http://dspace.dtu.ac.in:8080/jspui/handle/repository/16296 2026-05-19T19:45:17Z 2026-05-19T19:45:17Z SETHI, PALLAVI SINGH, Archana (SUPERVISOR) GUPTA, VIKAS (CO-SUPERVISOR) http://dspace.dtu.ac.in:8080/jspui/handle/repository/22701 2026-04-29T04:57:49Z 2026-03-01T00:00:00Z

Title: POST-REVIVAL PERFORMANCE ANALYSIS OF FINANCIALLY DISTRESSED INDIAN COMPANIES Authors: SETHI, PALLAVI; SINGH, Archana (SUPERVISOR); GUPTA, VIKAS (CO-SUPERVISOR) Abstract: NOT AVAILABLE

2026-03-01T00:00:00Z DESWAL, RANJANA Garg, Suresh Kumar (SUPERVISOR) http://dspace.dtu.ac.in:8080/jspui/handle/repository/22700 2026-04-29T04:01:39Z 2026-03-01T00:00:00Z

Title: GOOD GOVERNANCE AND CITIZEN HAPPINESS: A STUDY IN NCT OF DELHI Authors: DESWAL, RANJANA; Garg, Suresh Kumar (SUPERVISOR) Abstract: “Good Governance and Citizen Happiness: a study in NCT of Delhi” explores the role of government policies in enhancing citizen happiness and their broader socio-economic impacts. The study aims to find out the government policies that are highly relevant for citizens in enhancing their happiness. Happiness has now been accepted as a goal of public policy. This has interconnected happiness and governance intricately. Trust in public institutions is crucial for human well-being. Inequality lowers the happiness In devising policy, citizen happiness should be considered as one of the objectives. Though higher GDP and higher per capita income are important but there exists a link between the state of happiness and rule of law. In measuring progress, now researchers are including happiness as one of the measures. How to handle inequality and achieve long-term sustainability appears to be the key challenge of governance and happiness. In the Indian context, very few studies are available to find the role and impact of government policies on citizen happiness. The major gap is the absence of considering the relevance and quality of implementation of multiple policies together in one study. This analysis draws on diverse contexts including India’s Government policies of social welfare, the governance models of Nordic countries, the transformative potential of Artificial Intelligence (AI) in public policy, and the urban development strategies under India’s Smart Cities Mission. In this study methodology has been designed to take perspectives of various stakeholders. The respondents included beneficiaries, policy makers and implementation executives. Primary data was collected using a structured questionnaire with comprehensive scale of 40 items covering different policy dimensions. Tools of Excel and SPSS were used for analysis. vi Techniques of Descriptive analysis to identify patterns, advanced technique of TISM was applied to map relationships while case study provided deeper contextual insights. Government policies of social welfare, law and order, pollution health, education and creating opportunities have been studied and found to improve citizen happiness by ensuring effective resource allocation, efficient implementation mechanisms, and relevance to citizen needs. These policies contribute to a productive and innovative workforce, which in turn promotes a cooperative and sustainable business environment, reinforcing economic growth. Nordic countries have consistently ranked higher in the United Nations World Happiness Report mainly due to four factors: comprehensive social welfare and public services, adherence to rule of law and justice, protection of freedom and human rights, and sustained economic stability. The Total Interpretative Structural Model (TISM) derived from these insights offers a strategic framework for policymakers aiming to replicate such success, enhancing transparency and trust in public institutions. The integration of AI in public policy constitutes an innovative step for efficient policy design and deployment. AI’s capacity to analyse complex demographic and socio-economic data enables simulation of policy scenarios and optimization of resources. Digital governance and data-driven monitoring further ensure effective implementation, bridging gaps between policy intent and impact to enhance citizen happiness. India’s Smart Cities Mission illustrates the application of technology innovation with the aim of improving the quality of life in cities. By implementing, smart economy, smart mobility, smart environment, smart people and smart living, this initiative demonstrates how targeted policies can improve citizen happiness and promote sustainable development. Collectively, these insights affirm that Governments which prioritize citizen wellbeing in their policymaking can stimulate economic growth, enhance social cohesion, and ensure sustainable vii development. However, in this study only select policies have been examined in the setting of Delhi, with respondents drawn from the same region and it is based on descriptive methods, interviews, and case studies. Further work will use factor analysis to identify key drivers & Structural Equation Modelling to establish relationships among them. Future empirical studies can help to confirm relationships between impact of citizen happiness and the business & economic environment and measure their strength more precisely.

