepalese stock market by the two national broadsheet daily newspapers. The paper found that stock market fluctuation coverage was more covered by the private-owned broadsheet Nepalese newspaper than the government-owned broadsheet Nepalese newspaper. Similarly, the tone of the coverage of the stock market was determined by the trend of the stock market. The bullish market was represented by a positive tone, and vice versa. Similarly, a large number of headline news stories were printed in the broadsheet newspaper by both government-owned and private-owned broadsheet newspapers. Nevertheless, the media coverage of the Nepalese stock market has been just a formality for the national-level broadsheet newspapers, as the investors have been getting real-time-based information through online portals that are completely devoted to reporting on the stock market.
A return from the stock market is assumed to follow the random walk hypothesis. An investor is co... more A return from the stock market is assumed to follow the random walk hypothesis. An investor is concerned about the risk and returns of the fund in which he or, she has invested. A risk-averse investor develops a portfolio with a secured return followed with a perfect prediction. Hence, a normality test for the market return is an easier way to diversify and eliminate risk. Thus, this paper tests the normality of the returns from the ‘blue-chip’ stocks in the context of NEPSE. A NEPSE Sensitive Index is an index calculated based on the trade of stocks for large, capital-based Nepalese listed companies with better earning histories and higher book values. The NEPSE sensitive index and NEPSE sensitive float index are tested for normality. The paper followed the data visualization technique, descriptive statistics, and test statistics to test the normality and find out the parameters of normal distribution. The paper found that the daily return from both indices best fit a normal distribution. Hence, two basic statistical parameters from the returns, i.e., the mean and standard deviation, are sufficient to estimate future trend for ‘blue-chip’ stock return in Nepal. The governing body should develop a new index that would better represent the market movement in the coming days that would be beneficial to predict the return movement from NEPSE.
Investors are concerned with market fluctuation. At NEPSE, market fluctuation is linked to the tr... more Investors are concerned with market fluctuation. At NEPSE, market fluctuation is linked to the trade volume and number of shares traded during a specific day. A change in the benchmark index, NEPSE, in the Nepalese stock market depends on the market capitalization. Hence, to estimate the market pattern, a better understanding of the distribution nature of the trade volume and number of trades is beneficial to Nepalese investors. This ultimately helps an investor understand the market mechanism. The paper has followed basic descriptive statistics and a graphical presentation of the PP Plot, QQ Plot, and PDF Plot to test the normality and distribution nature of the NEPSE yearly trade volume and number of trades. Finally, the Sharpio-Wilk test, Jarque-Bera test, Kolmogorov-Smirnov test, and Anderson-Darling (A2) test are applied to test the goodness of fit for the observed and the respective NEPSE yearly trade volume and number of trades. The paper found that the NEPSE's yearly trade volume and number of trades from the year of its establishment to the fiscal year 2021-22 have a leptokurtic distribution. Similarly, the paper shows the distribution of trade volume and the number of trades toward non-normality. The probability distribution function reflects the log-normal (3P) distribution, also known as Galton's distribution, for both sets of data. The distribution of the NEPSE's yearly trade volume and number of trades is best fitted by Galton's distribution. The fitting of this specific distribution reflects a compounding effect on the transactions taped during the last two decades and more. Hence, an investor who enters in a NEPSE floor with a small numbers of scrips would multiply the numbers in a period of times.
INTELLIGENCE Journal of Multidisciplinary Research, 2023
Better inventory management is essential for preventing excess
costs and waste of money for the ... more Better inventory management is essential for preventing excess costs and waste of money for the distillery. The funds used in managing inventory could be used in branding and marketing the products. Hence, the paper tries to find an impact of inventory management on the profitability of one of the listed companies of Nepal, Himalayan Distillery Limited. A paper followed a correlation research design using secondary data for the sampled company. The paper found a high degree of positive correlation between closing stocks and raw materials and also closing stocks with packaging and other materials. A regression analysis reflected no significant relationship or statistical association between the inventory-related variables and the profitability of the sample company.
