Name Roll No.

Name Roll No.

Capt Sounak Chatterjee ED22ONL032

RM/ASP-Individual Draft Proposal A study on the impact of Corporate governance on corporate valuation -Study on Nifty 50 Companies.

Term 3 ASP Proposal

RESEARCH PROPOSAL-A STUDY ON THE IMPACT OF CORPORATE GOVERNANCE ON CORPORATE VALUATION -NIFTY 50 COMPANIES.

Table of Contents

TOC o "1-3" h z u Introduction PAGEREF _Toc164461847 h 2Project Background PAGEREF _Toc164461848 h 5Focus on the Indian Corporates PAGEREF _Toc164461849 h 6Focus on Board Composition and Diligence PAGEREF _Toc164461850 h 7Significance of the Study PAGEREF _Toc164461851 h 7Board Composition: PAGEREF _Toc164461852 h 8Expected Outcomes PAGEREF _Toc164461853 h 10Literature Review PAGEREF _Toc164461854 h 10Corporate Governance Mechanisms as Means for Valuation of Firms PAGEREF _Toc164461855 h 13Board Composition and Diversity PAGEREF _Toc164461856 h 13Shareholder Rights and Engagement PAGEREF _Toc164461857 h 14Disclosure and Transparency PAGEREF _Toc164461858 h 14Policy Implications and Future Directions PAGEREF _Toc164461859 h 14Theoretical Frameworks PAGEREF _Toc164461860 h 15Agency Theory: PAGEREF _Toc164461861 h 15Resource Dependence Theory: PAGEREF _Toc164461862 h 15Operationalization of Governance PAGEREF _Toc164461863 h 15Gap and Practical Problem Statement PAGEREF _Toc164461864 h 16EVA Methodology PAGEREF _Toc164461865 h 17Parameter to Measure Corporate Valuation PAGEREF _Toc164461866 h 18Objectives PAGEREF _Toc164461867 h 19Primary Objective: PAGEREF _Toc164461868 h 19Secondary Objective: PAGEREF _Toc164461869 h 19Hypothesis: PAGEREF _Toc164461870 h 19Conceptual Frame work PAGEREF _Toc164461871 h 20Research design & Strategy PAGEREF _Toc164461872 h 20Research Design PAGEREF _Toc164461873 h 20Control for Unobserved Heterogeneity PAGEREF _Toc164461874 h 20Increased Efficiency: PAGEREF _Toc164461875 h 20Dynamic Analysis PAGEREF _Toc164461876 h 20Data Collection PAGEREF _Toc164461877 h 21Research Tools PAGEREF _Toc164461878 h 21Process Flow PAGEREF _Toc164461879 h 22Timeline & Gantt Chart PAGEREF _Toc164461880 h 23Resources PAGEREF _Toc164461881 h 25Empirical Methods PAGEREF _Toc164461882 h 25Additional Sources PAGEREF _Toc164461883 h 27Research Databases: PAGEREF _Toc164461884 h 27Financial Databases: PAGEREF _Toc164461885 h 28Strategies that would develop as an expected outcome PAGEREF _Toc164461886 h 28Introduction & Background of Industry Mentor: PAGEREF _Toc164461887 h 29Publications Mentors PAGEREF _Toc164461888 h 29Seminars & Conferences attended by mentor. PAGEREF _Toc164461889 h 30References PAGEREF _Toc164461890 h 31

IntroductionCorporate governance has consistently been a matter of concern since the inception of the last decade. Good corporate governance practices provide a means to recognize the dream of justifying risks and optimizing performance concurrently in today's aggressive and regulatory setting. Corporate governance is a framework for creating long-term trust between a company and its stakeholders. This resolution addresses the issue of conflict of interest between the Agents and Principal. The solution involves rationalizing and monitoring the risks of a company, limiting the liability of top management through meticulously articulating decision-making processes, ensuring the integrity of financial reports, and ultimately providing the necessary level of confidence for the proper functioning of an organization. Due to a series of mishaps such as Enron, WorldCom, and Tyco, numerous organizations across the globe were compelled to establish stringent guidelines for corporate governance. The global developments in terms of political, technical, and social issues, particularly in the UK, have had a significant impact on the Indian corporate world. It had a tremendous impact on the corporate world.

This paper will be used to determine the role of corporate governance on the stock prices of listed companies quoted on the NIFTY 50 broad index; in India.Corporate governance has acquired a great level of importance globally and this has been further highlighted by some high-profile corporate scandals in India which makes it is an obligation for business to have strong governance framework.

A case in point from Indian angle will be the development of corporate governance rules, such as Narayan Murthy Committee report.

Their purpose was to increase the transparency and accountability in companies valuation. The study aims to experimentally examine if the rating of corporate governance practices provided by a companys corporate governance score card has any significant interactions with the company's stock price or Valuation.This is a very significant line of questioning in this regard because investors commonly take a company's administration method into consideration as a good investment guide.Yet, the experimental data demonstrating that the surveillance of the politicians in the Indian share market by the investors is quite scanty.

The study would investigate the relationship of ROE with firm performance by using annual report data on NIFTY 50 companies for 2017-2023 fiscal years.A Governance score is an instrument constructed under the supervision of the Narayan Murthy Committee report on the basis of recommendations from the financial reporting, Corporate Social responsibility, governance risk management, and board composition.Finally, this score is then added to the cross-sectional regression model as an independent variable along with other firm-specific factors like earning per share, sales, and net fixed assets, which provides insight into their relative importance towards company stock price.

The results of the regression analysis would suggest that the corporate governance score, earnings per share, sales, and net fixed assets are all significant predictors of stock price for the NIFTY 50 firms, thus the determining the success of the research.

This would indicate that investors in the Indian market do appear to value good corporate governance practices when pricing a company's shares. The findings would contribute to the limited empirical evidence on this topic in the Indian context and have implications for both companies seeking to improve their market valuations as well as investors looking to incorporate governance factors into their stock selection process.

In the growing atmosphere of a highly competitive global environment, the quality of a corporation's corporate governance system becomes the key factor of its prosperity. This study Proposes to analyze the interactive relationship between the corporate governance practices and the valuation of firms within the Indian corporate industry.

Corporate governance, including the set of regulatory frameworks, well-structured processes, and ethical approaches, is the basis for a company's transformation towards transparency, accountability, and equity for all its stakeholders (Tricker, 2019). Besides conceptual theories, sound corporate governance demonstrates strategic effects in real life. The study conducted by Bui & Krajcsk (2023) revealed the direct link between strict governance procedures and greater firm value, hence reiterating the need for Indian corporate agencies to devise and implement strict governance architectures.

Sound governance is demonstrated by a multifaceted approach. Research has repeatedly shown the importance of board composition, where it is recommended to have a diverse and independent board of members appropriate for effective decision making and to avoid any conflict of interest (Goel et al., 2022). At the same time, ensuring shareholders rights through effective means is one of the major concerns that maintains the confidence of investors. Besides that, enhanced transparency, characterized by the most transparent and timely communication becomes a central element of corporate governance practices (Szalay, 2019). The respect to these principles of transparency and timely communication reveals a company's commitment to long-term value enhancement which, on the other hand, draws on broader investor base, including institutional and retail investors seeking reliable investment opportunities (Odibo, 2016).

Moreover, effective corporate governance encourages stakeholder trust. When stakeholders, namely consumers, employees, and suppliers, acknowledge a company to have specific ethical and transparent approaches, this in turn creates a climate of trust and allegiance. This mutually supportive relationship is equally essential for driving higher brand equity and ultimately higher valuations (Das, 2019).

Firms equipped with well-laid governance frameworks stands ahead of its peers as proactive towards identification and mitigation of risk. This in turn signifies increased operating stability and possibly decreased risk bearing ability, which are highly cherished in the investment circles and act as a bedrock for the higher valuation (Singhania 2022).

