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STATE OWNED MULTINATIONAL ENTERPRISES: THEIR ROLE AS GLOBAL FIRMS

2026-02-24T04:41:58Z

Title: STATE OWNED MULTINATIONAL ENTERPRISES: THEIR ROLE AS GLOBAL FIRMS Authors: VATSAL Abstract: State-Owned Multinational Enterprises (SOMNEs) occupy a unique space in the global economy, intertwining the public mandate of state ownership with the competitive demands of international markets. This paper explores the dualistic identity of SOMNEs by examining two oil and gas giants, India’s Oil and Natural Gas Corporation (ONGC) and China’s China National Petroleum Corporation (CNPC) through the FESPET framework. The study evaluates how these enterprises reconcile socio-political goals with commercial practices across six dimensions: Finance, Environmental, Social, Political Economy, and Technology. The findings underscore how SOMNEs are shaped by the institutional environments and policy objectives of their home countries.

ECONOMIC RETURNS AND BEHAVIORAL BIASES IN SOLAR ENERGY INVESTMENT DECISIONS IN INDIA: A QUANTITATIVE ASSESSMENT USING SECONDARY DATA

2026-02-23T04:17:08Z

Title: ECONOMIC RETURNS AND BEHAVIORAL BIASES IN SOLAR ENERGY INVESTMENT DECISIONS IN INDIA: A QUANTITATIVE ASSESSMENT USING SECONDARY DATA Authors: CHOUDHARY, JAY Abstract: India's solar power sector has undergone rapid growth in recent years, driven by supportive government policies and declining costs of solar technology. Yet, investment patterns within the industry demonstrate notable deviations from what would be expected based on purely economic or resource-based optimization. This dissertation examines the economic returns and behavioral dimensions influencing solar energy investment decisions in India, utilizing secondary data from 2015 to 2023. The analysis applies quantitative methods to data from authoritative sources including the Ministry of New and Renewable Energy (MNRE), the Central Electricity Authority (CEA), the International Renewable Energy Agency (IRENA), the International Energy Agency (IEA), and industry publications. Key findings highlight pronounced geographical clustering—over 60% of utility-scale capacity is located in just four states—as measured by a Herfindahl-Hirschman Index exceeding 1000. These patterns align with herding behavior often observed in investment decision-making. In the residential rooftop segment, the analysis uncovers a significant adoption gap, with only 0.37% of technical potential utilized, and approximately 4% contribution to national solar capacity. This suggests strong behavioral barriers such as loss aversion and status quo bias, supported by survey evidence indicating long payback periods (typically 4–6 years) and very low net metering participation rates (approximately 7%). The study also explores differences in economic returns across solar market segments. Utility-scale projects exhibit the lowest levelized cost of electricity (LCOE), around ₹2.00– ₹3.00/kWh, owing to scale economies, whereas residential projects face higher LCOEs (₹4.00–₹6.00/kWh) and capital costs. Policy mechanisms, including the Production Linked Incentive (PLI) scheme and the expansion of Solar Radiation Resource Assessment (SRRA) infrastructure, are analyzed for their influence on investment behavior and market dynamics. This dissertation concludes that while economic fundamentals drive sectoral growth, behavioral biases significantly shape decision-making, particularly in the distributed solar segment. It recommends behavioral-informed policy strategies—such as simplifying processes, framing benefits more effectively, introducing default options, and offering targeted financial instruments—to enhance adoption and achieve equitable solar energy deployment across India.