Nepalese Journal of Hospitality and Tourism Management, 2023
Snow-capped mountains and Nepal are analogous. The mountains have become synonymous with Nepal. T... more Snow-capped mountains and Nepal are analogous. The mountains have become synonymous with Nepal. The mountains that run along Nepal's northern border have become not only a symbol of the country but also an important part of its economy. The nation and the Nepalese tourism industries have been branding the snow-capped mountains to attract tourists from around the world. Mountaineers around the world visit Nepal to conquer the mountains. In the process of mountaineering, Nepal has been generating a good amount of revenue. Hence, the paper tries to find out the contribution of mountain tourism to the Nepalese economy. For this purpose, the paper followed a correlation research design. The paper found a perfect connection between the number of mountaineers arriving in Nepal and the royalty collection from them. Hence, the increasing number of mountaineers ultimately determined the royalty collection from mountaineering. Nevertheless, the paper also disclosed that the number of expedition teams and mountaineers arriving in Nepal for mountaineering has a positive connection with the real gross domestic product (GDP) of Nepal.
The paper aimed to evaluate the performance of the Nepalese commercial banks using the EAGLE rati... more The paper aimed to evaluate the performance of the Nepalese commercial banks using the EAGLE rating model developed by Vong (1994) based on the bank's earning ability ratio, assets quality ratio, growth rate, liquidity, and equity to which an acronym as EAGLE. Vong and Song (2015) added the 'S' element afterward under EAGLE, renaming EAGLES. The strategy response quotient (S) shows management's capacity to set deposit and loan rates and to control a bank's interest burden, calculated as non-interest income minus any overhead costs. The paper considered the financial information of all the commercial banks operating in Nepal from 2018-19 to 2020-21. The paper found that the banks with a short history in the Nepalese banking industry with aggressive market expansion were at the top of the position under the EAGLES rating. The paper also found that ranking for return on equity (E) and ranking for non-performing loan ratio (A) and ranking for return on equity (E), and ranking for capital adequacy ratio (E) have a significant relationship while determining the ranking of the commercial banks. Similarly, the paper found that the bank with a better position for all the components of EAGLES was at the top for the government-owned commercial banks, while for joint venture banks, the bank with better loan growth, liquidity position, and capital structure was at the top.
The importance of social media has increased among investors due to the instant availability of i... more The importance of social media has increased among investors due to the instant availability of information on a real-time basis. The adoption of social media even increased heavily during the COVID-19 pandemic. The reliability of the posts related to the stock market is the concern; nevertheless, follow them to track the stock market trend. The Nepalese stock market investors found to follow the posts, opinions, and views on social media but are reluctant to follow blindly. Similarly, the Nepalese investors have partial faith in the specialized group formed on social media, and found to be attached to the group to get information. But the investors filter the information as per their knowledge and necessity.
Strengthening the legal protection of intellectual property (IP) is a major concern for entrepren... more Strengthening the legal protection of intellectual property (IP) is a major concern for entrepreneurs, inventors, and intellectual communities. It is accountable to the nation to protect its indigenous technology by strengthening its legal footing. Nepal, being a member of the World Trade Organization, is bound to develop a legal framework for the protection of intellectual property. Hence, the country has updated the laws related to IP within the Constitution, Acts, and Rules. There are an increasing number of legal conflicts arising regarding intellectual property in the courts of Nepal. The paper deals with the decisions forwarded on IP-related cases by the Supreme Court of Nepal. In the context of Nepal, an issue or complaint related to IP is initially filed at the Department of Industry as per the prevailing legal provisions relevant to IP. If the settlement is not confined to the department, then the case is forwarded to the District Court. The district-level court settled most IP-related legal cases in Nepal. Further, if the district-level court does not settle the case, it is then appealed to the High Court (then the Appellate Court). Few IP-related legal cases have reached the jurisdiction of Nepal's Supreme Court, where they have been quashed on appeal, upheld lower-level court judgments, or even upheld or defended the decision of the Department of Industry or the Copyright Registrar's Office. Nevertheless, given the dynamic nature of the business environment, the court of law should also go for amicus curiae for a better understanding of the crimes and to give a proper judgment on IP-related cases. At the same time, the government of Nepal needs to enact the necessary acts to show a commitment to the promise made in an international arena like the World Trade Organization.