As an insightful review of the impact of corporate governance on firm valuation within the Indian corporate sector could bring about significant advancements in this domain. This study will contribute to the foundation building of investment strategies by depicting a clear association between robust governance and firm value, which can develop policies addressing corporate governance issues, thereby, triggering sustainable growth and prosperity of Indian corporate business sector.

Project BackgroundCorporate governance issue has brought forth huge curiosity among the global community, as well as in the context of the Southern Asia, through all these many years.Strong corporate governance practices evolved into an important agenda-item after the two notorious world-wide corporate scandals and failures such as Enron in US and WorldCom in Europe, and Satyam in India that led to far-reaching negative consequences such as shareholders, and creditors' money loss, workers' lay-offs, obliteration of investors' trust and collapse of customer base. In order to ease the pressure on the companies' reputation, all the worldwide governments have introduced a lot of regulations which make the companies to improve the stakeholders' involvement, independence of the management, and risk management.In India, CII (Confederation for Indian Industry) published the very first voluntary code of corporate governance in 1998, which was the starting point for the Kumar Mangalam Birla Committee report in 2000 and the Narayan Murthy Committee report in 2003, by SEBI (Securities and Exchange Board of India).This brought out the obligations that the reported entities needed to adhere to, which were the good practices in corporate governance as set by the originators of the code.

Keeping in view of the corporate governance norms within the framework of Clause 49 of the Listing Agreement, such undertakings are considered instrumental in the successful corporate development journey.Other research in various countries had suggested that good governance structures of companies tend to have more paid valuation and stock prices due to those investors placed higher premium on well-governed companies.Although contention arises about the relationship of governance and stock prices in the Indian situation, the experimental evidences are not as wide.

This research project aims to examine the impact of corporate governance on corporate valuation comprising the NIFTY 50 index, which is considered a broad representation of the Indian equity market. By constructing a corporate governance score based on the recommendations of the Narayan Murthy Committee report and analyzing its relationship with stock prices, along with other firm-specific factors, the study seeks to provide empirical insights on whether good governance practices are valued by the Indian stock market.

The findings of this study will contribute to the academic literature on corporate governance and its financial implications in emerging markets like India. Additionally, the results may offer practical implications for Indian companies seeking to improve their market valuations through enhanced governance structures, as well as for investors looking to incorporate governance factors into their investment decision-making process.

Focus on the Indian CorporatesSeveral factors make the Indian corporate industry a particularly suitable choice for this research:

Transparency and Data Availability: The disclosure of information concerning corporate governance practices provided annually as needed by the listed companies is part of well-regulated corporate industry in India (Mordor Intelligence, 2024). Such transparency then makes effective information gathering possible for the purposes of quality analysis.

Growth and Investment Potential: Production in Indian Companies are backed by a big surge of both local and foreign investments as reported by (Miglani, 2019). The relationship between corporate governance and firm valuation in this case merits careful study for investors seeking for a profitable investment project.

Competitive Landscape: Indian Business market is quite competitive with domestic enterprises and famous foreign firms that are all striving to gain market share. Implementation of robust corporate governance is the very pillar of commercial sustainability for the organization representing trust, workers, and operational efficiency (Nag & De, 2019).

Focus on Board Composition and DiligenceThe study will explore the effect of board composition and diligence on firm valuation more closely. Board composition refers to the nature and constituency of the board of directors which research suggests has an impact on the performance of the company (McLeod, 2020). The following is a breakdown of the chosen parameters for measuring board diligence:

Number of board meetings in a year: Regular meetings with the Board members make oversight and decision-making smoother (Al-Daoud et al., 2016).

Number of board members present in the meeting: A quorum guarantees the diversity of views and the people who partake in the discussion (Purdy, & Lawless, 2012).

Percentage of attendance of members in every board meeting (75% is the minimum requirement): Board members' presence in high number means their devotion and engagement (Preston, J. B., & Brown, 2004).

Percentage of attendance of independent directors and international directors if any in the meetings conducted during the year: A strong presence of the independents directors is a guarantee of objectivity and dealing with any possible conflict of interest (Li et al., 2021).

Significance of the StudyCorporate governance does not just remain as a mere theoretical concept, but it possesses significant strategic weight in practice as well that leads not only to theoretical discourse in academics, but also to practical management, investment, and decision-making in the market. This research concentrates on the main role of well-established corporate governance systems in value appreciation. Evidence of the defective governance in the Indian corporates can be seen in different ways. Moreover, with the example of the external events like demonetization has also demonstrated the industry its weakness and advocates the need for a better governance structure to cope up with such disruptions (Katke & Kamat, 2019). These highlights together emphasize the need for dealing with the governance issues as a must to have sustainable development and competitiveness among the Indian business industry.

Board Composition:Number of Board Members: The board's size could alter corporate governance and the way the management is making decisions. Studies have shown that the optimal board size should have diversified views and at the same time efficiency is preserved (GarcaRamos & Daz, 2021).

Number of Independent Directors: The presence of independent directors ensures objectivity and impartiality of the board decisions and that reduces conflicts of interest and improves the governance practices with (Pichet, 2017).

Number of International Directors: International directorship can offer useful outlook on overseas markets and paths, and possibly increase corporate performance and valuation (Chen et al., 2017).

Presence of Women Directors: Boards with more women representatives have been associated with better corporate governance, innovation, and productivity, which can directly influence the market value of the company (Young, 2022).

Presence of Family Directors: Family directors could bring new views and long-term outlook to the board but could also face some difficulties concerning the conflicts of interest and succession planning they can cause to the corporate valuation (Debellis et al., 2023).

Promoters Shareholding Pattern: The ownership concentration of promoters would influence board dynamics and decision-making, which might also affect corporate governance and assessing the firm's valuation (Khatwani et al., 2023).

CEO Duality: Dual roles, where the CEO is also the board's chairman, may lead to accountability and supervision concerns. Research shows that all these functions are combined so there is better governance and the firm valuation goes higher (Krause et al., 2013).

Educational Qualification of Board Members: The education of board members determines the level of their knowledge, decision-making skills and understanding of complex issues, which can be referred to as among other things as the company's performance and company valuation (Darmadi, 2011).

Shareholder Rights: Augmenting investor confidence bears the vital element of protecting shareholder rights. Mrabure and Abhulimhen-Iyoha (2020) emphasize the need for these systems that can safeguard shareholders' property rights. Through the appropriate protection of investors these frameworks become the key factor to the development of confidence and trust in stakeholders. Board representation which is the most essential attribute of effective governance is a matter of shareholder rights protection. A diverse and autonomous board is hence better equipped to preserve these rights, which ultimately culminates in an optimum atmosphere for investment and long-term growth within the Indian business world.

Transparency and Disclosure: Transparency and disclosure of information must be considered the main prerequisites for building investor confidence and preserving the shareholder rights. Jaining, et al (2020) provide a sound argument backing the need for more transparency through sharing a full report and timely reports. This level of transparency not only adds to investors' confidence in the company but also highlights managements long-term value creation strategy. Through creating a culture of transparency and accountability, companies can demonstrate their commitment to protecting shareholders' interests and achieving long-term growth. The key role of board composition in enabling transparency and disclosure cannot be overstated as a diversified and independent board is better placed to carry out due diligence and maintain compliance with reporting regulations, within the Indian corporate jurisdiction.

With the application of these principles, Indian companies will be in a position of sending a very strong signal to investors about their long-term interest in the organization and as Miglani (2019) puts it, the business industry will become attractive to both institutional and retail investors' interest.

Moreover, having a strong corporate governance structure in place will impact positively on the trust of stakeholders. Public opinion of a company as an exemplary corporate governance and transparency practitioner contributes to the creation of confidence among stakeholders as described by Sanan (2019). This partnership creates a win-win situation that could lead to greater brand equity and potentially higher valuations.

