Browsing by Author "Pawan Kumar Jha"

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A diagnosis of the determinants of dividend payout policy in India: A factor analytical approach
(IGI Global, 2014) Raj Kumar; Pawan Kumar Jha
Dividend decision involves the portion of a firm's net earnings that are paid out to the shareholders, and the remaining is ploughed back in the company for its growth purpose. Despite comprehensive theoretical and empirical explanations, dividend policy and its determinants are a puzzle to be fixed in corporate finance. This chapter is an attempt to assess the dynamics and determinants of dividend-payout policy using a factor analytical tool and a multiple regression analysis as a supportive tool. The authors take into account the sample of ten automobile companies based on Market Capitalization listed on the Bombay Stock Exchange (BSE) for a period of 10 years from 2002-2003 to 2012-2013. The results of the factor analysis show that six factors, current ratio, cash flow, retained earnings per share, earnings per share, equity dividend, and corporate dividend tax, are identified as the most critical factors determining dividend payout in Indian automobile companies. However, regression results depict only three factors (i.e. cash flow, equity dividend, and corporate dividend tax) have been found statistically significant in determining dividend payout policy. © 2014, IGI Global. All rights reserved.
A diagnosis of the determinants of dividend payout policy in India: A factor analytical approach
(IGI Global, 2015) Raj Kumar; Pawan Kumar Jha
Dividend decision involves the portion of a firm's net earnings that are paid out to the shareholders, and the remaining is ploughed back in the company for its growth purpose. Despite comprehensive theoretical and empirical explanations, dividend policy and its determinants are a puzzle to be fixed in corporate finance. This chapter is an attempt to assess the dynamics and determinants of dividend-payout policy using a factor analytical tool and a multiple regression analysis as a supportive tool. The authors take into account the sample of ten automobile companies based on Market Capitalization listed on the Bombay Stock Exchange (BSE) for a period of 10 years from 2002-2003 to 2012-2013. The results of the factor analysis show that six factors, current ratio, cash flow, retained earnings per share, earnings per share, equity dividend, and corporate dividend tax, are identified as the most critical factors determining dividend payout in Indian automobile companies. However, regression results depict only three factors (i.e. cash flow, equity dividend, and corporate dividend tax) have been found statistically significant in determining dividend payout policy. © 2015, IGI Global.
Application of water quality index (WQI) and statistical techniques to assess water quality for drinking, irrigation, and industrial purposes of the Ghaghara River, India
(Elsevier B.V., 2023) Nirdesh Kumar Ravi; Pawan Kumar Jha; Kriti Varma; Piyush Tripathi; Sandeep Kumar Gautam; Kirpa Ram; Manish Kumar; Vijay Tripathi
Ghaghara river samples were analysed to determine their quality and fitness for household, agriculture, and industrial use. In Ghaghara River, the cations were present in order of Ca2+ > Mg2+ > Na+ > K +, and anions were in order of HCO3– > SO42− > Cl− > NO3– > F−. Gibbs's diagram indicated that carbonate and silicate weathering significantly influence the Ghaghara River ion chemistry. Piper trilinear diagrams indicated that Ca2++ Mg2+ exceeded the Na++ K +, and anions of weak acids dominated over the anions of strong acids, indicating Ca-HCO3 type of water. Based on the WQI values, the water quality class varied from 'unsuitable for drinking' to 'excellent' quality, and the parameter of concern was pH and fluoride ion concentration as they exceeded their permissible limits in the post-monsoon season, thereby negatively affecting the WQI values to unsuitable category. The computed value of the agriculture indices, including the Sodium absorption ratio (SAR), Sodium percentage (Na %), Kelly ratio (KR), Permeability Index (PI) value, Magnesium absorption ratio (MAR), and Potential salinity (PS), indicated that water quality was suitable for agriculture use. The Langelier Saturation Index (LSI) values indicated that 39% of the collected samples were unsuitable due to scale formation problems. Ryznar Stability Index (RSI) values indicated that the water of the Ghaghara River is corrosive and unsuitable for industrial use. © 2023 The Author(s)
Characterization of heavy metal pollution in an anthropogenically and geologically influenced semi-arid region of east India and assessment of ecological and human health risks
(Elsevier B.V., 2020) Indrani Mukherjee; Umesh Kumar Singh; Rajeev Pratap Singh; Anshumali; Deepa Kumari; Pawan Kumar Jha; Pankaj Mehta
The present study evaluated the heavy metal contamination in groundwater and associated ecological and human health risks of a geologically and anthropogenically diverse semi-arid region of Birbhum district, India. For a reliable evaluation, concentrations of nine heavy metals in 680 groundwater samples (N = 680) which were collected during premonsoon and postmonsoon seasons of consecutive two years from 170 wells were measured. The human health risk assessment using the USEPA model which is based on single value for each parameter may inherit certain inaccuracy and uncertainties in the evaluation. Unlike earlier studies, a higher degree of accuracy in carcinogenic and noncarcinogenic health risk assessments was achieved through Monte Carlo simulations, sensitivity analysis and uncertainty analysis. The study revealed the occurrence of the target heavy metals in groundwater with mean dominance order of Fe > Zn > Sr > Mn > Cr > Pb > Ni > Cu > Cd where mean concentrations of the carcinogens, Pb and Fe exceeded their maximum permissible limits. The water quality status evaluated using the modified heavy metal pollution index, Nemerow index and Heavy metal evaluation index methods resulted in medium to high heavy metal contamination in groundwater within a large portion of the study area which indicated its unsuitability for drinking purpose. The study suspects a moderate to very high risk for the groundwater dependent ecosystems in major part of the study area. The study further revealed cancer risks, ranging from high to very high within the residents due to accumulative exposure of the carcinogenic heavy metals in groundwater through ingestion and dermal contact. Minor populations of the study area were found to be more vulnerable to the carcinogenic and noncarcinogenic diseases than teenagers and adults, mainly through oral exposure. The study recommends the residents to consume treated groundwater since the primary route of heavy metal exposure was identified to be the ingestion route. © 2019 Elsevier B.V.
Nutrient chemistry and eutrophication risk assessment of the Ghaghara river, India
(IWA Publishing, 2021) Nirdesh Kumar Ravi; Atul Srivastava; Pawan Kumar Jha; Kirpa Ram
This study was carried out to evaluate the eutrophication risk associated with the nutrient flux from the Ghaghara river by using nutrient molar ratios and indicators for coastal eutrophication potential values. The concentration of ammonium (3-8 times), nitrate (3-10 times), and phosphate (3-4.5 times) in the Ghaghara river were higher than the reported value for the unpolluted rivers, indicating the contribution from the anthropogenic sources. The dissolved nutrients concentration showed significant seasonal variations in the Ghaghara river system. The specific yield of nitrate-N, phosphate-P, and dissolved silica-Si from the Ghaghara river were 0.49,0.03 and 0.96 tons kmr2 yr~1 respectively. The average molar ratio for dissolved inorganic nitrogen (DIN)/Dissolved inorganic Phosphate (DIP) was above 16:1, which indicated phosphate limitation in biological productivity. In contrast, an average molar ratio of Dissolved inorganic Silica (DSi)/DIN of 4.6 ± 4.4 favored the diatom growth in the Ghaghara river. The negative value of P-ICEP (-2.93 kg C. kmr2day~1) indicated phosphate limitation in the Ghaghara river. The positive value of N-ICEP (1.71 kg Ckmr2day~1) indicates an excess of nitrogen over silica transport from the Ghaghara river to the Ganga river, which can create an eutrophication problem in the Ganga river. © 2021 The Authors