The paper conducted a qualitative analysis among the Nepalese econophysicist-cum-investors regard... more The paper conducted a qualitative analysis among the Nepalese econophysicist-cum-investors regarding their opinions on the investment environment of the Nepalese stock market (NEPSE) and the challenges they have been facing while going for an investment decision. The paper also obtained NEPSE interviewees' perspectives on the screening process as well as their perspectives on the distribution nature of the market return. The paper followed the grounded theory to come up with certain theories based on the opinions. The paper found that the strong fundamentals of the listed companies were a concern for the interviewees. Similarly, wrong information and trading procedures were concerns among interviewees. The paper also found from interviews that the published financial reports of the listed companies helped in screening the shares to make a better portfolio among the Nepalese econophysicit-cuminvestors. Finally, when it comes to the distribution of the NEPSE return, most interviewees believe it follows the normal distribution. The interviewees believed that the market return follows the power law when the bull run continues, backed by the extreme magnitude of trade volume as well as the perfect political and economic condition of the nation. They also linked the nature of return distribution with the behavioral factors of the investment decision process.
The returns' distribution nature from the stock market is a concern for investors to determine th... more The returns' distribution nature from the stock market is a concern for investors to determine the future trend of the market. An assumption of normality for the stock market returns concerned the academician and investors. Nevertheless, the random walk theory assumes randomness in the market return. In this context, the paper studied the distribution nature of the month-wise returns from the Nepalese Stock Market (NEPSE). The paper revealed month-wise returns far away from normality. Similarly, going through each month-wise return, an extreme value theory (EVT) based distribution better fitted for most of the month-wise returns from NEPSE. Nevertheless, the return distribution for the month of mid-December, mid-July, and mid-November was predictable in nature.
Journal of Business and Social Sciences Research, 2022
The paper shows the impact of working capital management on the profitability position of the onl... more The paper shows the impact of working capital management on the profitability position of the only listed cement industry of Nepal, i.e., Shivam Cement Limited (SHIVM). The paper has applied correlation coefficient and regression analysis to interpret the data defines as dependent and independent variables. The paper used net profit margin (NPM) as a dependent variable, while the receivable conversion period (RCP), payable deferral period (PDP), inventory conversion period (ICP), cash conversion cycle (CCC), current assets to total sales ratio (CASR), and current liabilities to total sales ratio (CLSR) are taken as independent variables to see an impact of working capital on profitability of the SHIVM. The paper found that SHIVM is efficient in generating revenue by utilising current assets and current liabilities. The paper also found that neither RCP nor ICP or CCC was seen as related to the profitability of the SHIVM. Nevertheless, only the PDP has a negative impact on the NPM of the SHIVM. This shows that an increase in the PDP for the SHIVM would not lead to an increase in its profitability. ICP of SHIVM is only highly correlated with the CCC, as the nature of the industry maintaining a bulk inventory also determined the relation.
The present work has come out of my master degree level thesis and the persons who remained sourc... more The present work has come out of my master degree level thesis and the persons who remained source of inspiration and contribution to the present study deserve to be acknowledged in the right earnest.
Online advertising is becoming more popular because it is easier to access and less expensive. Si... more Online advertising is becoming more popular because it is easier to access and less expensive. Similar to this, the regulatory limitations on the use of conventional advertising instruments for advertisements in Nepal boosted the popularity of online advertisements. Therefore, a marketer also wants their advertisement to be very efficient at getting customers to remember their products. The goal of the paper is to determine how well Nepalese online advertisements help consumers recall products. The article polled 270 Nepalese customers who have gone through online advertisements. The study discovered banner ads the most preferred type of online as among the respondents. The paper found that online ads helped to make online purchasing decisions and recalling products. The respondents were concerned about the value associated with the product displayed in online ads. Similarly, the Nepalese online ad viewers did not find effective in the use of humor in online ad in recalling the products and services.
Research Aims: This case study explores the 'Mohan Biscuit Udhyog' in Dhankuta, Nepal, a traditio... more Research Aims: This case study explores the 'Mohan Biscuit Udhyog' in Dhankuta, Nepal, a traditional, small-scale business that has become a cultural symbol and popular gift. Despite expansion challenges, including the impact of COVID-19, the business has maintained its appeal by preserving its artisanal approach, relying on community-driven marketing, and considering trademarks to protect its key products against competition. Design/methodology/approach: The paper has adopted a single case study research design. A single case study research design is a collective term for an in-depth analysis of a small non-random sample (Hunziker & Blankenagel, 2021). Among 15 biscuit industries operating at Dhankuta, only one biscuit industry, Mohan Biscuit Udhyog', is taken as sample for the case study for the paper. Research Findings: The study highlights the role of heritage-based enterprises in fostering community identity, sustainable production, and cultural preservation, suggesting that similar rural businesses can succeed by emphasizing quality, local heritage, and community engagement. This case underscores the potential of rural entrepreneurship in creating culturally significant brands that contribute both economically and socially to their regions. Over time, despite having varieties of products, Dhankute Coconut Biscuits have grown in popularity, attributed to their unique firewood-baked flavor, traditional production methods, and a strong local reputation sustained through word-of-mouth marketing. This shows how a single product can maintain the image and continuity of the small-scale business. Theoretical Contribution/Originality: This case study of Dhankute Coconut Biscuits exemplifies how traditional businesses, rooted in community and heritage, can create lasting economic and cultural value, offering valuable insights into the intersection of local entrepreneurship and cultural preservation.