This project therefore attempts to identify the relationship which exists between well-established corporate governance and reliable risk management. Companies that have comprehensively defined governance models will have taken a proactive approach by identifying and reducing risks, which can only serve to strengthen operational resilience and in so doing improve the firm profile, something which investors will respect and consequently the valuation may go up in line with what was demonstrated by (Assidi, 2020).

Expected OutcomesThis project harbors the potential to yield substantive contributions on multiple fronts:

1. To check the impact of Corporate Governance in terms of Boards Composition and Boards diligence on corporate valuation.

2. To contribute to the literature of strategy formulation for the companies staying within the proposed framework based on the empirical results.

Literature ReviewThe relationship between corporate governance and firm performance, including stock price performance, has been examined extensively in prior literatures, primarily in the context of developed markets. However, the empirical evidence on this topic remains mixed, with some studies finding a positive link between governance and performance, while others report no significant relationship.

At the individual component level of corporate governance, several studies have analyzed the impact of specific factors. Board composition and independence, for instance, have been widely studied. Baysinger and Butler (1985) found that firms with a higher proportion of independent directors on the board tend to have higher financial performance. Similarly, Weisbach (1988) reported that firms with more independent boards are more likely to replace underperforming CEOs. However, Harmaline and Weisbach (1991) did not find a significant relationship between board independence and firm value.

The role of ownership structure in corporate governance has also been examined. Shleifer and Vishny (1986) argued that large shareholders can play an important monitoring role and improve firm performance. Conversely, Morck, Shleifer, and Vishny (1988) found an inverted U-shaped relationship between managerial ownership and firm value, suggesting that very high or very low levels of managerial ownership can be detrimental.

Transparency and disclosure practices, another key aspect of governance, have been linked to firm valuation. Bushman and Smith (2001) reviewed the literature on the role of financial accounting information in corporate governance and found that greater transparency is associated with higher firm values. Botosan (1997) also reported a negative relationship between the level of voluntary disclosure and a firm's cost of capital.

The adoption of value-based management techniques, such as Economic Value Added (EVA), has been proposed as an important governance mechanism. EVA aims to align the interests of managers and shareholders by providing incentives to maximize the firm's economic profit rather than just accounting profit. Studies by Stern Stewart & Co. (the creators of EVA) have claimed that firms utilizing EVA outperform the market. However, the empirical evidence on the EVA-performance relationship remains mixed, with some studies finding a positive link (Lehn and Makhija, 1997; Kleiman, 1999) and others reporting no significant effect (Biddle, Bowen, and Wallace, 1997).

In the Indian context, the research on the governance-performance relationship is relatively limited. Some studies have examined the impact of specific governance mechanisms, such as board composition and ownership structure, on firm performance (Sarkar and Sarkar, 2000; Jackling and Johl, 2009). However, the evidence on the broader relationship between a comprehensive corporate governance score and stock price performance remains scarce.

This study aims to contribute to the existing literature by providing empirical evidence on the impact of corporate governance, as measured by a multidimensional score based on the Narayan Murthy Committee recommendations, on the stock prices of companies listed on the NIFTY 50 index in India. The inclusion of the EVA methodology as a potential driver of stock price performance will also help to expand the understanding of value-based management practices in the Indian corporate landscape.

Valuation of a corporation should be a major issue for investment analysis and strategic planning due to the fact that it contributes to the knowledge about the financial performance, growth prospects, and the fair relative value of a company.To meet a required phase regarding the research project impact of corporate governance on the valuation of Nifty50 companies; a critical understanding of corporate valuation methodologies must be undertaken to support the design of the research and development of the research framework (Roy, 2014).Here, the different valuation techniques from the existing literature are summarized indicating their contributions, drawbacks, and their strengths in the case of the fifty Nifty companies.

The discounted cash flow (DCF) analysis serves as a foundation upon which corporate valuation can be determined arguably used to estimate the present worth of all the company's future cash flows.In accordance with Damodarans explanation (2012), DCF analysis includes estimation of future cash flows, discounting them to the present value with an appropriate discount rate, usually established as the companys cost of capital, and finding out its net present value (NPV).Mishra and Pillai (2014) assert that DFC is based on the assumption that company's cash inflows (through cash margin projection over forecast period) and terminal value which is not actualized are accounted in the valuation process.Nevertheless, DCF analysis is dependent on the projection of future cash flows and the assumption concerning future growth rate and discount rate to be employed, making it susceptible to estimation errors and uncertainties.

EVA (Economic Value Added) has become a significant valuation metric as it measures the surplus value of earnings over the cost of capital.Copeland et al. (2000) define EVA as the difference between the company's NOPAT and capital invested whose opportunity cost is counted as the product of the weighted average cost of capital and capital invested.According to Mishra and Pillai (2014), EVA helps shareholder wealth maximization, as a value generated above a cost of capital is important.On the other hand, EVA critics point out that this method may not fully describe intangible assets as well as greater business growth possibilities.

Market Multiples Approach (MMA) permits a virtually pain-free and convenient way to evaluate a company by comparing it to other similar companies operating in the same market.In the film Faster Capital (2024) it is explained that market multiples, for example price to earnings (P/E), price to book (P/B) and enterprise value to earnings before interest tax and amortization (EV/EBITDA) ratios, provide information about the evaluation and placement in the market of the company.This plan is highly effective in the case of Nifty50 companies as it does not only provide the analysts with an idea of comprising a company to the industry peers but also it enables them to rank companies based on their relative attractiveness.On the flipside, however, market multiples can be affected by investor sentiment and unique trends in industries, which may result in valuation differences.

Comparable Company Analysis (CCA) which comprises of identifying businesses that operate within the same industry and then analyzing their financial metrics and valuation multiples, is a fundamental tool used by investors.Damodaran (2012) argues that CCA makes it possible for an analysis to fix a valuation range for the target company by means of comparable firms' multiples.In doing so, it allows for a refined evaluation of the relative evaluation of a company compared to this set of comparable firms and understanding the company's competitive position and the growth prospects for the industry.

Among methods of Asset-Based Valuation, net asset value, liquidation value and replacement cost valuation can be noted and they focus on the estimation of the company's asset and liabilities fair values (Tamplin, 2023).According to Damodaran (2012) the asset-based outlook limits the focus to what is physically present and so the intangible assets and the growth potential are often overlooked.Even though the asset-based valuation methods are not perfect and sometimes make a company's valuation not accurate, they can still be used as a complementary tool to other methods, especially when the subject company has a lot of assets or when it is in distress.

Corporate Governance Mechanisms as Means for Valuation of FirmsSeveral studies highlight that the quality of corporate governance is the determining factor for the value of a company (Adams & Ferreira, 2009). Research by Nugroho (2021) shows that the companies having better governance enjoy a comparative advantage in the market capitalization. The other main determinants of the company's effectiveness included board independence, disclosure, and accountability, among others. This becomes clear as a result of showing that the governing bodies act as a main source of investors' opinions and the outcomes which the market determines.

Board Composition and DiversityThe structure of corporate boards currently is observed one of the highlights in discussions about corporate governance, and the results of research reveal that the diversity and political independence of board members are among the most significant characteristics for improving the company's value (Hassan and Marimuthu, 2016; Iren, 2016). As supported by the study of Rao and Til (2016), there is a strong positive correlation between the structure of corporate governance and the performance of the corporate sector of India, consequently establishing that inclusive structures are vital in value creation.

Shareholder Rights and EngagementIt cannot be overstated that providing protections for the rights of the shareholders and enhancing the investor relations are among the central factors of corporate governance (Galitti 2013; Mihaylova 2021). Studies have demonstrated that higher ranked firms for shareholders right, almost without fail, performs better as it reveals the organizations emphasis on transparency and shareholders value maximization (Bui & Krajcsk, 2023). The research conducted by Barros et al. (2023) into the automotive industry in India looks at how shareholder activism does impact firm value, and so it is vital to get stakeholders involved in the governance.

