This article seeks to examine the relationship between the board size and firm performance. Existing literature on board size is based on different theories of corporate governance. While agency theory and resource dependency theory suggest that the board size positively affects performance, stewardship theory favours smaller board size and argues that larger board size negatively impacts the firm performance. The present article adds to the empirical literature by employing panel data analysis of 145 non-financial companies listed in the NSE CNX 200 Index of India corresponding to 16 industries. The study is carried out for a period of five years from 2008 to 2012. The firm performance has been measured using Tobin's Q and the market-to-book value ratio (MBVR) as market-based measures and return on assets (ROA) and return on capital employed (ROCE) as accounting-based measures. The fixed effect model, random effect model and feasible generalised least square (FGLS) regression models are applied to achieve the above-mentioned objectives. The results conclude that the board size has a positive and significant impact on the firm performance.

This paper aims at analysing the state of the Digital Economy by observing growth patterns of some Developmental Variables (GDP and GDP Per capita) and some digitisation variables. We have analysed with the help of growth models, correlation and Granger Causality amongst Developing, Developed and the World Economy during a period of recent 15 years. There are five main findings. First, the existence of strong network economies between the broadband and the mobile technologies in developed world. Second, a general decline in fixed line services amongst all three-country grouping, which is not surprising. Third, economic growth variables and growth in mobile services are integrally linked. Fourth, there is bi-way causality between some growth variables and digitisation variables. Finally, there is evidence of a digital divide because digital economy at the global is dominated by developed economies, especially in E-commerce, which is a massive chunk of the global economy.

The maturity structure of corporate debt is one of the significant financing choices that a firm must make simultaneously while deciding how to finance its operational and investment decisions. Even though the capital structure is one of the scrutinized topics of interest in the area of corporate finance literature, there are scarce studies investigating corporate debt maturity—even less so in the context of emerging markets. The choice of a suitable debt maturity structure is extremely relevant for firms as it can enable them to avoid mismatch by aligning assets in line with liabilities, address agency related problems, sidestep the ill effects of cost of capital and signal about the firms’ earning quality and value. The study investigates the firm-specific and macroeconomic determinants that are significant for a debt maturity structure of Indian corporate firms. A sample of 29 non-financial firms listed on the National Stock Exchange during the period 2008–2016 was taken to test the hypothesis. Employing fixed effects panel data analysis, the study provides an empirical evidence that firm size, liquidity, asset maturity and base rate have significant effects on debt maturity choice in the Indian context, whereas tax effects, growth rate, firm quality and wholesale price index are not significantly related to the debt maturity structure. JEL Classification: C23, G20, G32

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The literature on crisis has often developed indices for measurement of crisis. The indices that have been developed in the earlier studies suffer from three problems: Conceptually, they include only exchange related variables and not other relevant variables that are crucial for international trade and international finance. The extant studies do not use a causal framework as a methodology for the selection of variable. Empirically, they do not use more evolved statistical tools such as Principal Component Analysis for constructing a composite index. This paper seeks to measure the international currency crisis of 1997 in Asia. It has taken the case of the A5 countries in 1997 and has developed a methodology meant to measure and explain currency crisis. The study has constructed composite indices for capturing the causes — macro-economic and financial — as well as an index of crisis. It uses Jha & Murthy's (2006) approach for constructing composite indices. It combines continuous and discrete approaches for defining and measuring crises and uses India as a ‘control’ which enables international and inter-temporal comparisons during crisis. An attempt to explain a widespread and complex phenomenon in terms of a single dependent variable would be incomplete and partial, where the dependent variables which represents the crisis are themselves a conglomerate of many factors. Since it is a complex phenomenon, it cannot be represented by one single variable. Moreover, these variables tend to be correlated. With the help of two composite indices — one for financial variables and another for macro variables, a fixed effects panel regression model is developed for explaining the crisis. The paper measures the decomposition effects of causal financial and macro variables on the crises. It has been found that Index of crises consists of exports, exchange rate, and interest rate. The financial index contains risk rating, domestic financing, and stock traded. The index of macro variables is based on GDP, capital formation, and budget balance. Macro index negatively influences crisis while financial index influences crisis positively. India as the base country clearly brings out the contrast between crises affected countries and neutral countries with the help of this methodology. The crisis window shows up very clearly, as it combines a discrete and continuous definition. Finally, the differences amongst the five Asian countries during crises are also brought out by this methodology.