An acquisition is a strategic tool to enhance a competitive advantage. However, the a... more An acquisition is a strategic tool to enhance a competitive advantage. However, the acquisition practice in the Nepalese banking industry is done to strengthen the capital base of the acquiring bank and reduce the number of banks and financial institutions in the industry. The paper considers the commercial banks that have exercised acquisitions of other financial institutions since the enactment of the Acquisition Bylaws in 2013. Nepal Rastra Bank, has enacted acts and bylaws related to the acquisition of financial institutions. After the enactment of the Acquisition Bylaws in 2013, the number of development banks and finance companies heavily declined in the Nepalese financial market, as did the number of commercial banks, which also dropped through acquisitions and mergers between commercial banks. The results found that acquisition practices strengthen the capital base and manage the liquidity position of the acquiring commercial banks. Nevertheless, the acquiring bank needs to manage the non-performing loan, integrate human resources and accounting systems, and ultimately satisfy the shareholders of the acquired banks and financial institutions, as well as its own human resources and shareholders.
Elections are vital to democracy, ensuring representation, peaceful transitions, and stability. T... more Elections are vital to democracy, ensuring representation, peaceful transitions, and stability. They resolve conflicts and legitimise leadership. However, dissatisfaction among youth voters due to political infighting and slow governance has created negative perceptions. Social media significantly impacts political engagement, and educating new voters is essential for strengthening democracy and fostering informed participation. Using a historical-analytical research design with elements of quantitative analysis, this article assesses the public participation in Nepal’s political system right from the autocratic Rana and Panchayat rule to general elections for the House of Representative in 1959, 1991, 1994,1999, 2017 and 2022 and Constitution Assembly elections of 2008 and 2013. It infers that voter participation in Nepal has evolved significantly, especially after the 1951 democratic revolution, and in democratic periods, voter turnout remained strong, even during the Maoist insurgency. The 2008Constituent Assembly election marked a shift towards a federal democratic republic, with increased voter engagement in 2013. Political stability and local governance structures have since revivified voter interest, with youth increasingly advocating for reforms and shaping Nepal's political future.
Green finance is an emerging concept of finance, where investment and credit for renewable energy... more Green finance is an emerging concept of finance, where investment and credit for renewable energy, energy efficiency, pollution control, biodiversity conservation, and sustainable uses of natural resources boost environmentally friendly activities for a better financial return. Nepal, with a high concentration of natural resources and biodiversity, requires green finance. Hence, the central bank of Nepal, Nepal Rastra Bank (NRB), in collaboration with the United Nations Development Program (UNDP) and the International Finance Corporation (IFC), drafted Environmental and Social Risk Management (ESRM) in May 2018. Then, after the banks and financial institutions (BFIs) were directed and encouraged to make green financing within the total credit portfolio. The paper used data published by the NRB, where the 'A' class banks have allocated credit for agriculture, hydro-power projects, the tourism sector, and small and medium enterprises (SMEs) under green financing, where agriculture covered 11-13 percent of the total credit portfolio, while the remaining three sectors credit portfolios varied from 2018-19 to 2022-23. The paper also found that the banks have not invested in waste management under the green financing program. Hence, an immediate diversification of credit portfolio under green financing by 'A' class banks and transparent green financing reporting is needed, with better climate-related disclosure adjoined with the credit disbursement by BFIs.