Disclosure and TransparencyThe very key elements for a well-evolved corporate governance are transparency and disclosure. These drives informed decision making for the stakeholders that would, in turn, help the stakeholders evaluate the performance of the firm (Janning et al., 2020 and Yermack, 1996). Transparency in operations correlates with higher market valuations for firms because it increases trust and reduces information asymmetries (Bhagat & Bolton, 2008; Stathopoulos & Talaulicar 2020). The study conducted by Le & Nguyen (2022) emphasized the role of quality disclosures in the rise of financial valuation in the Indian corporate sector, particularly the disclosures of complete and timely data.

Policy Implications and Future DirectionsThe theoretical research on corporate governance is an aspect of practice that can refer to policy formulation and co-regulation on markets (Freeman, 1984; Hillman & Dalziel, 2003). Policy makers in India are becoming increasingly aware that this is a crucial area for the purpose of incremental market efficiency and generating trust amongst investors (Ali et al. 2023). Researching this area further can reveal governance challenges that affect the future of the industry including digitization and sustainability and the value of firms in the Indian corporate industry.

In summary, the literature examined lays emphasis on the significance of corporate governance as a factor that establishes the value of companies within the corporate sector in India. By using structures which include the board composition, shareholder rights, and transparency, firms will be able to grow their brand reputation and trust investor capital and, thus, become more valuable in the market. While more exploration is needed to cover governance practices that may hold firms from growing in terms of their valuation, this will guide managers to make strategic decisions and government to develop policies applicable in the Indian market context.

Theoretical FrameworksThis study will be grounded in two primary theoretical frameworks:

Agency Theory: According to this theory, a conflict of interest may be faced by managers (agents) and owners (principals) (Zogning, 2022). Corporate governance which provides mechanisms to stem such conflicts is a very effective way of ensuring that managers act in the best interest of shareholders. Through establishing common objectives and promoting the responsible management, good administration can raise the profitability, decrease risks and eventually the overall firm valuation.

Resource Dependence Theory: This theory highlights the significance of the firms ability to exploit and leverage essential resources in order to obtain sustainable competitive advantage (eltekliil, 2020). Effective corporate governance can be looked as a good source. Transparency, accountability, and building trust of stakeholders can be an engine for attracting investors interest, improving a companys image, and allowing the access to useful resources. This can also be beneficial for a companys strategic value creation that can ultimately lead to an increase in its value and perhaps even its valuations.

These conceptual models act as a foundation of an arrangement of corporate governance and firm valuation in the Indian corporate industry.

Operationalization of GovernanceGovernance will be measured as a dummy variable against firm value. This method of representation makes a binary depiction of governance in the Indian corporate pool, highlighting firms which are strong and weak in their governance. It numerically measures the intangible, such as board make up and disclosure level. This contributes to the result interpretability and a closer analysis of the governance-firm valuation relationship as well. Moreover, it offers governance related factors control, thus, revealing the role of governance on shaping market outcomes.

Gap and Practical Problem StatementLimited empirical evidence links comprehensive corporate governance scores to stock price performance in India. Most studies have examined the impact of specific governance mechanisms, such as board composition or ownership structure, on firm performance.

There is little study on how a multidimensional corporate governance score based on governance principles affects Indian listed company stock prices.

Some research suggests a favorable correlation between Economic Value Added (EVA) adoption and corporate success, while others have shown no meaningful impact.

The EVA-performance link in Indian corporations is little documented, requiring additional study.

There are few cross-sectional studies on the drivers of stock prices in India. Most extant research uses time-series or panel data methodologies.

More cross-sectional research is needed to determine how firm-specific characteristics like corporate governance and EVA affect stock prices across firms.

Limited research on broad equity market representation in India

Although there is ample evidence showing the association between, corporate governance and financial performance, further research may be required to fill in the gaps.Here comes the lacuna that has to do with a description of single parameters of corporate governance and their influence on the company value only within the Indian market comprising Nifty50 Index companies.Even though existing studies have investigated the overall correlation between governance practices and financial outcomes, yet, they did not get to analyze those governance mechanisms such as board composition, audit committee effectiveness as well as executive compensation schemes in detail.Besides this, what is very typical of the publications is that there is often no comparative analysis, which explores how the governance practices in different segments and regions are different, thus leaving aside some sector-specific peculiarities and their impact on the financial performance.The other factor contributing to it is a lack of practices of EVA (an alternative valuation technique) that are combined with the traditional financial ratios to prepare an integrated report on the company's value.Investigating these gaps is highly relevant for increasing our knowledge about the complex link between corporate governance and financial results in the Indian automobile industry, as it would be helpful to stakeholders for better decision-making and planning.

EVA Methodology

The Economic Value Added (EVA) approach is such a technique that is specially used to gauge the performance of a company and value creation.

EVA directly affects net profit of a company, capital cost being the factor adjusted.Investors can take the process of decision-making to another level by subtracting a firm's total invested capital from NOPAT of the firm and getting EVA, which brings to light the extent of successful use of the capital to earn abnormal profit on project capital weighted WACC (Copeland et al. 2000).Several studies have proved EVA is the first method in this type that superior to others (Mishra & Pillai, 2014).

The researchers have lately found that EVA pleases to shareholder wealth creation, and this measure may serve as a tool for monitoring managers performance and process of decision-making.EVAs have been well-known as reliable estimators of the economic value created by companies, without distinct distortion from the accounting-based measures including earnings per share (EPS) and return on equity (ROE) (Stewart, 1991).

Certainly, in the process of EVA in the Indian business domain, a critical part is the discussion on the profitability and the capability of companies in the segment to build value.Through the implementation of EVA methodology, this study is meant to gather the evidence-based conclusion system that gives an efficient perception about an organization in the Indian business arena.

Parameter to Measure Corporate ValuationIn evaluating a company's valuation using the corporate valuation model, a range of parameters are considered to determine the financial condition and potential value creation of such an enterprise.Another parameter operated under EVA metrics which are widely used nowadays and recognized for measure of corporate performance and shareholder wealth is the Economic Value Added (EVA).

EVA additionally accounts for the amount of value generated by removing the cost of the capital that a company has used in its operation before deducting the total capital costs from its after tax net operating profit (NOPAT) (Mishra & Pillai, 2014).Furthermore, amongst the other market-based evaluation metrics including the market capitalization, price-to-earnings (P/E) ratio, and price-to-book (P/B) ratio, there's the one that measures investors' sentiment and stock value in the financial markets (Damodaran, 2012).

This ratio represents a market given opinion concerning the future income and growth potential for a company and these figures are used to determine its overall value.

Through integrating of two techniques; EVA accounting-based measures and market-based metrics the study seeking to offer a holistic evaluation of the automotive industry value with reciprocal benefits to the stakeholders and decision-makers.

ObjectivesPrimary Objective:To study the impact of corporate governance on Corporate Valuation of the firms considered in the study.

Secondary Objective:To Provide strategic framework focused on the role of corporate governance in influencing Corporate Valuation.

Hypothesis:H1.1: Number of International Directors in the board positively impact Corporate Valuation.

H1.2: Presence of Independent Directors positively impact the Corporate Valuation.

H1.3: Presence of Female member in board positively impacts the corporate valuation

H1.4: Presence of Family member in board positively impacts corporate valuation.

H1.5: Number of Board Members adversely impact Corporate Valuation.

H1.6: Ownership concentration of promoter adversely impact Corporate Valuation.

H1.7: CEO duality adversely impact Corporate Valuation.

H1.8: The Education qualification of Board member positively impacts corporate valuation.

H1.9: Number of board meetings in a year positively impact corporate valuation

H1.10: Board members attendance in meeting & Decision making positively impacts Corporate Valuation

Conceptual Frame work

Research design & StrategyResearch DesignThe Present study proposes to run panel regression based on balanced panel dataset. It also proposes to use standard econometrical models to analyse the dataset for reaching to more precise result.