2026-03-01T00:00:00Z SISODIA, ANJALI Maheshwari, G. C.(SUPERVISOR) Malhotra, Deepali (CO-SUPERVISOR) http://dspace.dtu.ac.in:8080/jspui/handle/repository/22699 2026-04-28T10:02:41Z 2024-12-01T00:00:00Z

Title: COST OF CAPITAL & CAPITAL STRUCTURE – A STUDY OF SELECTED INDIAN COMPANIES Authors: SISODIA, ANJALI; Maheshwari, G. C.(SUPERVISOR); Malhotra, Deepali (CO-SUPERVISOR) Abstract: The relationship between capital structure and cost of capital is a fundamental aspect of corporate finance. It involves understanding how the mix of debt and equity financing affects a company’s overall cost of capital, which in turn influences its valuation and financial strategy. This study investigates the relationship between capital structure and cost of capital for selected companies listed on the NIFTY 50 index over the period 2010-2024. The analysis focuses on various determinants of capital structure and their impact on the overall cost of capital, substantiated through prominent capital structure theories such as the Trade-Off Theory, Pecking Order Theory, and Agency Theory. The study examines the determinants of capital structure by identifying key variables influencing the capital structure of NIFTY companies. The secondary data from financial statements of NIFTY 50 companies, spanning 2010-2024 has been investigated and dependent variables like debt-equity ratio and independent variables: tangibility, taxability, liquidity, profitability and WACC were analysed. The regression analysis to explore the impact of independent variables on the capital structure and cost of capital is implemented. Literature indicates that debt financing offers tax benefits since interest payments are tax-deductible. This deduction reduces the company’s taxable income and, consequently, its tax liability, effectively lowering the cost of debt. However, excessive reliance on debt increases financial risk, particularly during economic downturns or periods of cash flow issues. As a result, lenders may demand higher interest rates to compensate for the increased risk, thus raising the cost of debt. Generally, the cost of debt is lower than the cost of equity due to the tax shield. Yet, as debt levels rise, the marginal cost of additional debt increases because of the heightened risk of financial distress. In contrast, equity financing does not provide tax benefits, making it more expensive than debt. Investors require a higher return on equity to compensate for the greater risk compared to debt. However, equity financing offers greater financial flexibility and reduces the risk of financial distress. Companies with higher equity levels are better positioned to withstand economic downturns and have more flexibility in their financial strategies. One potential drawback of issuing new equity is the dilution of existing shareholders’ ownership, which may concern current shareholders and management. The study found that moderate levels of debt can reduce the overall cost of capital due to tax benefits. However, high levels of debt increase financial risk and the cost of capital. Companies with higher equity levels tend to have a higher cost of capital due to the higher required return on equity. However, these companies also benefit from greater financial stability and flexibility. The optimal capital structure for NIFTY companies appears to be a balanced mix of debt and equity, where the cost of capital is minimized, and financial flexibility is maintained. The relationship between capital structure and cost of capital is complex and influenced by various factors, including tax benefits, financial risk, and investor expectations. The findings from the study of NIFTY companies suggest that a balanced approach to capital structure, leveraging both debt and equity, can help minimize the overall cost of capital while maintaining financial stability. The study concludes that the capital structure of NIFTY companies is influenced by multiple factors, including tangibility, taxability, liquidity, profitability and WACC. These determinants play a crucial role in shaping the cost of capital. The findings align with prominent capital structure theories, providing a comprehensive understanding of the dynamics between capital structure and cost of capital for Indian companies. This study provides valuable insights into how companies can optimize their capital structure to minimize the cost of capital. Corporate Managers can use the findings to make strategic decisions about financing, balancing debt and equity to minimize the cost of capital and enhance shareholder value. It is important for strategic financial planning, helping companies make informed decisions about financing options. The companies by understanding the optimal mix of debt and equity, can achieve financial stability, reducing the risk of financial distress and contributing to overall economic stability. Policymakers can use the findings to develop regulations that encourage optimal capital structures, promoting sustainable economic growth fostering a stable and efficient financial market. The insights help investors and financial analysts assess the financial health and risk profile of companies, leading to more informed investment decisions and portfolio management. The research provides a foundation for further studies on capital structure, encouraging exploration of new variables and models in different economic environments.

2024-12-01T00:00:00Z MANASWI, KUMAR http://dspace.dtu.ac.in:8080/jspui/handle/repository/22349 2025-12-10T10:05:00Z 2025-12-01T00:00:00Z