Indian Journal of Commerce & Management Studies, 2024
Purpose: The present study examines on the corporate governance (CG) practices prevalent in India... more Purpose: The present study examines on the corporate governance (CG) practices prevalent in India and Nepal, as Corporate Governance emphasizes on fairness, transparency, accountability and responsibility.. The present study is an attempt to add value to this domain since no previous study comparing the CG practices in these countries was so far. Problem: India and Nepal had their own share of financial crises and problems besetting the trust of investors while the former took several measures to instil trust among the stakeholders, shareholders, regulatory bodies and the public. Nepal, on the other hand, has taken initiatives in the late 2010s and is expected to fulfil the intended objectives. The present study compares and contrasts the CG practices in these two countries. Methodology: The present study is a narrative review that encompasses data from the published articles, government data, external affairs ministry, standard organizations, books, research papers etc. Further, the present study also theoretically analyses the gap and provides suggestions to the policy makers. Findings: From the theoretical analyses, it can be inferred that although both countries experienced with financial scandals, India has been a forerunner in installing CG practices widely and gained edge compared to Nepal. On the other hand, Nepal has taken the necessary initiatives to move forward in the corporate ladder with its manpower, closeness to India both geographically and politically, and vibrant economy. Originality: The present study is a first of its kind attempt to compare the corporate governance practices between India and Nepal while the future studies should focus on CG practices in all SAARC countries as well.
1The economy of Nepal is based on the inflow of remittances sent by the Nepalese who have gone ab... more 1The economy of Nepal is based on the inflow of remittances sent by the Nepalese who have gone abroad for foreign employment. The trend started after the start of the Maoist insurgency and has been going on due to a lack of employment opportunities within the nation. Other than remittance, tourism and a certain amount of foreign aid have been the sources of foreign exchange earnings for Nepal. These sources of FOREX have been able to maintain the balance of payments in Nepal. One unique feature of FOREX rates in Nepal is that the Nepalese rupee (NPR) is pegged with the Indian rupee (INR), the currency of the neighboring nation, India. The central bank of Nepal, Nepal Rastra Bank, publishes FOREX rates for 21 different countries on a daily basis, though exchange rates for 16 currencies have been publishing buying and selling rates for the past decade. Hence, the paper analyzed the distribution nature of 16 countries FOREX buying and selling rates and found that INR FOREX rates have no randomness as they are pegged. The most concerned currencies, like USD, SAR, QAR, and AED, were fitted with beta distribution capabilities to reflect the future trend of the exchange rate. At the same time, the GBP buying rate, JPY, and KRW buying and selling rates were best-fitted in general extreme value (GEV), reflecting the risky nature of currencies. The exchange rate distribution seems to be a concern to the exporter and importer, as the nature of the distribution could help to categorize the level of FOREX risk with a specific currency.
Corporate governance includes a set of relationships among Board of Directors, management team, e... more Corporate governance includes a set of relationships among Board of Directors, management team, employees, and other stakeholders of an organization. Corporate governance is a mechanism that determines the setting of goals, attainment of objectives, and monitoring of the performance of an entity. Banks and financial institutions (BFIs.) in Nepal have been under great concern regarding good corporate governance from the regulatory body, Nepal Rastra Bank (NRB), a central bank of Nepal. After back-to-back off-site supervision and on-site supervision, issues of corporate governance have come to the surface. Issues of corporate governance at Nepalese BFIs go beyond the picture reflected in the books of accounts and financial indicators. Hence, issues of corporate governance have been raised in the courtrooms of Nepal. Thus, the paper conducted a case study on the issues of corporate governance within Nepalese BFIs. In such a scenario, the Supreme Court of Nepal, in most cases, gave verdicts in favor of the central bank, found the top managerial personnel to be the main culprit, and ordered it to settle the issues as corporate governance comes under the jurisdiction of NRB.
Journal of Business and Management Review, Aug 2023
Information plays a vital role in the trading process on the stock market. The buying and selling... more Information plays a vital role in the trading process on the stock market. The buying and selling prices are not only influenced by demand and supply of the listed stocks among investors and traders but are also important for intraday traders. Hence, looking at the importance of information related to the stock market, the media houses cover the news, make covers, post breaking news, and do other journalistic reporting on the stock market. Therefore, the paper conducted a quantitative content analysis of the media coverage of the Nepalese stock market by the two national broadsheet daily newspapers. The paper found that stock market fluctuation coverage was more covered by the private-owned broadsheet Nepalese newspaper than the government-owned broadsheet Nepalese newspaper. Similarly, the tone of the coverage of the stock market was determined by the trend of the stock market. The bullish market was represented by a positive tone, and vice versa. Similarly, a large number of headline news stories were printed in the broadsheet newspaper by both government-owned and private-owned broadsheet newspapers. Nevertheless, the media coverage of the Nepalese stock market has been just a formality for the national-level broadsheet newspapers, as the investors have been getting real-time-based information through online portals that are completely devoted to reporting on the stock market.