This approach offers several advantages:

Control for Unobserved Heterogeneity: This design allows for controlling for unmeasurable firm-specific factors that might affect valuation but are not directly included in the model.

Increased Efficiency: Through the use of data from different time periods, panel data analysis not only eliminates the need for cross-sectional analysis but also offers more efficient data for the same purpose.

Dynamic Analysis: Panel data allows us to capture the changing dynamics of this connection as time passes.

Data CollectionSampling: The Present Study will employ Purposive Sampling Technique focused primarily on Nifty50 Indian Companies.

Data Sources: The Present study will be based on secondary data collected from CMIE Prowess Database and NSEI Website (National Stock Exchange of India)

Data Period: Our study will be conducted on historical data ranging for a period of 8 year starting from Year 2017-18 to Yr.2023-24.

Research ToolsThe facts of econometrics will be used to work with the panel data. This might entail regression analysis, correlation analysis among other standard econometrical techniques, which could be more advanced options if the model is intricate.

Process Flow

Timeline & Gantt ChartID Task Name Duration Start date Finish date Predecessor (Day) Duration

1 Research Timeline for the study 8 Week's 20/3/2024 18/6/2024 90

2 Literature Review 2 Week's 20/3/2024 3/4/2024 76 14

3 Data Collection & Preparation 3 Week's 3/4/2024 24/4/2024 55 21

4 Model development 2 Week's 24/4/2024 8/5/2024 41 14

5 Data Analysis 2 Week's 8/5/2024 22/5/2024 27 14

6 Interpretation & Conclusion 2 Week's 22/5/2024 5/6/2024 13 14

7 Completion 1 Week's 5/6/2024 12/6/2024 6 7

8 Submission & Presentation 6 Days 12/6/2024 18/6/2024 0 6

-50101528892500

ResourcesAnnual Reports: The primary source of data for this study will be the annual reports of the companies included in the NIFTY 50 index for the financial year 2007-2008. The annual reports will be used to collect information on the various corporate governance parameters, as well as other firm-specific financial data.

NIFTY 50 Index Data: Historical stock price data for the NIFTY 50 index constituents will be obtained from the National Stock Exchange (NSE) of India's website and databases, such as Prowess by the Centre for Monitoring Indian Economy (CMIE).

Empirical MethodsCross-sectional regression analysis using SPSS would be done for this study. The regression analysis would be carried out thrice, reducing the number of variables each time and limiting it to the extent of significant variables only.

For each regression, the first analysis would be done based on correlation table which would establishes the relationship between various variables. A correlation of above 0.5 will mean that the two variables are having high correlation and hence dependent upon each other. It must be noted that under such circumstances the p-value must be less than 0.05 (to have significant dependency). We would aim to find the correlation among independent variable is not significant in all 3 regressions. This would prove the fact that independent variables are independent in true sense.

The Narayan Murthy Committee Report on Corporate Governance, which is approved by the Securities and Exchange Board of India (SEBI) will be the main raw material for computing scores on corporate governance for the sampled companies.

SPSS (Statistical Package for the Social Sciences): Such software will be applied to the purpose of cross-sectional regression analysis, where different statistical tests will be used, including a correlation analysis, ANOVA and multicos

Microsoft Excel: The raw data retrieved from the annual reports and other sources will be used for creating Microsoft Excel sheet where I will add up and then sort out the data. The tool for the primary phase of data analysis will be also utilized to determine financial ratio and governance rating.

Academic Journals: This study will be based on the selected recent articles published in leading finance and accounting journals including the Journal of Finance, Journal of Financial Economics, The Accounting Review, and the Journal of Corporate Finance and variety of others.

Working Papers and Reports: Apart from this the paper will look at case studies and working papers for various economic institutes with a reputation for example, the National Bureau of Economic Research (NBER), the European Corporate Governance Institute (ECGI) and any economic research organization in India as the National Foundation for Corporate Governance (NFCG)

We will identify the relevant doctoral dissertations and masters theses, in online databases such as ProQuest Dissertations & Theses and institutional repositories, that shed light on data collection strategies and study outcomes similar to those of this research.

Along with basic figures, other needed information and background data may be obtained from quarterly/annual industry reports, journals, and global wide web, both general and professional resources, such as those of Indian industry related organizations, e.g. CII and SEBI.

By integrating these different types of data sources, software tools and the already existing literature in the area, it is intended to carry out a full-scale investigation of the relationship between the corporate governance and corporate valuation.

Then it will be seen whether the model is fit or not. R is the multiple correlation

coefficients that is, the correlation between the observed and predicted values of the dependent variable. A high R value will mean that relationship is stronger. On the other hand, R squared is the proportion of variation in the dependent variable explained by the regression model.

Also, Adjusted R squared attempts to correct R squared to more closely reflect the goodness of fit of the model in the population. Both R squared and Adjusted R squared must be close each other high for better model fit.

The Durbin-Watson test will be used to check for auto-correlation in the data being used, whose value must be close to 2 (actually, it ranges from 0 to 4) to avoid auto-correlation.

The ANOVA table would reveal that the regression sum of squares is greater than the residual sum of squares.

Furthermore, if we find that the significance of the F statistic is low (say, 0.05), the independent variables are capable of explaining the variation in the dependent variable. As the independent variables are measured in distinct units, the standardized coefficients aim to enhance the comparability of the regression coefficients.

However, for a better comparison, t-statistics should be used. The utilization of t-statistics facilitates the determination of the relative significance of each variable within the model. A value more than 2 and a value less than -2 are considered useful predictors.

Additional SourcesResearch Databases:JSTOR

Website: JSTORhttps://www.jstor.org/

ProQuest

Website: ProQuestEBSCOhost

Website: EBSCOhost

ScienceDirect

Website: ScienceDirectSSRN (Social Science Research Network)

Website: SSRN

Financial Databases:Bloomberg Terminal

Website: Bloomberg Terminal

Thomson Reuters Eikon

Website: Thomson Reuters Eikon

Capitaline

Website: CapitalineStrategies that would develop as an expected outcomeGovernance Framework Enhancement: Certain approaches like improving the boards composition and commitment in decision processes can be embraced.

Training Programs Implementation: What we are going to do is train the board members and executives on governance principles through which their understanding of the principles will be broadened.

Stakeholder Engagement Strategies: Having programs set up to encourage closer working relationship with board members, employees and the community

Performance Evaluation Mechanisms: The creation of a fair performance evaluation system for the board, the committees, and the executives to follow.

Risk Management Integration: We would include risk management techniques into the process of governance to enable effective management of risks.

Introduction & Background of Industry Mentor:

Name: Dr. Abhisek Saha Roy

LinkedIn Id: http://www.linkedin.com/in/abhisek-saha-7712aa1a0/Scopus ID: 57205122160

Email: asroy.smu@gmail.comEmail: abhiseksr@calcuttabussinessschool.com(UGC-SLET Qualified)

Assistant Professor Accounts & Finance Calcutta Business School

Total Exp :10 Years +

A Unit of Shikshayatan Foundation Diamond Harbour Road, 24 Parganas (South) Bishnupur 743503, West Bengal.

Life Member of Indian Commerce Association, INDIA

Life Member of Indian Economic Association, INDIA

Associate Member of International Society for Development and Sustainability, JAPAN

Publications Mentors

Roy, A. S. (2014). Rural Entrepreneurship and Knowledge Management of Rural India.

International Journal of Development Research, 4(11), 2522-2526.

Roy, A. S. (2017). Impact of Stock Return Synchronicity and Idiosyncratic Risk On Liquidity:

An Analysis of Nifty 100 Stocks. In Contemporary Issues in Accounting & Finance (1st ed.,

pp. 180 - 196). ROHINI NANDAN.