Title: SUSTAINABLE INVESTMENTS AND INVESTMENT PERFORMANCE: AN EMPIRICAL STUDY FROM INVESTORS’ PERSPECTIVE Authors: MANASWI, KUMAR Abstract: The global spotlight on sustainability, ethical governance, and responsible corporate practices has led to an increased interest in integrating Environmental, Social, and Governance (ESG) into investment decisions. This thesis investigates the performance and implications of ESG-based investments, particularly within the Indian market, aiming to explore how ESG criteria influence financial outcomes and asset managers‘ investment strategies. Given the growing interest in sustainable investing worldwide, the study is critical, especially in emerging markets like India. The rationale behind this study stems from the urgent global challenges that require immediate attention, including climate change, social inequality, unethical corporate practices, and environmental degradation. Further, ESG investing, also known as sustainable or responsible investing, has gained considerable traction, particularly in developed economies such as the USA, the European Union, and Japan. However, its adoption in India remains nascent. Three primary objectives drive this study. The first objective was to assess the impact of ESG on shareholder wealth, using Tobin‘s Q as a proxy to measure the wealth of shareholders in companies listed on the Nifty 500 index. This involved a comprehensive analysis of ESG scores of firms spanning the period from 2015 to 2022, with ESG scores extracted from Bloomberg and financial data from Prowess. The study also examined whether innovation moderates the relationship between ESG and shareholders' wealth. Fixed Effects Panel Data regression was employed to analyse the relationship between ESG scores and shareholder wealth. Tobin‘s Q was the dependent variable, while the independent variables included combined ESG scores and their individual components (E, S, and G). Four models were tested to determine whether environmental, social, and governance scores were significantly associated with shareholders' wealth. The second objective was to analyse the performance of ESG-based portfolios to determine whether ESG investments yield competitive returns compared to traditional investments. These portfolios were created based on ESG scores. The top 10% of total v firms based on ESG scores had a separate portfolio, and similarly, the Bottom 10% consisted of firms with the lowest ESG scores. Based on this, the study assessed a total of eight portfolios - TOPESG, BOTTOMESG, TOP ENV, BOTTOMENV, TOPSOC, BOTTOMSOC, TOPGOV, and BOTTOMGOV. Out of 500 firms in the Nifty 500, only 278 had ESG scores from Bloomberg Terminal; therefore, each portfolio consisted of twenty-eight firms. After the construction of these portfolios, they were assessed using the Fama-French five-factor model to assess the performance of these portfolios. In the Fama-French five-factor model, portfolios are assessed based on five factors: market risk premium, size, value, profitability, and investment. This assessment allowed for a nuanced examination of how ESG interact with traditional risk factors (such as market risk and value risk) in explaining portfolio returns. The third objective was to evaluate the role of ESG in shaping the investment decisions of asset managers in India and whether professional experience moderates this relationship. A structured questionnaire was designed and distributed to asset managers across India, resulting in 41 responses. The data collected was analysed using Smart PLS 4.0, with a focus the influence of environmental, social, and governance factors on investment decisions, as well as the moderating role of professional experience in shaping these decisions. The findings of this study offer valuable insights into the current state of ESG investing in India. The findings from the first objective revealed that there was no statistically significant relationship between overall ESG scores and shareholder wealth. Similarly, the individual environmental and social scores did not show a significant association with shareholders‘ wealth. In contrast, the Governance score had a significant positive impact on shareholders‘ wealth, indicating that investors highly value strong corporate governance practices. Companies with robust governance mechanisms—such as transparency, accountability, and effective risk management—tend to inspire greater investor confidence, which in turn positively impacts their market valuation. This emphasises the significance of governance as a fundamental component of ESG and accentuates the necessity for Indian corporations to enhance their governance frameworks in order to attract more ESG-conscious vi investors. These findings suggest that ESG, particularly environmental and social aspects, are not yet fully integrated into investment strategies in India. One possible explanation is that Indian investors and asset managers may not be sufficiently aware of the financial benefits of ESG integration. Alternatively, they may be deterred by the perceived costs and risks associated with implementing sustainable practices, especially in a developing economy like India. The second objective, which focused on the assessment of portfolios based on ESG, provided additional insights into the potential of ESG investing. The study revealed that the governance-based portfolios (TOPGOV) demonstrated positive alpha, suggesting that governance-focused investments can deliver positive returns even after adjusting for market and value risks. In contrast, the environmental and social portfolios (TOPESG, BOTTOMESG, TOPENV, and TOPSOC) exhibited negative alpha, implying that there may be unexplained factors—beyond those captured by the traditional risk factors—that negatively affect returns. This highlights the complexity of ESG investing and the need for further research to uncover the underlying drivers of these returns. Furthermore, in the third objective, the study also investigated the impact of ESG on Asset managers‘ investment decisions. The findings were mixed, with environmental factors showing no significant impact on investment decisions, while social and governance factors were influential. Asset managers appear to prioritise companies with strong social and governance practices, likely due to the perceived stability and ethical integrity these practices bring to their investments. The role of professional experience was also significant, with more experienced asset managers emphasizing social and governance factors in their decision-making process. This suggests that professional experience enhances the ability to recognise the long-term value of sustainable practices, particularly in social responsibility and corporate governance. The implications of this study are significant for a variety of stakeholders. Policymakers can draw inferences from this study to focus on improving corporate governance standards and promoting greater transparency in ESG reporting. By doing so, they can create a more conducive environment for sustainable investing in India. For corporations, the research underscores the importance of strengthening governance practices to enhance investor confidence and attract more ESG-focused vii investments. The study also reinforces the significance of professional development and training in ESG for managers, as more experienced managers are more likely to make well-informed decisions regarding ESG integrations of ESG in investments. For investors, the findings suggest that while ESG investing—particularly in governance- related aspects—can deliver positive financial outcomes, there is still a need for greater awareness and integration of environmental and social factors into investment strategies. Investors should adopt a more comprehensive approach to ESG, recognizing that long-term value creation is likely to be enhanced by sustainable practices. This thesis contributes to the growing literature on ESG investing by providing a detailed analysis of the Indian market. While governance factors are already recognised for their positive financial impact, environmental and social factors require further integration into investment strategies. The findings emphasise the need for sector-specific and investor-specific research to better understand the role of ESG in different contexts. Future research should focus on methodological innovations, regulatory changes' impact, and behavioural factors' influence on ESG investment performance.

2025-12-01T00:00:00Z