A return from the stock market is assumed to follow the random walk hypothesis. An investor is co... more A return from the stock market is assumed to follow the random walk hypothesis. An investor is concerned about the risk and returns of the fund in which he or, she has invested. A risk-averse investor develops a portfolio with a secured return followed with a perfect prediction. Hence, a normality test for the market return is an easier way to diversify and eliminate risk. Thus, this paper tests the normality of the returns from the ‘blue-chip’ stocks in the context of NEPSE. A NEPSE Sensitive Index is an index calculated based on the trade of stocks for large, capital-based Nepalese listed companies with better earning histories and higher book values. The NEPSE sensitive index and NEPSE sensitive float index are tested for normality. The paper followed the data visualization technique, descriptive statistics, and test statistics to test the normality and find out the parameters of normal distribution. The paper found that the daily return from both indices best fit a normal distribution. Hence, two basic statistical parameters from the returns, i.e., the mean and standard deviation, are sufficient to estimate future trend for ‘blue-chip’ stock return in Nepal. The governing body should develop a new index that would better represent the market movement in the coming days that would be beneficial to predict the return movement from NEPSE.
Investors are concerned with market fluctuation. At NEPSE, market fluctuation is linked to the tr... more Investors are concerned with market fluctuation. At NEPSE, market fluctuation is linked to the trade volume and number of shares traded during a specific day. A change in the benchmark index, NEPSE, in the Nepalese stock market depends on the market capitalization. Hence, to estimate the market pattern, a better understanding of the distribution nature of the trade volume and number of trades is beneficial to Nepalese investors. This ultimately helps an investor understand the market mechanism. The paper has followed basic descriptive statistics and a graphical presentation of the PP Plot, QQ Plot, and PDF Plot to test the normality and distribution nature of the NEPSE yearly trade volume and number of trades. Finally, the Sharpio-Wilk test, Jarque-Bera test, Kolmogorov-Smirnov test, and Anderson-Darling (A2) test are applied to test the goodness of fit for the observed and the respective NEPSE yearly trade volume and number of trades. The paper found that the NEPSE's yearly trade volume and number of trades from the year of its establishment to the fiscal year 2021-22 have a leptokurtic distribution. Similarly, the paper shows the distribution of trade volume and the number of trades toward non-normality. The probability distribution function reflects the log-normal (3P) distribution, also known as Galton's distribution, for both sets of data. The distribution of the NEPSE's yearly trade volume and number of trades is best fitted by Galton's distribution. The fitting of this specific distribution reflects a compounding effect on the transactions taped during the last two decades and more. Hence, an investor who enters in a NEPSE floor with a small numbers of scrips would multiply the numbers in a period of times.
INTELLIGENCE Journal of Multidisciplinary Research, 2023
Better inventory management is essential for preventing excess
costs and waste of money for the ... more Better inventory management is essential for preventing excess costs and waste of money for the distillery. The funds used in managing inventory could be used in branding and marketing the products. Hence, the paper tries to find an impact of inventory management on the profitability of one of the listed companies of Nepal, Himalayan Distillery Limited. A paper followed a correlation research design using secondary data for the sampled company. The paper found a high degree of positive correlation between closing stocks and raw materials and also closing stocks with packaging and other materials. A regression analysis reflected no significant relationship or statistical association between the inventory-related variables and the profitability of the sample company.
Nepalese Journal of Hospitality and Tourism Management, 2023
Snow-capped mountains and Nepal are analogous. The mountains have become synonymous with Nepal. T... more Snow-capped mountains and Nepal are analogous. The mountains have become synonymous with Nepal. The mountains that run along Nepal's northern border have become not only a symbol of the country but also an important part of its economy. The nation and the Nepalese tourism industries have been branding the snow-capped mountains to attract tourists from around the world. Mountaineers around the world visit Nepal to conquer the mountains. In the process of mountaineering, Nepal has been generating a good amount of revenue. Hence, the paper tries to find out the contribution of mountain tourism to the Nepalese economy. For this purpose, the paper followed a correlation research design. The paper found a perfect connection between the number of mountaineers arriving in Nepal and the royalty collection from them. Hence, the increasing number of mountaineers ultimately determined the royalty collection from mountaineering. Nevertheless, the paper also disclosed that the number of expedition teams and mountaineers arriving in Nepal for mountaineering has a positive connection with the real gross domestic product (GDP) of Nepal.