ESG RATINGS AND INVESTMENT DECISION- MAKING INTHE INDIAN MARKET: AN EMPIRICAL ANALYSIS

2026-02-20T04:33:56Z

Title: ESG RATINGS AND INVESTMENT DECISION- MAKING INTHE INDIAN MARKET: AN EMPIRICAL ANALYSIS Authors: VIVEK, ANSHU Abstract: This study addresses a central question in modern finance: How do Environmental, Social, and Governance (ESG) credentials of a company actually influence investment behavior within the dynamic context of the Indian market? Drawing on a robust panel dataset of 200 NSE-listed firms from 2018 to 2022, this study applies rigorous econometric techniques to quantitatively assess the impact of ESG metrics on corporate financial performance and institutional investment patterns within the Indian economy. The investigation reveals compelling evidence of a "statistically significant positive relationship between ESG metrics and financial outcomes", with governance factors demonstrating the strongest association among all ESG components. Specifically, governance scores exhibit a robust coefficient of 0.052 (p < 0.01) in relation to "Return on Assets", substantially exceeding the impact of environmental and social factors, which remain statistically non-significant despite positive coefficients. This finding highlights that in India, governance is the bedrock of investor trust. Given the country's unique corporate history, robust governance frameworks are not just one part of ESG; they are the primary mechanism through which companies can overcome concerns about transparency and control. As a result, the market places a tangible financial premium on firms that demonstrate a clear commitment to these best practices. A particularly noteworthy discovery emerges in the differential approaches between foreign and domestic institutional investors toward ESG integration. Foreign institutional investors demonstrate markedly stronger preferences for companies with comprehensive ESG frameworks, with effect coefficients more than double those observed for domestic institutional investors (0.152 versus 0.068). This differential suggests an "ESG importation" phenomenon, whereby global institutional capital serves as a primary transmission mechanism for sustainability standards into emerging markets. The implementation of "SEBI's Business Responsibility and Sustainability Reporting framework" represents a critical regulatory intervention whose impact is empirically quantified. The research demonstrates that the ESG-performance relationship strengthened significantly following BRSR implementation, with the interaction effect showing a coefficient of 0.024 (p < 0.05), representing an approximately 83% increase in effect size from the pre-regulatory period. Sectoral analysis reveals substantial heterogeneity, with the strongest associations observed in energy, manufacturing, and utilities, sectors characterized by high environmental impact and regulatory scrutiny. This study provides a firm empirical anchor for the conversation around ESG in India's unique economic landscape. By leveraging robust econometric techniques, the findings offer critical, data-backed insights that can help investors refine their theses, corporations build more resilient strategies, and policymakers navigate the complex intersection of finance and sustainability with greater confidence.

STUDY ON IMPACT OF EMERGENCY CREDIT LINE GUARANTEE SCHEME ON PERFORMANCE OF INDIAN MSME

2026-02-16T04:52:45Z

Title: STUDY ON IMPACT OF EMERGENCY CREDIT LINE GUARANTEE SCHEME ON PERFORMANCE OF INDIAN MSME Authors: MISHRA, DEEPASHA Abstract: Micro, Small, and Medium Enterprises (MSMEs) are the backbone of India's economic framework, contributing approximately 30% to the overall national GDP and providing employment to more than 110 million people (as per MSME annual report 2024-25). MSMEs are vital for inclusive growth, entrepreneurial development, and geographical balance. The COVID-19 pandemic had a huge economic impact, causing severe damage to the MSME sector in the form of liquidity shortfalls, supply chain failures, and lack of labour. The Government of India, in turn, introduced the Emergency Credit Line Guarantee Scheme (ECLGS) under the Atmanirbhar Bharat Abhiyan in May 2020. The scheme was aimed at providing government-backed collateral-free credit to COVID-hit MSMEs in order to enable them to resume operations and maintain jobs. This thesis's main goal is to assess how the Emergency Credit Line Guarantee Scheme (ECLGS) has affected the productivity and financial success of Micro, Small, and Medium-Sized Enterprises (MSMEs) in India, especially in the wake of the COVID-19 pandemic. The analysis utilizes two econometric models: Generalized Least Squares (GLS) and Fixed Effects (FE). GLS accounts for heteroscedasticity in the panel data (for period 2016-2023) and provides the most efficient estimates across firms and states with different characteristics. The Fixed Effects model controls for firm-specific, time- invariant factors— like internal practices firms utilized, or local idiosyncrasies—by examining variation within a firm over time. The main independent variable is an interaction of state-level ECLGS disbursement per registered MSME (indicating intensity of scheme) and a dummy variable for firm eligibility. The dependent variable of interest, firm-level value added, was calculated using financial data from 427 MSMEs obtained from the CMIE Prowess IQ database. This approach provided the best measure of the effect of the ECLGS on firm performance. Initial observations show that ECLGS has played a crucial role in preventing extensive closures of businesses by MSMEs, especially in industrially high-activity states. Inflow of liquidity enabled enterprises to service working capital needs, maintain workers, and resume operations at a gradual pace. However, uneven access persists, vi with micro and informal units encountering more difficulties. The repayment ability of enterprises is still a concern, with a possibility of increasing NPAs. This research highlights the importance of continuous assessment and flexible policy design that acknowledges the heterogeneity of MSMEs and their contribution to economic rejuvenation.