Roy, A. S., & Sen, S. S. (2014). Theories and Measurement of Stock Market Synchronicity: A

Literature Survey. International Journal of Money, Banking And

Finance, 3(2), 50-55.

Roy, A. S., & Sen, S. S. (2017). Liquidity, Idiosyncratic risk and stock return synchronicity:

An Analysis of Nifty 100 Stock. ELK Asia Pacific Journals, 8(2),

66-79. http://dx.doi.org/10.16962/EAPJSS/issn.2394-9392/2014

Roy, A. S., & Sen, S. S. (2019). Co-movement and Co-integration: A study on nifty, Dow

Jones, and N225. The Gains and Pains of Financial Integration and Trade Liberalization, 169-181. https://doi.org/10.1108/978-1-78973-999-220191020

Roy, A. S., & Sen, S. S. (2021). Does corporate governance really influence stock price

synchronicity. International Journal of Business Innovation and Research,

1(1), 1. https://doi.org/10.1504/ijbir.2021.10040586

Sen, S. S., Dutta, S. R., Saha Roy, A., & Mukherjee, T. (2021). Impact of idiosyncratic risk,

systematic risk and investor sentiment on liquidity of stock: The

Indian case. Orissa Journal of Commerce, 42(1), 1-15.

https://doi.org/10.54063/ojc.2021.v42i01.01

Sen, S. S., & Roy, A. S. (2016). A comparative study on the synchronicity of Indian public

sector banks shares during the sub-prime crisis period with that of

the pre and the post crisis periods. Asian Journal of Research in Banking and Finance, 6(1),

22. https://doi.org/10.5958/2249-7323.2015.00151.0

Roy, A. S., & Sen, S. S. (2023). Impact of Idiosyncratic Risk and Liquidity on Stock

Synchronicity: An ARDL Approach. Business Insight, Vol (10), ISSN: 2349-

9494.

Seminars & Conferences attended by mentor. Rural entrepreneurship and innovation in emerging economy National Seminar on Rural

Development in India: Issues, Progress & programme and

effectiveness - Rajiv Gandhi University, Arunachal Pradesh, India.

Impact Of Stock Return Synchronicity and Idiosyncratic Risk on Liquidity: An Analysis Of

Nifty 100 Stocks National Seminar on Contemporary issues in

accounting and finance Umesh Chandra College in association with IAA Kolkata.

FDI in Indian Retail Sector: Opportunities and Challenge 3rd All India Conference on

Business Studies Durgapur International Business Studies Academia,

Durgapur.

Rural India and knowledge Management of Rural Entrepreneurs National Seminar on

Contemporary issues in Business The University of Burdwan,

Burdwan.

Co-movement and Co-integration: A study on nifty, Dow Jones, and N225 International

conference on Next Generation Management Regional College of

Management, Odisha

Impact of Monetary Policy in Agriculture International Conference on Contemporary

Issues in Business Management (ICCIBM 2021) Sikkim Manipal

University, Sikkim.

A study on Factors Influencing Investors in Investment Decision - International Conference

on Contemporary Issues in Business Management (ICCIBM -2022)

- Sikkim Manipal University, Sikkim.

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Executive (MBA)

GEMBA Dec 22 (B15)

SP Jain School of Global Management

Applied Strategic Project (ASP) Guidelines

Contents

TOC o "1-3" h z u 1.Introduction PAGEREF _Toc86321601 h 32.Project Concept PAGEREF _Toc86321602 h 43.Project Nature PAGEREF _Toc86321603 h 44.Project Timeline PAGEREF _Toc86321604 h 54.1.Schedule PAGEREF _Toc86321605 h 55.Submission Guidelines PAGEREF _Toc86321606 h 75.1.Statement of Purpose (previously graded in the Research Methodology course) PAGEREF _Toc86321607 h 75.2.Proposal and presentation (15% written and 10% oral) PAGEREF _Toc86321608 h 75.3.Mid-review (10%) PAGEREF _Toc86321609 h 75.4.Report and presentation (40% written and 25% oral) PAGEREF _Toc86321610 h 86.Academic Mentor Roles PAGEREF _Toc86321611 h 97.Industry Mentor Roles PAGEREF _Toc86321612 h 108.Grades/ Deadlines PAGEREF _Toc86321613 h 118.1.Criteria for assessment: PAGEREF _Toc86321614 h 129.Evaluation Scheme PAGEREF _Toc86321615 h 139.1.Parameters for evaluating the EMBA ASP Proposal (15% written) PAGEREF _Toc86321616 h 139.2.Parameters for evaluating the EMBA ASP Proposal (10% oral) PAGEREF _Toc86321617 h 149.3.Parameters for evaluating the Mid-review discussion (10%) PAGEREF _Toc86321618 h 159.4.Parameters for evaluating the EMBA ASP Final Evaluation (40% written) PAGEREF _Toc86321619 h 159.5.Parameters for evaluating the EMBA ASP Final Evaluation (25% oral) PAGEREF _Toc86321620 h 1610.Statement of Purpose (SOP) PAGEREF _Toc86321621 h 17

Introduction

Applied Strategic Project is directed towards creating a greater understanding of the real-world corporate environment. The Applied Strategic Project (ASP) aims at providing an opportunity to Executive MBA (EMBA) students to integrate and apply knowledge and skills gained during their EMBA course in addressing a significant business issue within an organization. The idea is to provide an opportunity for applying concepts in a practical context, thus influencing management practices through an investigation of an important business issue facing the organization. The individual Project will focus on a chosen business issue which must align within your chosen area of specialization unless you have chosen no specialization, to be researched and analyzed by the participant with a solution offered in a manner appropriate for presentation (verbally and written) to the senior management of an organization. An in-house Academic Mentor and an External industry mentor guide the research project. Faculty will ensure rigor in concepts/ frameworks / theories being applied, and the industry mentor will ensure that the business issue being studied is realistic and has a practical solution.

The requirement is to create Consultant-class reports to provide actionable strategic directions for an organization. The Project carries five credit points, each student will carry out the Applied Strategic Project study in three stages: Proposal, Mid-review, and the Final report.

The objective of the proposal is to ensure that a student has proper clarity on the scope of the study before conducting research and preparing the final report. There will be two presentations, the first after submitting the initial proposal, and the second after submitting the final report. It is important that the external industry mentor be involved in a significant manner including attending and participating in the presentations. Mid-review stage will involve engaging the mentors to understand the progress of your project in terms of research done thus far and seek clarity of direction. The Final project should be structured in a manner that the students first gain knowledge, functional and cross-functional understanding, and subsequently apply the knowledge to a specific business issue. A final presentation to these mentors to seek and approval and closure of the complete project progress.

Project ConceptThe Project experience is the comprehensive application of the learning done in individual courses in the EMBA curriculum within a strategic context. Working along with Academic Mentor, each participant is required to frame and analyze issues posed by a business enterprise or an organization in terms of a strategic business perspective.

The participant develops:

a) An enterprise-level understanding of the organization's industry and business model,

b) An appropriate analytical framework for addressing the business concern,

c) Recommendations and an implementation plan to the business, and

d) Final Report that explains the situation and its strategic analysis. Projects must be related to the students area of Specialization. However, the specific topic is typically based upon the needs of the organization.

Project NatureIt is important that the Project when finished is broadly integrative. This is not an assignment specific to an individual class or course. Rather, it should integrate concepts learned throughout the program, with particular emphasis on the area of specialization, and demonstrate how those can be applied to real business issues. This is a graded assignment with five credits toward the participants completion of the EMBA program. It is graded on the Absolute A to F scale and not pass/ fail.