The paper aimed to evaluate the performance of the Nepalese commercial banks using the EAGLE rati... more The paper aimed to evaluate the performance of the Nepalese commercial banks using the EAGLE rating model developed by Vong (1994) based on the bank's earning ability ratio, assets quality ratio, growth rate, liquidity, and equity to which an acronym as EAGLE. Vong and Song (2015) added the 'S' element afterward under EAGLE, renaming EAGLES. The strategy response quotient (S) shows management's capacity to set deposit and loan rates and to control a bank's interest burden, calculated as non-interest income minus any overhead costs. The paper considered the financial information of all the commercial banks operating in Nepal from 2018-19 to 2020-21. The paper found that the banks with a short history in the Nepalese banking industry with aggressive market expansion were at the top of the position under the EAGLES rating. The paper also found that ranking for return on equity (E) and ranking for non-performing loan ratio (A) and ranking for return on equity (E), and ranking for capital adequacy ratio (E) have a significant relationship while determining the ranking of the commercial banks. Similarly, the paper found that the bank with a better position for all the components of EAGLES was at the top for the government-owned commercial banks, while for joint venture banks, the bank with better loan growth, liquidity position, and capital structure was at the top.
The importance of social media has increased among investors due to the instant availability of i... more The importance of social media has increased among investors due to the instant availability of information on a real-time basis. The adoption of social media even increased heavily during the COVID-19 pandemic. The reliability of the posts related to the stock market is the concern; nevertheless, follow them to track the stock market trend. The Nepalese stock market investors found to follow the posts, opinions, and views on social media but are reluctant to follow blindly. Similarly, the Nepalese investors have partial faith in the specialized group formed on social media, and found to be attached to the group to get information. But the investors filter the information as per their knowledge and necessity.
Strengthening the legal protection of intellectual property (IP) is a major concern for entrepren... more Strengthening the legal protection of intellectual property (IP) is a major concern for entrepreneurs, inventors, and intellectual communities. It is accountable to the nation to protect its indigenous technology by strengthening its legal footing. Nepal, being a member of the World Trade Organization, is bound to develop a legal framework for the protection of intellectual property. Hence, the country has updated the laws related to IP within the Constitution, Acts, and Rules. There are an increasing number of legal conflicts arising regarding intellectual property in the courts of Nepal. The paper deals with the decisions forwarded on IP-related cases by the Supreme Court of Nepal. In the context of Nepal, an issue or complaint related to IP is initially filed at the Department of Industry as per the prevailing legal provisions relevant to IP. If the settlement is not confined to the department, then the case is forwarded to the District Court. The district-level court settled most IP-related legal cases in Nepal. Further, if the district-level court does not settle the case, it is then appealed to the High Court (then the Appellate Court). Few IP-related legal cases have reached the jurisdiction of Nepal's Supreme Court, where they have been quashed on appeal, upheld lower-level court judgments, or even upheld or defended the decision of the Department of Industry or the Copyright Registrar's Office. Nevertheless, given the dynamic nature of the business environment, the court of law should also go for amicus curiae for a better understanding of the crimes and to give a proper judgment on IP-related cases. At the same time, the government of Nepal needs to enact the necessary acts to show a commitment to the promise made in an international arena like the World Trade Organization.
The paper conducted a qualitative analysis among the Nepalese econophysicist-cum-investors regard... more The paper conducted a qualitative analysis among the Nepalese econophysicist-cum-investors regarding their opinions on the investment environment of the Nepalese stock market (NEPSE) and the challenges they have been facing while going for an investment decision. The paper also obtained NEPSE interviewees' perspectives on the screening process as well as their perspectives on the distribution nature of the market return. The paper followed the grounded theory to come up with certain theories based on the opinions. The paper found that the strong fundamentals of the listed companies were a concern for the interviewees. Similarly, wrong information and trading procedures were concerns among interviewees. The paper also found from interviews that the published financial reports of the listed companies helped in screening the shares to make a better portfolio among the Nepalese econophysicit-cuminvestors. Finally, when it comes to the distribution of the NEPSE return, most interviewees believe it follows the normal distribution. The interviewees believed that the market return follows the power law when the bull run continues, backed by the extreme magnitude of trade volume as well as the perfect political and economic condition of the nation. They also linked the nature of return distribution with the behavioral factors of the investment decision process.
The returns' distribution nature from the stock market is a concern for investors to determine th... more The returns' distribution nature from the stock market is a concern for investors to determine the future trend of the market. An assumption of normality for the stock market returns concerned the academician and investors. Nevertheless, the random walk theory assumes randomness in the market return. In this context, the paper studied the distribution nature of the month-wise returns from the Nepalese Stock Market (NEPSE). The paper revealed month-wise returns far away from normality. Similarly, going through each month-wise return, an extreme value theory (EVT) based distribution better fitted for most of the month-wise returns from NEPSE. Nevertheless, the return distribution for the month of mid-December, mid-July, and mid-November was predictable in nature.
Journal of Business and Social Sciences Research, 2022
The paper shows the impact of working capital management on the profitability position of the onl... more The paper shows the impact of working capital management on the profitability position of the only listed cement industry of Nepal, i.e., Shivam Cement Limited (SHIVM). The paper has applied correlation coefficient and regression analysis to interpret the data defines as dependent and independent variables. The paper used net profit margin (NPM) as a dependent variable, while the receivable conversion period (RCP), payable deferral period (PDP), inventory conversion period (ICP), cash conversion cycle (CCC), current assets to total sales ratio (CASR), and current liabilities to total sales ratio (CLSR) are taken as independent variables to see an impact of working capital on profitability of the SHIVM. The paper found that SHIVM is efficient in generating revenue by utilising current assets and current liabilities. The paper also found that neither RCP nor ICP or CCC was seen as related to the profitability of the SHIVM. Nevertheless, only the PDP has a negative impact on the NPM of the SHIVM. This shows that an increase in the PDP for the SHIVM would not lead to an increase in its profitability. ICP of SHIVM is only highly correlated with the CCC, as the nature of the industry maintaining a bulk inventory also determined the relation.
The present work has come out of my master degree level thesis and the persons who remained sourc... more The present work has come out of my master degree level thesis and the persons who remained source of inspiration and contribution to the present study deserve to be acknowledged in the right earnest.
Online advertising is becoming more popular because it is easier to access and less expensive. Si... more Online advertising is becoming more popular because it is easier to access and less expensive. Similar to this, the regulatory limitations on the use of conventional advertising instruments for advertisements in Nepal boosted the popularity of online advertisements. Therefore, a marketer also wants their advertisement to be very efficient at getting customers to remember their products. The goal of the paper is to determine how well Nepalese online advertisements help consumers recall products. The article polled 270 Nepalese customers who have gone through online advertisements. The study discovered banner ads the most preferred type of online as among the respondents. The paper found that online ads helped to make online purchasing decisions and recalling products. The respondents were concerned about the value associated with the product displayed in online ads. Similarly, the Nepalese online ad viewers did not find effective in the use of humor in online ad in recalling the products and services.
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Papers by Rashesh Vaidya
https://www.researchgate.net/publication/384189941_The_Power_of_the_People_Assessing_Voter_Participation_in_Nepal's_Political_System [accessed Sep 23 2024].
costs and waste of money for the distillery. The funds used in
managing inventory could be used in branding and marketing the
products. Hence, the paper tries to find an impact of inventory management on the profitability of one of the listed companies of Nepal,
Himalayan Distillery Limited. A paper followed a correlation
research design using secondary data for the sampled company. The
paper found a high degree of positive correlation between closing
stocks and raw materials and also closing stocks with packaging
and other materials. A regression analysis reflected no significant
relationship or statistical association between the inventory-related
variables and the profitability of the sample company.
https://www.researchgate.net/publication/384189941_The_Power_of_the_People_Assessing_Voter_Participation_in_Nepal's_Political_System [accessed Sep 23 2024].
costs and waste of money for the distillery. The funds used in
managing inventory could be used in branding and marketing the
products. Hence, the paper tries to find an impact of inventory management on the profitability of one of the listed companies of Nepal,
Himalayan Distillery Limited. A paper followed a correlation
research design using secondary data for the sampled company. The
paper found a high degree of positive correlation between closing
stocks and raw materials and also closing stocks with packaging
and other materials. A regression analysis reflected no significant
relationship or statistical association between the inventory-related
variables and the profitability of the sample company.