The final product of the Project is a major report in good scholarly form with sound technical analysis, references, and bibliography. The project report must reflect a learning process that involves the following components:

Problem Identification: Identification and definition of a management problem or issue

Informed Foundation/Literature Review: Reliance on, a model/framework/theory, a body of knowledge, or something similar to provide an informed foundation for effectively addressing the problem/issue

Gathering Data: Collection of the appropriate and relevant data or information that is relevant for the problem/ issue through both qualitative and/or quantitative research

Data Analysis: Analysis of the data using methods appropriate to the problem/ issue

Final Analysis: A comprehensive discussion highlighting findings, recommendations, implications, a solution to a problem, a design for a process something that represents the conclusion of the problem identification foundation data analysis process

Implementation plan: A detailed roadmap to describe how the recommendations can be implemented, suggested timelines, approvals that may be needed, challenges that may need to be overcome

Documentation/Appendices: A documentation of the process and result, appropriate to the setting. This must be very clearly communicated, both verbally and in writing.

Project TimelineThe Project is the culmination of the EMBA course and therefore must be undertaken during the student's last term. It will begin after the commencement of electives/ specialization and successful completion of the course on Research Methodology.

Schedule

GEMBA Dec 22 (B15) Timeline

Timeline Description

ASP Orientation

(March 2nd, 2024)

Orientation by the Assistant Dean

One on One meeting with students (During RM course and upto a week after, i.e., 7th March 2024) by Assistant Dean. For discussion on proposal structure (Part of Research Methodology course)

Project Proposal Submission

March 30th, 2024

Submission of Project proposal with Industry Mentors complete profile (This will be part of RM reflective assignment and for assigning of academic mentor to ASP)

Assigning of Academic Mentor

April 7th, 2024 Assignment of Academic Mentor

Meeting with Academic Mentor and Industry Mentor

First Presentation

April 8th to April 14th 2024 Meeting with both the mentors (Compulsory)

Presentation of Research Proposal with both mentors for their initial feedback

Updated / Modified Research Proposal

April 20th, 2024 Submission of Updated / Modified Research Proposal after the feedback of both the mentors.

Informal meetings

(ongoing)

Informal meetings with mentors, regarding Literature Review, Data Collection, Data Analysis, development of frameworks etc.,

Inputs from Mentors and updating them about the progress

Mid-review with Academic Mentor

May 5th to May 15th, 2024 Mid-review with Academic Mentor discussing the progress and updates and seek suggestions for any changes. (You may invite the industry mentor for Mid-review or update him/her about the status.

Informal meetings

(ongoing)

Till June 10th, 2024

Informal meetings with mentors, regarding frameworks, findings, conclusions and closure of the project and completion of the final report.

Final Presentation and Submission of Final Report

(Academic mentor support will be discontinued)

June 24th to June 30th 2024 Final presentation

Submission of final report

Note: For Plagiarism Check, a result of 10% or less is allowed. However, all results, irrespective of whether they are above or below 10%, are subject to the written approval (soft/ hard copy) of your Academic Mentor.

Penalty will be levied from

October 31st, 2024 Penalty for late submission will apply if report not submitted by this date.

Penalty fee is equal to 5 credits and the fees as applicable on this date.

*Please note that in case of the deadline(s) is not met, the student may have to plan to likely graduate six months later.

** Important: you will receive the guidance of your academic mentor during the allocated 4-month timeline. Failure to complete the project during this time will result in the student completing the project without the benefit of advice from the academic mentor.

**The last day for Academic Mentor support is the submission date as itemized in the ASP Guidelines. Exceptional cases will be considered on an individual basis. (for example, students who submit a medical certificate for at least 2 weeks sickness during the ASP schedule, can apply for additional time with their Academic Mentor).

** Very important - Late fee (5 credit point equivalent) will apply to final report submitted after 8th Aug 2024 of the ASP orientation attended by the student.

Submission GuidelinesStatement of Purpose (previously graded in the Research Methodology course)Before registering for credit, you must have a Statement of Purpose (SOP) approved by the Academic Mentor. In some cases, revisions will be required before the SOP is approved. This SOP along with a preliminary literature review will normally be completed during the Research Methodology course.

Proposal and presentation (15% written and 10% oral)Once the SOP has been approved, you will work on a proposal and presentation that must contain the following:

Objectives a concise paragraph describing what you plan to accomplish.

Project Background what is the research question, problem, issue, or need, and why is it important? What has already been done or is currently being done by others? How will your contribution fit together with and contribute to previous efforts? You need to justify with measurable outcomes.

Academic Literature Review an indication that you have read, surveyed and identified some key references e.g. books, articles (Journals, Newspapers, etc) for your study. Some proof of undertaking some preliminary reading of these key sources is required. Literature review will enable you to ascertain what research has already been done and identify what is unknown within your topic.

Research Design and Strategy include a detailed data collection (qualitative and quantitative) plan and data analysis. Include a justification of your intended approach.

Timeline an indication of the key milestones within your research with dates.

Resources any resources that are essential to your project and how you plan to obtain or gain access to them.

Mid-review (10%)During the mid-review, you will meet with your academic mentor to

Review evidence of your progress

Incorporate any feedback received to date

Provide evidence of the commencement of your data collection (including approved questionnaires or interview questions, if applicable)

Identified a clear method of data analysis

Discuss how to overcome any barriers to on-time completion

This will be an oral meeting and discussion.

Report and presentation (40% written and 25% oral)Communicating effectively (sometimes referred to as convincing) will influence your career prospects.As a result, the quality and substance of your final project report will heavily influence your final letter grade.

Even though this document is designed to be a formal thesis, it shows the style and format expected by professionals in the scientific community. While there is no specific length requirement, 60 pages of 12 pt double-spaced text are typical, not including any tables, figures, exhibits, and appendices needed.

Generally, a project report should be structured as follows:

Title page

Abstract (500 words)

Acknowledgments

Introduction

Academic Literature

Research Design and Methods

Findings and discussion

Conclusions

Recommendations

Implementation Plan for the Recommendations

References

Figures and tables should have captions and should be integrated into the body of the Report. Appendices including supplementary information and data are best positioned at the end of the Report.

The Abstract serves as a concise description of your principal results or accomplishments. As with the initial project proposal, the introduction section is designed to place your work in context. The research design and methods section allows you to place the most technical details of your work together in one place so that they can be readily reviewed by experts in your field and so that they do not distract the reader in later sections. Some students prefer to separate the results and discussion sections while some prefer to integrate them. In any case, be sure that the reader can readily differentiate your results from their interpretation. The conclusion allows you to summarize the main points together with their context or significance. Recommendations require a detailed justification. One can also use this section to point to future research directions. The format of the reference section, or bibliography, should be consistent with the report writing guidelines included in the EMBA Participant Guidelines. Appendices may be added as needed.

Submit the written report as per the timelines (after the plagiarism check). Make sure the program coordinator has a copy of both the written and electronic versions.

You are encouraged to seek feedback from your Academic Mentor while preparing your Project Report. However, you should not submit your report for final evaluation until you have reviewed it carefully with your advisor/ mentor and seriously considered any feedback that they provide to you. All the sources should be referred to in the document and the references should be listed as per the APA format.

Academic Mentor RolesThe Academic Mentor will:

Play a key role in your project success

Provide the academic structure for the project

Assist the student in developing a project plan, in conjunction with the industry contact and the participant

Advise the student regarding the preparation of an appropriate topic for his / her project

Provide feedback on the topic, proposal, interim report and end-of-project evaluation

Determine a grade for the student on the Project Evaluation Form to the Program Coordinator

Each student is required to have at least 5 Meetings with their Academic Mentor (e.g. face-to-face, Skype, Zoom, telephone). These meetings are expected to cover the following areas:

Meeting 1: Initial discussion and approval of SOP

Meeting 2: Project Proposal including Presentation

Meeting 3: Literature Review and Data Collection Strategy e.g., questionnaire design

Meeting 4: Mid-review to update progress

Meeting 5: Preparation for final report submission and presentation

The Academic Mentor should be willing to discuss ideas with you and let you casually explore them for a time without a commitment to pursue them. However, most advisors will only be willing to invest significant time and effort after you are sure that you have looked around and settled on a project that you are committed to pursuing. Do respect the valuable time and resources of advisors, while also remembering that you owe it to yourself to choose the project that best suits you and in which you can progress independently.

Also, note that the services of the Academic Mentor will be available for the 4-month duration of the project. If the student fails to complete the project during this time, they will not receive advice from their mentor unless special approval is obtained from the Dean.

Industry Mentor RolesDetailed Industry Mentor Profile:

This write-up should be included in your SOP and should include the reason(s) why the Industry Mentor was chosen and the value addition she/ he would be able to give to the project. The relationship between the student and the Industry Mentor should be one of a professional nature. Please also submit the CV of the Industry Mentor and/ or LinkedIn Profile Link.

The Industry Mentor will:

Play a key role in your success

Usually, be your boss or other senior manager

Help you to decide upon your project topic

Act as your project sponsor within the organization

Helps to facilitate access to staff and data

May allocate you time during the working week to work on your project (jump at this opportunity if it is offered!)

Help to ensure the practical outcomes of the Project are achieved

Attend the initial and final presentations and help to grade your work (along with your Academic Mentor)

Generally, it is best to update your Industry Mentor every 2 3 weeks.

The Project consists of 5 credits of academic effort. Most participants become deeply involved in the creative aspects of their projects and devote more than the minimum effort, often continuing their research after the requirements have been completed. This depends on you, your advisor, and the project you choose. The research, analysis and writing themselves often take many hours. Be sure to discuss these matters in-depth with your Mentors to make sure both of you have realistic expectations about your project.

Grades/ DeadlinesA letter grade only will be assigned to the Project. Projects not submitted on the due date will not be considered for evaluation. Please note that incomplete projects or those awarded F grades do not count towards graduation.

The weightage of the various components is as follows:

S.no Component Weightage

1 Initial proposal written15

2 Initial proposal oral10

3 Mid-review10

4 Final report written40

5 Final report oral 25

Total 100%

Criteria for assessment:Demonstrate an understanding of the literature and published research through application of rigorous analysis, critical enquiry, clear expression, and independent judgment.

Show methodological competence by demonstrating application of the appropriate understanding, skills, techniques, and critical awareness acquired during the study of the Research Methods course.

Analyze data and problem(s) in a context of a substantial and demanding piece of work designed to develop a participants ability and capacity to work in a managerial environment relative to their named route.

Show an appreciation of business issues inherent in the research and show that the students objective of improving their abilities as managers has been furthered.

Be well presented following accepted academic convention.

The following grades are awarded depending upon the merits of the report:

A+/ A: The participant has completed a research project and a report, of the highest quality, academic and practical.

A/ A-: The research project is generally of very high quality. There is likely to be an area of further improvement.

B/ B-: The research project is of good to average quality.

C/ C-: The quality is generally below average.

D: The student has not undertaken any meaningful research, appropriate for the number of credit hours. The participant has failed to produce a report of at least average quality. The final presentation is likely much below average or poor.

F-, F: The student has not understood the project requirements, not carried out the research in a systematic way and falling short of efforts and the minimum academic standards.

Evaluation SchemeNote: If a student is unable to start the ASP with their batch, they can seek extension to do it with the next batch and that is subject to approval from the Dean / Assistant Dean.

Parameters for evaluating the EMBA ASP Proposal (15% written)Parameters Max

Marks Marks

Obtained Comments

1. Business Issue/Research Objectives

-Business issue, research objectives and milestones clearly defined and agreed with mentor 10 2. Literature review

-Relevant and critical review of a range of secondary data pertaining to the above topic with reference list. Need to review both industry data and academic literature 20 3. Research Design

- Clear articulation of the research design & details of proposed methodology with rationale for chosen approach

- Draft questionnaire design/ discussion

guide - reviewed and approved by the mentor 20 4. Data Analysis strategy

- Specific techniques proposed for analysis and interpretation with rationale for chosen approach

- Quality of preliminary data analysis

-Sample size & design proposed 10 5. Key milestones & timelines

Clearly articulated, specific milestones with timelines with target dates for completion 10 6. Written Communication

-Clear appropriate & logical flow of:

data / findings; summary of expected findings

& managerial implications.

Good use of summarizing and paraphrasing

Use of appropriate referencing (APA format)

Feedback has been used to improve the written submission

30 Total 100 Parameters for evaluating the EMBA ASP Proposal (10% oral)Parameters Max

Marks Marks

Obtained Comments

Business Issue/Research Objectives

- Business issue, research objectives and milestones clearly presented 10 Literature review

- Clearly presented in appropriate depth

- Explained using the students own words 15 Research Design

- Clear articulation of the research design & details of proposed methodology with rationale for chosen approach

- Draft questions are presented, if appropriate

20 Data Analysis strategy

- Specific techniques proposed for analysis are clearly presented and understood, including proposed sampling frame and sample size, if appropriate 10 Presentation & Communication

-Clear appropriate & logical presentation of:

data / findings; summary of expected findings

& managerial implications.

-Slides are clear and well-designed

-Presentation was well-timed and delivered at an appropriate pace

15 Intensity of Engagement

-Demonstrates a consistent, focused effort and takes ownership for the project

- answers questions clearly and confidently

30 Total 100 Parameters for evaluating the Mid-review discussion (10%)Parameters Max. Marks Marks Obtained Comments

Student has presented evidence to show the incorporation of relevant feedback given to date. 25

Student is making expected progress according to the given timelines.

25

25 Data collection has commenced with an appropriate questionnaire or tool and is likely to be completed on time, appropriate data analysis methods are clearly outlined. 25 Challenges or issues that may affect timely completion of the project are identified and discussed. 25 Total 100 Parameters for evaluating the EMBA ASP Final Evaluation (40% written)Parameters Max. Marks Marks

Obtained Comments

Quality Of Literature Review and Analysis Good coverage of Industry Perspectives & Trends

15 Correct application of Frameworks or Concepts 15 Research Methodology Qualitative Analysis & Quantitative Analysis of Data and Interpretation. 15 Project Outcomes, Managerial Implications and business recommendations 20 Implementation plan that indicates how the recommendations can be implemented, suggested time lines, approvals that may be needed, challenges that may need to be overcome 20 Quality of Written Report- professional & academic and compliance to format and guidelines. (correct APA referencing) Feedback has been used to improve the written submission

15 Total 100 Parameters for evaluating the EMBA ASP Final Evaluation (25% oral)Parameters Max. Marks Marks

Obtained Comments

1.Quality Of Literature Review and Analysis Good explanation of Industry Perspectives & Trends presented in the students own words 10 Correct application of Frameworks or Concepts clearly depicted using graphics where applicable

10 2.Research Methodology Qualitative Analysis & Quantitative Analysis of Data and Interpretation clearly presented 10 3. Project Outcomes, Managerial Implications and business recommendations clearly justified 15 4. Implementation plan that indicates how the recommendations can be implemented, suggested time lines, approvals that may be needed, challenges that may need to be overcome 15 5. Quality of Presentation

-Professional & academic presentation with clear, well-designed slides

Presentation was well-timed and delivered at an appropriate pace 20 6. Questions- student can answer questions clearly, concisely and confidently 20 Total 100 Statement of Purpose (SOP)1 Name:

Specialization selected:

2 Student No.:

Batch number:

3 Organization Name & Proposed Research Topic (Title):

4 Proposed Industry Mentor: include name, title, organization and either CV or updated LinkedIn profile

5 (a). Business Issue(s)

(b). Relevance/justification for the Research Study:

6 (a). Research Objective:

(b). Research Question (s):

7 Literature Review: At least 10 relevant academic articles relating to the proposed topic. Key points for each article should be noted as well as APA formatted reference list.

8 Proposed Research Methodology (Qualitative/Quantitative/Data Collection Method/Statistical Tools)

9

Expected Outcomes and Implications: