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Handbook for Writing Research Paper

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Guide to Write Research Paper

??What is a Research Paper
What image comes into mind as we hear the words ‘Research Paper’: working with stacks of
articles and books; hunting the ‘treasure’ of others’ thoughts; preparing research report on the
basis of primary or secondary data? Whatever image we create, it’s a sure bet that we’re
envisioning sources of information—articles, books, people, and artworks. Yet a research paper
is more than the sum of sources, more than a collection of different pieces of information about a
topic, and more than a review of the literature in a field. A research paper analyzes a perspective
or argues a point. Regardless of the type of research paper the researcher is writing, the
researcher should present his own thinking backed up by others’ ideas and information. A
research paper involves surveying a field of knowledge in order to find the best possible
information in that field and that survey can be orderly and focused.
What is Management Research Paper

Management papers are developed to express the knowledge and learning, in addition to the
inclusion of information from the texts, current events in business, and past research that defines
the ability to connect learning to application. Every researcher specifically researching in the field
of management should answer some key questions before submitting a paper. The first question
every researcher should answer is “Why am I writing this paper?” If the answer is of the form “to
document what I have been doing for the past two years”, then researcher is in danger of writing
a bad paper. Another poor answer is “to help build my case for tenure”. Tenure may be initial
motivation for writing a paper, but it should not be the only motivation. The purpose of the paper
should be to communicate something to someone. So, the next questions are “What is my paper
trying to say?” and
2 A Handbook for Writing Research Paper
“Who is the audience for my paper?” If researcher cannot clearly answer these questions, then
the paper is likely to be poor.
A focused paper is better than a scattered paper. Resist the temptation to describe every great
idea that one may have while working on the project. Pick a primary message and communicate it
well. After deciding what the paper is trying to say, the next question to answer is “Is it worth
saying” Is it a new message, or just a rehash of an old message? Is the message of value, or
potential value, or is it trivial? Is it conjecture, or have the researcher demonstrated the
soundness of the conclusions. A complete job on paper includes writing, editing and revising.
Each complete revision is a draft. Don’t try to write just one final draft of a paper. Always write a
first draft with the intention of having one or more revision drafts. For the first draft, author will find
it faster to write something approximating the points he/she wishes to make, then go back and
revise them. While drafting, keep computer or paper at hand so you can jot down new ideas as
they occur. It’s faster to edit and revise on computer, without printing out the intermediate drafts.
However, it is needed to print out a draft for editing. Format the text with double-spaced or
triple-spaced lines so that the changes can be marked between lines. Write a second draft.
Check the spelling and use a thesaurus to make improvements. If needed, edit the second draft
for a third draft, and so on.
Intentions for Writing the Research Papers

One may ask why researchers have to write down what they have been doing, or what they are
currently working on. Still, it may be asked why researchers have to turn their writing into formal
papers. Writing for others is more demanding than writing for oneself but it can help to get a
better understanding of the own ideas. As publications have system-maintaining roles in their
respective sciences, additional motivations for researchers to write and publish their research
work were discussed by Booth et al. He listed three obvious reasons:
● To remember, because once something is forgotten, it cannot be reproduced correctly
without having written notice
● To understand, as writing about a subject can only be accomplished by approaching the
subject in a structured way, which itself leads to better understanding thereof
● To gain perspective, as writing includes looking at something from different points of view.
O’Connor points out that writing and publishing research papers is essential if management
science is to progress. Peat et al. [7] provided a list of some pragmatic reasons for writing down
and publishing research results. Among them are:
– The Researcher has some results that are worth reporting. – The Researcher
wants to contribute in the progress of scientific thought. – The Researcher wants his
work to reach a broader audience. – The Research will improve the chances of
promotion. – It is unethical to conduct a study and not report the findings.
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Classification of Paper into one or the other Category

Pick the category which most closely describes the paper. Though some papers can fit into
more than one category but it is good to assign the paper to one of the categories listed below to
facilitate searching within the database:
● Research Paper: This category covers papers which report on any type of research
undertaken by the author(s). The research may involve the construction or testing of a model
or framework, action research, testing of data, market research or surveys, empirical,
scientific or clinical research.
● Viewpoint: Any paper, that includes content that is dependent on the author’s opinion and
interpretation, should be included in this category; this also includes journalistic pieces.
● Technical Paper: Describes and evaluates technical products, processes or services.
● Conceptual Paper: These papers will not be based on empirical research but will develop
hypotheses. The papers are likely to be discursive and will cover philosophical discussions
and comparative studies of others’ work and thinking.
● Case Study: Case studies describe actual interventions or experiences within
organizations. They may well be subjective and will not generally report on research. A
description of a legal case or a hypothetical case study used as a teaching exercise would
also fit into this category.
● Literature Review: It is expected that all types of papers cite relevant literature the
literature review papers annotate and/or develop critique of the literature in a particular
subject area. It may be a selective bibliography providing advice on information sources or it
may be comprehensive in that the paper’s aim is to cover the main contributors to the
development of a topic and explore their different views.
● General Review: This category covers those papers which provide an overview or
historical examination of some concept, technique or phenomenon. The papers are likely to
be more descriptive or instructional (“how to” papers) than discursive.
Starting Steps
Organizing in a logical order of the presentation of the research is the other half of the battle
involved in creating a successful management research paper. Preparing an outline is important
to ensuring that the argumentation supports the main research statement. Be sure to construct
the paper in a way that uses the “if this happens, then this is the result” format and then tie the
results back to the original premise of the research. Do not assume that all the research pooled
for the paper has to be used. After further reading, researcher may discover that some of the
material is not relevant or has a bias that would not make it a good reference to substantiate the
argument. Few starting steps before writing the research paper can be as follows:
1. Pen down the thoughts you yourself have not generated or tested.
2. Give sources for quotations, and be sure to quote any string of three or more
words that comes from a given source. 3. Paraphrase with care. Since copyright laws protect
the expression of ideas. 4. Cite when in doubt. The overall idea is to cover the bases, leaving
no question
about which ideas came from researcher and which came from others. 5. Contact the senior
teacher or professor if struggling with the paper. Work out a
solution together instead of taking the plagiarism shortcut.
Transform the Research

While a management research paper is heavily based on available research, the premise of the
project is not to simply restate what has already been discovered. The primary goal of doing a
management research paper is to transform the research and make it own, illustrating the
concepts and theories to the point of understanding how these might be applied to or solve a
real-world critical business issues or problems. To help in transforming the research into a
research paper, it is a good idea to make a list of questions at the start and then refer back to
these while formulating the outline for the management research paper. Finding the answers to
these questions will then serve as the foundation for the primary points the researcher will be
making in the main body of the paper. Adding personal experiences with management or as a
manager within an organization also helps transform the research into a compelling piece of
work.
Solidify the Message

The best way to solidify the message in the management research paper is to re-read the draft
and revise it numerous times to ensure a succinct, powerful, and well-stated argument for the
particular research topic. This involves careful proof reading and a review of a checklist provided
by the publishers in terms of formatting. If this information is not provided, be sure to consult a
writing guide that focuses on specific ways to format a research paper as well as explains the
various standard referencing mechanisms, such as APA, Harvard, and MLA, that will provide
details to construct the bibliography as well as internal references, footnotes, or endnotes. Unless
you are an experienced researcher it is important to submit the first draft to the guide or mentor
who will check whether or not the format has been adhered to. This format is very important
because the publication depend also on the format followed. Of course, there are those who
would aver that the content is more important than the format. This is not entirely true. Having a
collection of thoughts on a particular topic is not the same as having the same put into a particular
format that makes it more coherent and focused.
Over a period of time the research scholar is able to adhere to the research paper format
without the watchful eyes of the guide. Of course, a lot depends on the research paper topic that
is chosen. Unless these standard procedures are used it would become quite difficult to judge the
research papers and evaluate it based on purpose. The research paper could be in any one of
the styles that are mentioned below, depending on the types of research papers written:
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1) Harvard 2) APA 3) MLA These are some of the most commonly used styles. Apart from the
three mentioned above, there are other formats too that are used. It is important to know the
particular kind of research paper format mainly because there is a certain methodology that
needs to be followed while inserting references and citations. In some cases, there are numbers
that are written as superscripts, which are then explained below either at the end of each page or
at the end of the complete work. These are called footnotes and endnotes respectively.
Written Proposal of Research Papers

Research reports usually have five chapters with well-established sections in each chapter.
Readers of the research report will be looking for these chapters and sections. Therefore, the
researcher should not deviate from the standard format. Most research studies begin with a
written proposal. Again, nearly all proposals follow the same format. In fact, the proposal is
identical to the first three chapters of the final research report except that it’s written in future
tense. In the proposal, might say something like “the researchers will secure the sample from ...”,
while in the final paper, it would be changed to “the researchers secured the sample from ...”
Once again, with the exception of tense, the proposal becomes the first three chapters of the final
research paper. The most commonly used style for writing research reports is called “APA” and
the rules are described in the Publication Manual of the American Psychological Association.
Avoid the use of first person pronouns.. Instead of saying “I will ...” or “We will ...” say something
like “The researcher will ...” or “The research team will ...”.Never present a draft (rough) copy of
the proposal, thesis, dissertation, or research paper...even if asked. A paper that looks like a draft
will be interpreted as such, and the researcher can expect extensive and liberal modifications.
Take the time to put the paper in perfect APA format before showing it to anyone else. The payoff
will be great since it will then be perceived as a final paper, and there will be far fewer changes.
Style, Layout, and Page Formatting

Title page
All text on the title page is centered vertically and horizontally. The title page has no page
number and it is not counted in any page numbering.
Page Layout
Left margin: 11⁄2” Right

margin: 1" Top margin:
1" Bottom margin: 1"
Page Numbering
Pages are numbered at the top right. There should be 1" of white space from the top of the
page number to the top of the paper. Numeric page numbering begins with the first page.
Spacing and Justification
All pages are single sided. Text is double-spaced or 1.5 spaced, except for long quotations and
the bibliography (which are single-spaced). There is one blank line between a section heading
and the text that follows it. Justify the text.
Font face and Size
Any easily readable font is acceptable. The font should be 12 points or larger. Generally, the
same font must be used throughout the manuscript, except 1) tables and graphs may use a
different font, and 2) titles and section headings may use a different font.
Visual Layout
Give strong visual structure to the paper using
● sections and sub-sections
● bullets
● italics
● laid-out code
● draw pictures, and use them
Paper Organization
The general structure of a paper comprises three major sections: introduction, body, and
discussion. The progression of the thematic scope of a paper within these sections typically
follows a general pattern, namely the “hourglass model” shown below in figure The introduction
leads the reader from general motivation and a broad subject to a particular research question to
be dealt with in the paper. The body of the paper stays within a tight thematic scope, describes
the research methods and results in detail. The discussion section aims to draw general
conclusions from the particular results. This is in line with Berry’s claim that a research paper
should be circular in argument, i.e., the conclusion should return to the opening, and examine the
original purpose in the light of the research presented. However, there are additional parts of a
paper with equal importance: title, abstract, and the references.
The extended hourglass model, the “King model” for its visual resemblance of the chess piece,
is shown in the figure 2. The following subsections describe all parts of a published paper.
Fig: 1 Fig: 2
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Fig.1 and 2, the hourglass model (left) and the King model (right) of paper structure. – begin with the
subject of the paper, – The results presented in the paper are accurate, unambiguous, specific,
and complete, – do not contain abbreviations (unless they are well known by the target audience,
– attract readers. Title: Research paper titles should be descriptive and informative. Sometimes
the research thesis or research question is used for a title. Avoid vague, inaccurate or amusing
titles.Abstract- on-line search databases typically contain only abstracts, it is vital to write a

complete but concise description of the work to entice potential readers into obtaining a copy of
the full paper. Writers should follow a checklist consisting of: motivation, problem statement,
approach, results, and conclusions. Following this checklist should increase the chance of people
taking the time to obtain and read the complete paper.
Introduction: The introduction should appeal to a reader’s interest and it should make clear
what the research paper is about. Ask the research question. The question can come first,
informing the reader of the purpose of the research paper; or, the question can come last, making
a transition to the body of the research paper.
Body: The meat of a research paper is evidence, facts and details. The researcher
can’t have too much documentation, too many references. On the other hand, it is possible to
have too many quotes. Discover information and analyze and evaluate it for readers. Tell readers
what the data means and show them how to weigh the evidence. Present the evidence in the
body of the research paper. Point out strengths and weaknesses on both sides of the issue.
Making concessions establishes that the researcher have researched the issue thoroughly.
Artwork: Use appropriate drawings, pictures, diagrams, maps, tables and charts to illustrate
key points. Keep artwork simple.
Conclusion: The conclusion of the research paper is the culmination of everything written in
the paper before the conclusion. The research question is answered in the conclusion. The
conclusion should include one to one correspondence between the objectives and their
satisfaction.
Discussion- The discussion portion typically centers on what the results mean and more
importantly why? Remember that a strong research paper actually justifies discussion. The
researcher needs to ensure that the thesis indicates the point of the discussion.
The discussion should be a summary of the principal results. Look for relationships,
generalizations as well as trends among the results as well as their exceptions. Talk about the
most likely causes which are found underlying the patterns resulting in the predictions. There are
a host of other questions which the researcher should deal with such as does it agree or perhaps
contradict previous work? Talk about implications and possibilities. Remember to add evidence or
even a line of reasoning which supports each interpretation. It might be helpful to break up this
particular section into different logical segments with the help of subheadings.
Steps for Writing the Research Paper

Pick the Problem and Designing the Topic
Success starts with the right topic and scope of the research that would be involved. In terms of
a management research paper, there are a seemingly endless amount of problems and issues
that span across every aspect of a business, organization, and industry, so it is important to
narrow the subject matter and find the niche. It is important to pick a research topic that interests
the researcher and that has application for field of study. Additionally, the research should be
something that is relevant to today’s business environment, such as something that relates to the
issues of sustainability, ethics, corporate responsibility, the use of technology, or new
management styles that can be successful in the global information society.
Topic Selection- For a research paper, report or article, the researcher learns information
about a subject, then set forth a point of view and support it with evidence from authorities known
as sources. All of their sources must be declared via citations within the research paper. The
typical research paper, report or article is an informative document, which sheds light on an
event, person or current issue. It also may be persuasive. If a subject
9
intrigues the researcher, he will do a better job on the finished product. As the home in on a
general topic, consider using the brainstorm and free write techniques. Eventually, every
researcher must narrow the general topic to a specific research question.
Generating Ideas for Topic of the Research Paper

1. Brainstorming
Brainstorming, sometimes known as thinking on paper, means jotting down ideas in a

computer file or on paper may be used to generate large amount of data in a short time.● List all
ideas that come to mind—alone or in a group.

● Ask journalistic questions and answers to ensure consideration of all angles— who, what,
when, where, why, how?
● Limit all writing to point form to avoid writer’s block.
● Consider your point of view on an issue and establish your own bias or feelings on a topic.
2. Free Writing
Free writing can help the researcher to find ideas by writing quickly, with no plan, and without
stopping for ten to twenty minutes. Don’t worry about what to say first; start in the middle. Ignore
grammar, spelling and organization. Let the thoughts flow into a computer file or onto paper as
they come. If researcher draws a blank, write your last word over and over. More ideas will follow.
Free write more than once, then write a sentence, which begins, “My main point is ...”. Good
writing has a subject, purpose and audience. Consider the audience for the research work, and
how the purpose limits the subject. Think about how important the topic is in relation to the
purpose of the investigation. Keep in mind the availability, variety and worth of materials that will
be able to find. Consider the amount of time available.
Unsuitable topics: A research paper topic would be a poor choice if it were...
● Too Broad: Should you try to cover the entire subject. Narrow the scope of the topic to
include only a portion of a broad subject.
● Too Subjective: A personal topic, such as “Why my Learning is Best,” may be unsuitable
because you probably won’t be able to support it from library sources.
● Too Controversial: Avoid any subject about which can’t be written objectively.
● Too Familiar: The work on a research paper should lead to discovery of things the
researcher doesn’t already know.
● Don’t submit a research paper already written for another purpose.
● Too Technical: Don’t write about a topic that is still not understood thoroughly after the
complete research.
● Crystallizes what we don’t understand. This forces us to be clear focused
● Opens the way to dialogue with others: reality check, critique, and collaboration
IDEA
DO RESEARCH
WRITE RESEARCH PAPER
Topic Selection: Model 1
WRITE IDEA
RESEARCH PAPER
DO RESEARCH
Topic Selection: Model 2 At the outset, when one wishes to write a research paper, confirm the
following checklist for deciding about the title.
Checklist-1
● Where do you want to send your article for publication?
● What is the proposed title?
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● If the idea is to publish, then go through the earlier publication/s to know what kinds of
papers are published - this will give you idea about the way titles are presented.
● Select the topic which will be very useful for the readers and also latest one.
● What kind of data/information needs to be collected from different sources in order to write
a good paper?
● Start with introduction - objectives - have survey of literature - will it be possible to collect
the data required for the research.
● Decide how many pages need to be prepared. This is very essential in order to decide how
much inputs are required.
● Try to refer recent articles, information, data etc.
● Don’t forget to record acknowledgement for the information you have taken. Important:
Research paper titles should be descriptive and informative. Sometimes the research thesis or
research question is used for a title. Avoid vague, inaccurate or amusing titles. After topic
selection, form a research question and hypothesis. A hypothesis is a working idea that the
evidence may support. The researcher should have a hypothesis in mind as he/she starts looking
into the subject. While writing the paper, the researcher may narrow the hypothesis or even
discover a better hypothesis. Be prepared to change the hypothesis if evidence doesn’t support it.
3. The Abstract
Basically, an abstract comprises a one-paragraph summary of the whole paper. An abstract is
a concise single paragraph summary of completed work or work in progress. In a minute or less a
reader can learn the rationale behind the study, general approach to the problem, pertinent
results, and important conclusions or new questions. Abstracts have become increasingly
important, as electronic publication databases are the primary means of finding research reports
in a certain subject area today. So everything relevant to potential readers should be in the
abstract, everything else not. There are two basic types of abstract:
– An informative abstract extracts everything relevant from the paper, such as primary
research objectives addressed, methods employed in solving the problems, results obtained,
and conclusions drawn. Such abstracts may serve as a highly aggregated substitute for the
full paper. – On the other hand, an indicative or descriptive abstract rather describes the
content of the paper and may thus serve as an outline of what is presented in the paper. This
kind of abstract cannot serve as a substitute for the full text.
Writing an abstract
Purpose
What are the reason(s) for writing the paper or the aims of the research?
Design/ Methodology/ Approach

How are the objectives achieved? Include the main method(s) used for the research. What is
the approach to the topic and what is the theoretical or subject scope of the paper?
Findings
What was found in the course of the work? This will refer to analysis, discussion, or results.
Research Limitations/ Implications (if applicable)
If research is reported on in the paper this section must be completed and should include
suggestions for future research and any identified limitations in the research process.
Practical Implications (if applicable)

What outcomes and implications for practice, applications and consequences are identified?
How will the research impact upon the business or enterprise? What changes to practice should
be made as a result of this research? What is the commercial or economic impact? Not all papers
will have practical implications.
Social Implications (if applicable)
What will be the impact on society of this research? How will it influence public attitudes? How
will it influence (corporate) social responsibility or environmental issues? How could it inform
public or industry policy? How might it affect quality of life? Not all papers will have social
implications.
Originality/ Value
What is new in the paper? State the value of the paper and to whom.
Using Keywords
Using keywords is a vital part of abstract writing, because of the practice of retrieving
information electronically: keywords act as the search term. Use keywords that are specific, and
that reflect what is essential about the paper. Put yourself in the position of someone researching
in your field: what would you look for? Consider also whether you can use any of the current
“buzz words”.
Style● Single paragraph, and concise

● As a summary of work done, it is always written in past tense
● An abstract should stand on its own, and not refer to any other part of the paper such as a
figure or table
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● Focus on summarizing results - limit background information to a sentence or two, if
absolutely necessary
● What the researcher report in an abstract must be consistent with what is reported in the
paper
● Correct spelling, clarity of sentences and phrases, and proper reporting of quantities
(proper units, significant figures) are just as important in an abstract as they are anywhere
else.
Checklist 2
A checklist defining relevant parts of an abstract is proposed below: 1. Motivation: Why do we
care about the problem and the results? 2. Problem statement: What problem is the paper
trying to solve and what is the
scope of the work? 3. Approach: What was done to solve the problem? 4. Results: What is the
answer to the problem? 5. Conclusions: What implications does the answer imply? 6. Abstracts
should contain no more than 250 words or as per the requirements of the publisher. Write
concisely and clearly. The abstract should reflect only what appears in the original paper.
Important - There are some things that should not be included in an abstract, i.e. information and
conclusions not stated in the paper, references to other literature, the exact title phrase, and
illustrative elements such as tables and figures.
4. Introduction
The introduction serves the purpose of leading the reader from a general subject area to a
particular field of research. Three phases of an introduction can be identified
1. Establish a territory
a) Bring out the importance of the subject and/or b) Make general
statements about the subject and/or c) Present an overview on current
research on the subject. 2. Establish a niche
a) Oppose an existing assumption or b) Reveal a research
gap or c) Formulate a research question or problem or d)
Continue a tradition. 3. Occupy the niche
a) Sketch the intent of the own work and/or
b) Outline important characteristics of the own work; c) Outline important results; d) Give a brief
outlook on the structure of the paper. In brief, the introduction should guide the reader to
understand the rest of the paper without referring to previous publications on the topic. Even
though the introduction is the first main section in a paper, many researchers write – or at least
finish – it very late in the paper writing process, as at this point the paper structure is complete,
the reporting has been done and conclusions have been drawn.
Writing an Introduction
The introduction is the only text in a research paper to be written without using paragraphs in
order to separate major points. Approaches vary widely; however for the following approach can
produce an effective introduction.
● Describe the importance (significance) of the study - why was this worth doing in the first
place? Provide a broad context.
● Defend the model - why did you use this particular organism or system? What are its
advantages? The researcher might comment on its suitability from a theoretical point of view
as well as indicate practical reasons for using it.
● Provide a rationale. State the specific hypothesis(es) or objective(s), and describe the
reasoning to select them.
● Very briefly describe the research design and how it accomplished the stated objectives.
Style● Use past tense except when referring to established facts. After all, the paper will
be submitted after all of the work is completed.
● Organize the ideas, making one major point with each paragraph.
● Present background information only as needed in order to support a position. The reader
does not want to read everything the researcher knows about a subject.
● State the hypothesis/objective precisely - do not oversimplify.
● As always, pay attention to spelling, clarity and appropriateness of sentences and phrases.
5. Review the Research

What is a Literature Review?
A review of the literature is an essential part of the academic research project. The review is a
careful examination of a body of literature pointing toward the answer to the research question. A
literature or a body of literature is a collection of published research relevant to a research
question. All good research writings are guided by a review of the
15
relevant literature. The literature review will be the mechanism by which the research is viewed as
a cumulative process. That makes it an integral component of the scientific process. There are a
number of steps to take in selecting the research problem and then filtering through all of the
information to find the data that substantiates the research title that researcher have chosen or
that has been assigned by an organization. Be sure to get the details on the format and
referencing style that is required since everything presented in the paper must be attributed to the
person who provided that research material. The Internet has opened up the doors of opportunity
for accessing a wealth of in-depth research material by providing a number of open-sourced
academic databases that contain recent findings and studies. Some of the databases do require
either a password that can be obtained from the university or a small payment to join. Emerald
and Science Direct are particularly excellent sources of high-quality research material. Many
other researchers have made their published papers available online, so be sure to search
Google using specific keywords that relate to the research topic. The university library should not
be left out as an excellent place for source material.
Why do it - The purpose of the literature review remains the same regardless of the research
methodology used. It is an essential test of the research question, which is already known about
the subject. Literature review can be used to discover whether someone else has already
answered the research question. If it has, the researchers must change or modify the question.
Importance of Review- It is important because it shows what previous researchers have
discovered. It is usually quite long and primarily depends upon how much research has
previously been done in the area researcher is planning to investigate. If the researcher is
planning to explore a relatively new area, the literature review should cite similar areas of study or
studies that lead up to the current research. Never say that the area is so new that no research
exists. It is one of the key elements that readers look at when reading the research papers and
approving them for publication.
Where to start? Often, it is appropriate to start the research with encyclopedias, almanacs and
dictionaries for broad, general background information on a topic. Next, check specialized
encyclopedias, bibliographies and handbooks on your topic. Search general, then specialized
indexes and databases for articles on the chosen subject in authoritative books, scholarly
journals, trade papers, consumer magazines and newspapers. One may search all of these
resources on web with the help of search engines like Google.
Taking Notes: Read every source for facts, opinions and examples relating to the subject. Jot
down notes of information either in computer files or on cards that is important in answering the
research question. Record page numbers in the source for each fact or quote while jotting down.
If one wishes to quote from a source, make sure that exact wording have been recorded along
with the page number.
Organizing Information: After completing the main research, organize the information in such
a way that guides the researcher to research specific points while writing the research paper.
Outlining the Research Paper: Group the information in computer files or on note cards
coherently by topic that will lead to an efficient working outline. Organize the points either from
most-to-least or least-to-most important. Write an outline from the organization of the computer
files or note cards. List the major divisions and subdivisions to visualize the ideas and supporting
material. The outline will reveal whether the research has turned up enough materials to support
the conclusion.
How to do Bibliographies
Creating a bibliography manually can be a very annoying and time-consuming job. Professional
researchers who work with citations every day use one of the commercial computer software
tools for tracking references.
Word Processors: Although modern word processors are loaded with features, they don’t
offer complete help with one of academic writing’s most laborious tasks — the bibliography.
Creating a “bib” means tracking references, including citations in text, and formatting each
reference in a particular style. Two commercial computer programs (End Notes3 and Pro Cite)
perform those tasks. They are like employing a personal librarian to track, store and retrieve
bibliographic references while you do scholarly writing.
Researchers, scholars, writers, reporters, authors, reviewers, teachers and anyone gathering
and maintaining bibliographical references and publishing papers and reports can use these tools
to access, organize and update article references pulled from the expanding literature in a
knowledge field.
Mechanics of a Literature Review- The literature review will have two components: the
search through the literature and the writing of the review. Obviously, the search is the first step.
However, the researcher must remember that we love knowledge and that academic databases
can be seductive. The researcher could spend untold hours clicking around the bibliographies of
the favorite collections. It may have fun, but might not advance the literature review.
The Solution: Have the research question been written down and at hand when you arrive at the
computer to search databases. Prepare in advance a plan and a preset time limit.● Finding too
much? If you find so many citations that there is no end in sight to the
number of references you
could use, it is time to re-evaluate the question. It’s too broad.
● Finding too Little? On the other hand, if you can’t find much of anything, ask yourself if
you are looking in the right area. The topic is too narrow.
● Leading Edge Research: What if the researcher is trying to research an area that seems
to have never been examined before? Be systematic. Look at journals that print abstracts in
that subject area to get an overview of the scope of the available literature. Then, the search
could start from a general source, such as a book, and work its way from those references to
the specific topic. Or, it could start with a
17
specific source, such as a research paper, and work from that author’s references. There
isn’t a single best approach.
● Take thorough Notes: Be sure to write copious notes on everything. It is very frustrating
not to find a reference found earlier that the researcher wants to read in full.
● It’s not hard to open up a blank document in Word, WordPad (Windows) or SimpleText
(Macintosh) to keep a running set of notes during a computer search session. Just jump back
and forth between the Web browser screen and the notepad screen.
● Using Resources Wisely: Practice makes a person perfect. Learn how the computer
system works and then use the available computer resources properly and efficiently. Log
onto the Internet frequently. Visit the on-line library. Play with the database resources.
● Identify Publications, which print abstracts of articles and books in the chosen subject
area. Look for journals from which researcher can identify the most useful references. Identify
those authors who seem to be important in subject area. Identify keywords of area of interest.
Read online library catalogs to find available holdings. Be sure to write notes on everything.
● Getting Ready to Write: Eventually, a broad overview picture of the literature in subject
area will begin to emerge. Then it’s time to review the notes and begin to draft the literature
review.
● Pile them on a table and sit down. Turn to research question. Write it out again at the head of a
list of the various keywords and authors that have been uncovered during the review. Writing the
Review: One draft won’t cut it. Plan from the outset to write and rewrite. Naturally, the researcher
will crave a sense of forward momentum, so don’t get bogged down. It is not important to write
the review in a linear fashion from start to finish. If one area of the writing is proving difficult, jump
to another part.
Edit and Rewrite. The goal is to communicate effectively and efficiently the answer found to
research question in the literature. Make it clear, concise and consistent. Big words and technical
terms are not clear to everyone. They make it hard for all readers to understand the writing.
Checklist - 4
➢ - Is there enough material on each point?
- Will this amount of information seem convincing? - What are
the assumptions in the research? - What are the implications
of the research? - How old is this information?
➢ - Do I have the most recent data?

- Who are the authorities? - Has the information come from recognized experts? - Has the
information come from respected publications? - Are the terms clearly defined? - Are all
sources using the terms in the same way? - Is all the information relevant? - What do the
statistics mean? - How were the statistics gathered? - What are the relative merits of the
arguments? - Which arguments are stronger? - Which arguments are less significant? ➢
What is known about my subject? ➢ What is the chronology of the development of
knowledge about my subject? ➢ Are there any gaps in knowledge of my subject? ➢ How do
I intend to bridge the gaps? ➢ Is there a consensus on relevant issues? Or is there
significant debate on issues?
What are the various positions? ➢ What is the most fruitful direction I can see for my research
as a result of my
literature review? ➢ What directions are indicated by the work of other researchers?
Important- Academic researchers reach into scholarly journal databases to build bibliographies
for their papers. On-line library provides access to academic databases for use in scholarly
projects.
Evaluating Evidence (Primary vs. Secondary Evidence)

Primary evidence: A primary source of evidence is first-hand data collected through interviews,
experiments, fieldwork and other hands-on efforts. Secondary evidence: A secondary source of
evidence is information published about research done by others. Most library material is
secondary evidence.
5 - The Body of Research Paper

The body of a paper reports on the actual research done to answer the research question or
problem identified in the introduction. It should be written as if it were an unfolding discussion,
each idea at a time. Generally, the body of a paper answers two questions, namely how was the
19
A) Research question addressed (methods) B) What was found (results). Normally, the body
comprises several subsections, whereas actual structure, organization, and content depend
heavily on the type of paper.
– In empirical papers, the paper body describes the material and data used for the study, the
methodologies applied to answer the research questions, and the results obtained. It is very
important that the study is described in a way that makes it possible for peers to repeat or to
reproduce it. – Case study papers describe the application of existing methods, theory or
tools. Crucial is the value of the reflections abstracted from the experience and their
relevance to other designers or to researchers working on related methods, theories or tools.
– Methodology papers describe a novel method which may be intended for use in research
or practical settings (or both), but the paper should be clear about the intended audience. –
Theory papers describe principles, concepts or models on which work in the field (empirical,
experience, methodology) is based; authors of theoretical papers are expected to position
their ideas within a broad context of related frameworks and theories. Important criteria are
the originality or soundness of the analysis provided as well as the relevance of the
theoretical content to practice and/or research in the field.
Methodology
The methodology section of body describes the basic research plan. It usually begins with a
few short introductory paragraphs that restate purpose and research questions. Keep the wording
of the research questions consistent throughout the document.
Population and Sampling

It all begins with a precise definition of the population. The whole idea of inferential research
(using a sample to represent the entire population) depends upon an accurate description of the
population. Usually, just one sentence is necessary to define the population. Examples are: “The
population for this study is defined as all adult customers who make a purchase in our stores
during the sampling time frame”, or “...all home owners in the city of Mumbai”, or “...all potential
consumers of product”.
While the population can usually be defined by a single statement, the sampling procedure
needs to be described in extensive detail. There are numerous sampling methods from which to
choose. Describe in minute detail, how the researcher selected the sample. Use specific names,
places, times, etc. Don’t omit any details. This is extremely important because the reader of the
paper must decide if the sample will sufficiently represent the population.
Instrumentation
If researcher is using a survey that was designed by someone else, state the source of the
survey. Describe the theoretical constructs that the survey is attempting to measure. Include a
copy of the actual survey in the appendix and state that a copy of the survey is in the appendix.
Procedure and Time Frame

State exactly when did the research begin and when was it completed. Describe any special
procedures that were followed (e.g., instructions that were read to participants, presentation of an
informed consent form, etc.).
Analysis Plan
The analysis plan should be described in detail. Each research question will usually require its
own analysis. Thus, the research questions should be addressed one at a time followed by a
description of the type of statistical tests that will be performed to answer that research question.
Be specific. State what variables have been included in the analyses and identify and mention the
dependent and independent variables if such a relationship exists. Decision making criteria (e.g.,
the critical alpha level) should also be stated, as well as the computer software that was used.
Validity and reliability

If the survey was being designed by someone else, then describe the previous validity and
reliability assessments. When using an existing instrument, researcher wants to perform the
same reliability measurement as the author of the instrument. If the researcher had developed his
own survey, then he must describe the steps he took to assess its validity and a description of
how the reliability was measured
Validity- refers to the accuracy or truthfulness of a measure. Are we measuring what we think
we are? There are no statistical tests to measure validity. All assessments of validity are
subjective opinions based on the judgment of the researcher. Nevertheless, there are at least
three types of validity that should be addressed and the researcher should state what steps he
took to assess validity
Face validity refers to the likelihood that a question will be misunderstood or misinterpreted.
Pre-testing a survey is a good way to increase the likelihood of face validity. Content validity
refers to whether an instrument provides adequate coverage of a topic. Expert opinions, literature
searches, and pretest open-ended questions help to establish content validity.
Construct validity refers to the theoretical foundations underlying a particular scale or
measurement. It looks at the underlying theories or constructs that explain phenomena. In other
words, if the researcher is using several survey items to measure a more global construct (e.g., a
subscale of a survey), then he should describe why the researcher believe the items comprise a
construct. If a construct has been identified by previous researchers,
21
then describe the criteria they used to validate the construct. A technique known as confirmatory
factor analysis is often used to explore how individual survey items contribute to an overall
construct measurement.
Reliability is synonymous with repeatability or stability. A measure that yields consistent results
over time is said to be reliable. When a measure is prone to random error, it lacks reliability.
There are three basic methods to test reliability: test-retest, equivalent form, and internal
consistency. Most research uses some form of internal consistency. When there is a scale of
items all attempting to measure the same construct, then we would expect a large degree of
coherence in the way people answer those items. Various statistical tests can measure the
degree of coherence. Another way to test reliability is to ask the same question with slightly
different wording in different parts of the survey. The correlation between the items is a measure
of their reliability.
Assumptions
All research studies make assumptions. The most obvious is that the sample represents the
population. Other common assumptions are that an instrument has validity and is measuring the
desired constructs. Still another is that respondents will answer a survey truthfully. The important
point is for the researcher to state specifically what assumptions are being made.
Scope and limitations

All research studies also have limitations and a finite scope. Limitations are often imposed by
time and budget constraints. Precisely list the limitations of the study. Describe the extent to
which the researcher believes the limitations degrade the quality of the research.
Writing the methods section
Methods
● Report the methodology.

● details of each procedure included in the methodology
● To be concise, present methods under headings devoted to specific procedures or groups
of procedures.
Style● It is awkward or impossible to use active voice when documenting methods without using

first person, which would focus the reader’s attention on the investigator rather than the work.
Therefore when writing up the methods most authors use third person passive voice.
● Use normal prose in this and in every other section of the paper – avoid informal lists, and
use complete sentences.
What to avoid
● Methods are not a set of instructions.
● Omit all explanatory information and background - save it for the discussion.
Checklist-5
● Reported the description of the sample
● Reported the type of sampling method used

● Reported the software used for analyzing the data
● Reported the tool used for collecting the data.
● Reported the tools used for analyzing the data
● Reported the sample size, sample element and sampling extent
● Reported the various demographic information
● Reported the descriptive statistics of the sample
● Reported the type of research Design
Results and Discussion

Results: The results of all the tools used for analysis must be included in the results section.
The summary of results should be included in this section if some of the data analysis results into
multiple tables displaying results or the tables are very large. The large tables and multiple tables
already used for preparing summary tables should be presented under the annexure heading.
The results tables should be interpreted immediately following the tables. Also, sentencing on the
hypothesis tested through statistical tests and presented in the results section should be
presented immediately after the results tables.
If there are a large number of statistical tests presented in the results section, a summary of
these results should be presented to show all the results together. The summary should not
contain too many details about the results; idea is to provide at a glance results of the study. The
summary provides the readers of this paper a bird’s view of all the results of the study.
Discussion: Thinking in terms of the hourglass model (Figure 1) the discussion and conclusion
section is somehow the counterpart to the introduction since this section should lead the reader
from narrow and/or very specific results to more general conclusions. The function of the
Discussion is to interpret results in light of what was already known about the subject of the
investigation, and to explain new understanding of the problem after taking the results into
consideration. The Discussion will always connect to the Introduction by way of the question(s) or
hypotheses posed and the literature cited, but it does not simply repeat or rearrange the
Introduction. Instead, it tells how study has moved us forward from the place left at the end of the
Introduction. Generally, this section includes:
23
– Presentation of background information as well as recapitulation of the research
aims of the present study. – Brief summary of the results, whereas the focus lies on discussing
and not on the
details of results.
Recapitulating the results
– Comparison of results with previously published studies. – Conclusions or hypotheses

drawn from the results, with summary of evidence
for each conclusion. – Proposed follow-up research
questions.
Writing The Discussion

Writing a discussion section is where the researcher needs to interpret work. In this critical part
of the research paper, process of correlating and explaining the data should be started. If
someone left few interesting leads and open questions in the results section, the discussion is
simply a matter of building upon those and expanding them. In an ideal world, someone could
simply reject null or alternative hypotheses according to the significance levels found by the
statistics. That is the main point of discussion section, but the process is usually a lot more
complex than that. It is rarely clear-cut, and researcher will need to interpret the findings. For
example, one of the graphs may show a distinct trend, but not enough to reach an acceptable
significance level. Remember that ‘no significance’ is not the same as ‘no difference’, and
researcher can begin to explain this in discussion section. For this purpose, experiment should be
criticized, and be honest about whether the design was good enough. If not, suggest any
modifications and improvements that could be made to the design. The discussion section is not
always about what is found, but what was not find, and how to deals with that. Stating that the
results were inconclusive is the easy way out, and one must always try to pick out something of
value. One should always put findings into the context of the previous research that have been
cited in the literature review section. Do your results agree or disagree with previous research?
Finally, after saying all of this, a statement can be made about whether the experiment has
contributed to knowledge in the field, or not. Once writing the discussion section is completed,
one can move onto the next stage, wrapping up the paper with a focused conclusion.
Style: Use the active voice whenever possible in this section. Watch out for wordy phrases; be
concise and make results points clearly. Use of the first person is okay, but too much use of the
first person may actually distract the reader from the main points.
Fourteen Steps to Writing an Effective Discussion Section

The organization of the Discussion is important. Before beginning it should be tried to develop
an outline to organize thoughts in a logical form, cluster map can be used, an issue tree,
numbering, or some other organizational structure. The steps listed below are intended to help
organize the thoughts. To make message clear, the discussion should
be kept as short as possible while clearly and fully stating, supporting, explaining, and defending
your answers and discussing other important and directly relevant issues. Care must be taken to
provide commentary and not a reiteration of the results. Side issues should not be included, as
these tend to obscure the message. No paper is perfect; the key is to help the reader determine
what can be positively learned and what is more speculative.
1. Organize the Discussion from the specific to the general: researcher findings to
the literature, to theory, to practice. 2. Use the same key terms, the same verb tense (present
tense), and the same point
of view that you used when posing the questions in the Introduction. 3. Begin by re-stating the
hypothesis that were tested and answering the questions
posed in the introduction. 4. Support the answers with the results. Explain how the results
relate to expectations and to the literature, clearly stating why they are acceptable and how
they are consistent or fit in with previously published knowledge on the topic. 5. Address all
the results relating to the questions, regardless of whether or not the
findings were statistically significant. 6. Describe the patterns, principles, and relationships
shown by each major finding/ result and put them in perspective. The sequencing of providing
this information is important; first state the answer, then the relevant results, then cites the
work of others. If necessary, point the reader to a figure or table to enhance the “story”. 7.
Discuss and evaluate conflicting explanations of the results. This is the sign of a
good discussion. 8. Discuss any unexpected findings. When discussing an unexpected finding,
begin
the paragraph with the finding and then describe it. 9. Identify potential limitations and
weaknesses and comment on the relative importance of these to your interpretation of the
results and how they may affect the validity of the findings. When identifying limitations and
weaknesses, avoid using an apologetic tone. 10. Summarize concisely the principal
implications of the findings, regardless of
statistical significance. 11. Provide recommendations (no more than two) for further research.
Do not offer suggestions which could have been easily addressed within the study, as this
shows there has been inadequate examination and interpretation of the data. 12. Explain how
the results and conclusions of this study are important and how they influence our knowledge
or understanding of the problem being examined. 13. In the writing of the Discussion, discuss
everything, but be concise, brief, and
specific.
25
Checklist-6
1. What did the researcher expect to find, and why? 2. How did the
results compare with those expected? 3. How might researcher explain
any unexpected results? 4. How might the researcher test these potential
explanations? 5. Background information 6. Statement of results 7.
Expected outcome 9. Reference to previous research 10. Explanation 11.
Exemplification 12. Deduction and Hypothesis 13. Recommendation
Elements to Include in Conclusion
● State the study’s major findings

● Explain the meaning and importance of the findings
● Relate the findings to those of similar studies
● Consider alternative explanations of the findings
● State the clinical relevance of the findings
● Acknowledge the study’s limitations
● Make suggestions for further research
REFERENCES
Embedding the own work in related literature is one of the essential parts of research writing. There are citations
of references in the text, as well as a list of cited references at the end of the paper. Different publishers require
Basics of Research Paper Writing and Publishing different formats or styles of (a) citing in the paper text and (b)
for listing references. The most commonly used referencing systems are: Name and Year System: References
are cited by their respective authors and the year of publication, e.g., “Chuck and Norris (2003) define .....”. This
system is very convenient for authors, as the citation does not have to be changed when adding or removing
references from the list. The fact that sentences become hard to read when subsequently citing many references
in one single parenthesis; this way is one negative aspect for readers. Alphabet-Number System: This system
lists the references in alphabetical order and cites them by their respective number in parentheses or (square)
brackets, e.g., “As reported in [4],” This system is relatively convenient for readers, as it does not break the flow of
words while reading a sentence with many citations. On the other hand, the author has to keep an eye on the
references cited in the text as their numbers may change when the reference list is updated.

Citation Order System: This system is similar to the alphabet-number system with one major difference: the
reference list is not sorted alphabetically, but in the order of appearance (citation by number) in the text.
Variations of the referencing systems mentioned above are used in most of the common style guides. The overall
most widely used styles include: American Psychological Association (APA) Style. APA Style - is a set of
rules developed to assist reading comprehension in the social and behavioral sciences. APA
style” is the set of specific formatting conventions sanctioned by the American Psychological
Association. The collected procedures of any style are usually referred to collectively as a “style
sheet.” Elements of the APA style sheet include such in-text matters as punctuation standards,
margin depth, line spacing, and heading format. This series of pages, however, will concentrate
mostly on the post-text elements of APA style—that is, how to assemble and format entries for
specific sources on the “References” page of a research paper.
Why Formatting is Important

In academic writing, the reader’s response to a piece of writing is crucial. In Such a situation
where the research will be published or circulated, and read by others in the field, style sheets are
equally important. Proper formatting is the hallmark of a detail- oriented researcher. A writer who
makes style sheet errors because he or she believes they are “no big deal” might be surprised
when evaluators question other details of the paper, such as the data on which the conclusions
are based. After all, if a writer can’t get all the periods in the right places, how can he or she be
expected to correctly calculate an ANOVA or T-test? Finally, remember that the whole purpose of
citing sources is to give readers the information they need to locate the various sources the
researcher has used in the paper. Sometimes, a reader might simply want to read the whole
source to learn more about the subject. Other times, a reader might want to find more about the
context of the quote; perhaps to check that it really applies in the context in which researcher is
using it. In other cases, a reader might want to verify that the writer actually said whatever is
quoted them as saying. In all of these situations, the reader should be able to find the original
piece of writing based on the information researcher provides.
The citation format depends on a major factor: the kind of source you’re referring to. The type
of the source will determine the elements that need to be included and the order in which they are
presented. While there are actually many different types of source materials, there are certain
kinds that are cited most often:
● Books
● Articles In Journals
● Chapters In Edited Books
● Eric Resources
● Internet Resources
● Unpublished Sources
● Conference Papers
27
● Authors
● Publication Dates
● Titles
Authors
There are basically two types of authors: people and institutions. There are specific formatting
guidelines for both types of authors.
People as Authors
The number of people credited with authoring a particular document can range from one to
twelve and more. When large groups of people generate a text, authorship is often assigned to
the institution that these people have in common. In most cases, however, the authors of a
document are named individually, and each name is given in the bibliographic reference for that
work. For each person listed as an author, the researcher must give that person’s last name, and
the initials of any other “name elements” given for that person. If a first or middle name is given,
researcher will provide only the first initial of that first or last name. If a first or middle initial is
given, these initials go in as read. For authors (though not for editors), type the last name, then a
comma, then first and middle (and any subsequent) initials. Put a period after each initial. For
example:
John Wilkes Booth Booth, J. W. John F. Kennedy Kennedy, J. F C. Thomas Howell Howell,
C. T. P. D. James James, P. D. J.R.R. Tolkien Tolkien, J.R.R When multiple authors are given
for a single document, all authors are listed in the order given in the document. Put a comma
between each person’s name, and put an ampersand (&) before the final name. If only two
authors are given, this means the ampersand goes between the first and second author. Since
the list of authors will necessarily end with the period that follows the final initial of the final author
listed, no further punctuation is needed. Here are some examples: One author Blythe, Q. L. Two
authors Martin, U. M., & Wenmbsley-Meekes, I. Three authors Aaron, H., Upswitch, J. T., &
Rennington, S. Seven authors Sleepy, A., Happy, B., Grumpy, C., Sneezy, D., Bashful, E.,
Dopey, F., & Doc, G.
Institutions as Authors
Sometimes a particular person or group of people is not credited with authorship of a
document. In cases like this, the work is said to have “institutional authorship”.
Citing institutions as authors is quite simple. Simply spell out the name of the institution and end it
with a period. Do not use abbreviations in institutional authors: spell everything out. Capitalize
every word in the name of the institution, except for prepositions (like of, to, and from), articles
(like a, an, and the), and conjunctions (like and or). However, if the first word of the title is a
preposition, article or conjunction, capitalize it anyway. Institutional Authors Association of Indian
Management Schools. Securities and
Exchange Board of India.
Publication Dates
It’s important to know the date a document was published. This information tells the reader how
much time has passed between the writing and publication of the source document and the
writing of your own research paper. Obviously, in research writing, the newer the information, the
better. The date of publication is almost always the second element of the reference, coming right
after the author(s). With few exceptions, only the year of publication is given. The year is included
in parenthesis, and followed by a period. Standard form (1994).
Republished Books
Sometimes a book is republished for various reasons. If a book is out of print, and sufficient
demand exists, a publisher might begin printing it again to capitalize on that demand. When this
happens, citing the newer publication date would be misleading- the book is exactly the same as
when it was originally published. In cases like this, two dates are given: the original publication
date and the new publication date. The two dates are included in parentheses, separated by a
slash. The right parenthesis is followed by a period.
No Date Given
In rare cases, no date is given for the publication of a source. While this is much more common
with older sources, this still happens today. Instead of a date simply put “n. d.” in the parentheses
when a date is not available. Follow the right parenthesis with a period. Standard form (1994)
Republished source (1969/1996) No date given (n. d.)
Titles
Every document has (or should have) a title. Some citations—such as articles in journals and
chapters in edited books—will actually need two titles: the title of the smaller work (the article or
chapter) and the title of the larger work (the journal or book). Whether one or two titles are
necessary will depend on the source you are working with. Titles
29
are often broken into two or more parts. Sometimes a subtitle is tacked onto a title to clarify the
meaning of the title. Sometimes the title as written is purposefully obscure; the subtitle in these
cases indicates the source’s real content. If a source like a book or monograph is part of a series,
the series title is sometimes included as a sort of subtitle. It’s important to know how to format the
various elements of your source’s title.
Capitalize the first word in each element: main title, subtitle, and series name. If any element
contains a proper name, capitalize that too. Use a colon (:) between main title and subtitle, main
title and series name, or subtitle and series name. Precede a series name with the abbreviation
“Vol.” and the source’s number within that series, as in “Vol. 2.” If all three elements exist, put the
series name last.
The titles of larger sources (such as books and journals) are underlined, while the titles of
smaller sources (such as articles and chapters) are not. Additionally, some titles are followed by a
period, while others are not. Check the section on the individual source type for further
information about formatting the title(s). Title only A Handbook of Psychology Title and subtitle
Project Management: Planning and Control Title and series name Business Economics in The
Current State of Business
Discipline: Vol. 2. Title, subtitle, and series name Pricing, Business Economics, The Current State
of
Business Discipline: Vol. 2 A book is a work that is published
once, not as part of a regular series. Books can be revised and republished: each revision is
considered a new edition of the same book. A book, as we are defining it here, is distinguished
from an edited book in that the entire text of the work is written by the same author, group of
authors, or institution. If individual sections of the work you are citing were written by different
authors, refer to the page, chapters in edited books.
Necessary Information and Where to Find it
Author(s) of book Can generally be found on both the cover (and or dust jacket)
and title page.
Year of publication Can sometimes be found at the bottom of the title page; otherwise look on the page directly
behind the title page, where it says “Copyright ©.”
Title of book Can be found on both the cover (and or dust jacket) and title
page (naturally).
Edition/Revisionnumber (if any) Is usually indicated on the cover (or dust jacket) or title page. If no edition number
or revision information is present on either of these places, assume that the book is an original edition.
Place of publication Is usually listed on the title page

Publishing entity Is almost always listed at the bottom of the title page. If no listing is made here, try the page
directly behind the title page.
Citation Formats
Author, A. A. (1996). Title of book. City: Publisher. Author, A. A., & Author, B. B. (1996). Title of
book: Subtitle of book (edition). City, ST: Publisher.
Author, A. A., Author, B. B., & Author, C. C. (1996). Title of book: Vol. 1. Title of series. City,
Country: Publisher.
Journal is a blanket term for a scholarly publication that is published periodically- generally
either monthly or quarterly. A journal is distinct from a magazine in that journals are generally for
a very specific audience: experts within a specific scholarly or professional field. Magazines, on
the other hand, usually have a more general readership. While magazines sometimes report new
or ongoing research, the information is often given second-hand. If an article in a magazine
reports any kind of scholarly research, chances are pretty good that the information was originally
presented in a journal.
The information contained in a journal article is often more valuable than the information found
in books, because turnaround time for journals is usually quite short. While it takes months or
years for a book to be published, an article could conceivably be written, submitted, accepted,
and published in a journal all in a matter of weeks. Thus, since journal articles generally present
fresh, cutting-edge information, their value and validity in the research process cannot be
understated.
Necessary Information and where to Find it
Author(s) of article Can be found either in the table of contents or on the first page of the
article.
Year of publication Is almost always included on the front cover of the journal, or on the journal’s title page. Often
the publication year can also be found on the first page of each article, at the top of each page, or on the journal’s
spine.
Title of article Is printed in the table of contents and on the first page of the article.
Title of journal Is indicated on the journal’s front cover or title page. Sometimes it will
also be printed at the top of each page and on the journal’s spine.
Volume number Is usually noted on the front cover or title page of the journal.
Issue number Is used only if the journal paginates each issue individually; the issue number can usually be found
either on the front cover or title page. Sometimes the issue number is also found on the first page of the article.
Pages of chapter Are sometimes specified as a range in the table of contents; otherwise, make a
note of the first and last page numbers of the actual article.
31
Citation Elements
Author(s) Of Article
For journal articles, put each author’s last name, then a comma, then the first initial of the given
name, then any additional initials. A period should follow each initial. Separate the last author
from the second-to-last author with a comma and ampersand (&). Separate any additional
authors by commas. One author Keely, J. T. Two authors Luggio, M. R., & Moulton-Kowinski,
R. S. Three authors Jackson, B. I., Jackson, G. P., & Jackson, I. G.
Year of Publication
Even though a month or season of publication may be given for a specific journal, include only
the year of publication, in parenthesis, and end with a period. (An individual issue within a
journal’s yearly output is indicated by the page range, if the journal paginates by volume, or issue
number, if the journal paginates by issue.) Standard form (1993). (1982).
Title of Article
Give the full title of the article, including the subtitle if one is given. Capitalize only the first word
of the title, and the first word of any subtitle; also capitalize any proper names in the title.
Separate title and subtitles with a colon (:). Journal articles do not get any other special
formatting: no quotation marks or underlining. End the title with a period. Standard form Statistical
Methods Title and subtitle Statistical Methods: Concepts and Applications.
Title of Journal
The title of the journal is given in full, including the subtitle if any. Capitalize only the first word
of the title, and the first word of any subtitle; also capitalize any proper names in the title.
Separate title and subtitle with a colon (:). Italicize the title and subtitle and follow them with a
comma, which is also in italics. Standard form Prestige International Journal of Technology and
Management Title and subtitle Sanchayan: Prestige international journal of technology and
management
Volume Number
The volume number indicates the total number of years a particular journal has been
published-one volume per year. Sometimes a journal prints its volume number in Roman
numerals; if this is the case, translate the volume number into Arabic (regular) numerals. The
volume number is preceded by a comma and space, followed by a comma. If no issue number is
necessary (see next section), the journal title, comma and space, volume number, and comma
are italicized continuously. If an issue number is present, only the journal title, comma and space,
and volume number are italicized. The issue number, and the comma which follows it, is never
italicized. Volume alone Journal title, 25, Volume and issue Journal title, 18 (6),
Issue Number
An issue number is only provided if the particular journal starts pagination over at page 1 at the
beginning of each issue. If pagination does not start over for every issue, issue numbers are
redundant-they give more information than is necessary to re-locate the source. However, if each
issue’s pagination begins with page 1, give the issue number in your reference entry. After the
volume number, put a space, then the issue number in parentheses, then a comma. The issue
number, the space before it, and the comma after it are not italicized. Standard form Journal title,
25 (6), Journal title, 18 (3),
Page Numbers
Page numbers give the range of pages for the journal article. The first number is the first page
on which the article appears; the second number is the last page of the article’s text, notes or
bibliography (whichever comes last). The page numbers come directly after the comma that
follows the volume or issue number, and are preceded by a space, separated by a hyphen, and
followed by a period. After volume 18, 94-156. After issue 9 (6), 221-238.
Citation Formats
Author, A. A. (1996). Title of journal article. Title of journal, volume number, first page-last page. Author, A. A., &
Author, B. B. (1996). Title of journal article: Subtitle of journal article. Title of journal,
Volume number, first page-last page. Author, A. A., Author, B. B., & Author, C. C. (1996). Title of journal
article. Title of journal: Subtitle of
journal, volume number (issue number), first page-last page.
Citation in Chapter
Author, A. A. (1996). Title of chapter. In E. E. Editor (Ed.), Title of book (pp. first page-last page). City:
Publisher.
33
Author, A. A., & Author, B. B. (1996). Title of chapter: Subtitle of chapter. In E. E. Editor, & F. F. Editor
(Eds.), Title of book: Subtitle of book (edition, pp. first page-last page). City, ST: Publisher. Author, A. A.,
Author, B. B., & Author, C. C. (1996). Title of chapter: Subtitle of chapter. In E. E. Editor, F. F. Editor, & G. G.
Editor (Eds.), Title of book: Subtitle of book (edition, pp. first page-last page). City, Country: Publisher.
Unpublished refers to any information source that is not officially released by an individual, publishing house, or
other company, and can include both paper and electronic sources. Some examples of unpublished sources may
include manuscripts accepted for publication but still "in-press," data from an unpublished study, letters,
manuscripts in preparation, memos, personal communications (including e-mails), and raw data. Author, A. A.
(1996). Title of paper or manuscript. Unpublished manuscript. Author, A. A., & Author, B. B. (1996). Title of paper:
Subtitle of paper. Manuscript submitted for publication. Author, A. A., Author, B. B., & Author, C. C. (1996). [Topic
of study or untitled work]. Unpublished
raw data. Huge quantities of information are now available electronically via the Internet. Most
college students now have access to the World Wide Web, either on computers at school or at
home by dialing up a server with a modem. Electronic texts (or "e-texts") are popping up more
and more in research papers. There are a number of reasons for this. On one hand, the internet
gives users access to the information on hundreds of thousands of servers throughout the
world-the breadth and depth of available knowledge is incredible. On the other hand, the
documents on the internet are "surfable" from a single location, bringing a global library to your
computer. However, several problems have arisen from this surge in the availability and
popularity of electronically-accessed information.
First, many researchers have no idea how to cite electronic texts. Only the most current style
manuals give any hint as to how to write a reference entry for, say, a Web page; even then, the
citation formats are sometimes confusing and outdated. Interestingly enough, it is Web sites like
this one that can help solve this problem.
Second, compared to print-based resources, e-texts are relatively unstable. While a book
consists of information encoded in ink on a printed page, an e-text exists as magnetic pulses over
a telephone line. Discounting mishaps such as fire, flood, and theft, books are fairly permanent.
As anyone who uses computers can tell you, though, servers go down and phone connections
get cut. Electronic documents can literally be here today and gone tomorrow. As we've mentioned
before, the whole purpose of a Volume number only Journal Title [On-line serial], 56. Issue
number only Journal Title [On-line serial], (3). Volume and issue Journal Title [On-line serial], 56
(3). None Journal Title [On-line serial].
reference is to allow readers to find a source themselves. If the source itself no longer exists,
this causes problems for validity and verification.
One possible solution to this problem is to keep careful records. Saving e-texts (either as
screenshots or text files) will allow you to produce the source for a reader, even if the
document has disappeared from the server on which you found it. In addition, it's also wise to use
many different types of documents-books and journals, as well as e-texts- rather than relying
heavily on one kind of source.
Necessary information and where to find it
Author(s) of document If an author is given it is usually at the very beginning or very end of a particular document;
when in doubt, look for an email address-this will often lead you to the name of the person who authored the
document
Date of publication If given, the document's date will be included somewhere in its text. There is a special way to
note if the document has no specific date. Date of publication on the web (or the date of most recently version)
Title of document The placement of documents' titles varies. Generally, web authors place a title at the top of the
actual web page. If no title is there, use the title of the window as it opens in your web browser
Type of document Varies according to the source of the document. See below for details
on this citation element
Volume and issue number If a volume and issue number is given, it will probably be in the header (on-line
journals) for the document, close to the title
Volume and/or Issue Number (On-line Journals)

For on-line journals which give a volume number only, put the volume number after the comma
which follows the journal's title and descriptor, and follow it with a period. The volume number,
like the title, should be underlined. If the on-line journal in question gives an issue number only,
put the issue number in parentheses, after the comma which follows the journal's title and
descriptor. Follow the issue number--or rather, the parenthesis which brackets it, with a period.
Issue numbers are never underlined.
For on-line journals which give a volume number and issue number, put a comma after the
journal title and descriptor, then a space, then the volume number, then a space, then the issue
number in parentheses, then a period. Only the journal title and volume number are underlined. If
an on-line journal gives neither volume nor issue number, simply put the journal's title and
descriptor, and end with a period.
Citation Formats for Online Journal

Author, A. A. (1996). Title of electronic text [E-text type]. Location of document Author, A. A., & Author, B. B.
(1996). Title of electronic journal article. Title of electronic journal [On-
line serial], Volume number (Issue number). Email address and request message CITATION FORMATS
Author, A. A. (1996). Title of book. City: Publisher. Author, A. A., & Author, B. B. (1996). Title of book: Subtitle of
book. City, ST: Publisher. Author, A. A., Author, B. B., & Author, C. C. (1956/1996). Title of book: Vol. 1. Title of
series. City,
Country: Publisher.
35
Journal Articles
Citation Formats
Author, A.A. (1996). Title of journal article. Title of journal, volume number, first page-last page. Author, A.A., &
Author, B.B. (1996). Title of journal article: Subtitle of journal article. Title of journal,
volume number, first page-last page. Author, A.A., Author, B.B., & Author, C.C. (1996). Title of journal
article. Title of journal: Subtitle of
journal, volume number (issue number), first page-last page.
Chapters in Edited Books

Citation Formats
Author, A.A. (1996). Title of the article. In E.E. Editor, Title of book (pp. 1-25). City: Publisher. Author, A.A., &
Author, B.B. (1996). Title of the article. In E.E. Editor, & F.F. editor, Title of book: Subtitle
of book (2nd. ed., pp. 1-25). City, ST: Publisher. Author, A.A., Author, B.B., & Author, C.C. (1956/1996).
Title of the article. In E.E. Editor, F.F. Editor,
& G.G. Editor, Title of book: Subtitle of book (Rev. ed., pp. 1-25). City, Country: Publisher.
Eric Documents
Citation Formats
Author, A. A. (1996). Title of ERIC document (Report No. AB-12). City, ST: Sponsoring Entity. (ERIC
Document Reproduction Service No. ED 123 456) Institutional Author. (1996). Title of ERIC document
(Report No. AB-12). City, Country: Sponsoring
Entity. (ERIC Document Reproduction Service No. ED 123 456)
Internet Documents
Citation Formats
Author, A. A. (1996). Title of electronic text [E-text type]. Location of document
Author, A. A., & Author, B. B. (1996). Title of electronic journal article. Title of electronic journal [On-
line serial], Volume number. Email address and request message
Checklist-7
● Check the information for authors for writing styles
● Do not site too old reference.
● Order it according to the requirement of publisher(alphabetically or by appearance)
● Cite your own publish work also.
● Check if there are red marks in the word file it indicate typos in the work.
● Check if there are green marks in the word file for grammatical error.
Important Consideration
Avoid Plagiarism-Documenting the Sources
Give credit to every single source used in the article, even if the information is changed into
own words. When writer's exact wording is used, put quotation marks around those
words and use a citation. Plagiarism means writing facts, opinions or quotations taken from
someone else or from books, magazines, newspapers, journals, movies, television or tapes as if
they were own and without identifying the source. Unintentional plagiarism still is plagiarism.
Document all sources using the citation style of either the American Psychological Association
(APA). Include the works cited at the end of the research paper.
The researcher must acknowledge the source of any:
● Statistic
● Paraphrase
● Concrete fact
● Direct quotation
● Idea other than your own
● Opinion held by someone else
● Information not commonly known Is It
Premature?
Many papers are rejected because they are "premature". This characterization means that the
work appears to be interesting, but it has not progressed far enough to be worth reporting in a
conference paper. The paper may have more conjectures or opinions than results. Perhaps there
are ideas that look promising, but they have not been worked out in enough detail. Perhaps more
analysis of the issues is needed. Perhaps the proposed technique sounds interesting, but its
value cannot be determined until it has been implemented. An experience paper may be called
premature if it offers conjectures about expected results rather than reporting observed results.
The decision to accept or reject a paper that is premature is a judgment call by the program
committee. A committee may choose in some cases to accept a paper that presents early work of
a profound or provocative nature. Is it Sound?
If the correctness of the work is in doubt, the paper will probably be rejected. Soundness of
ideas or techniques can often be demonstrated by the depth and clarity of the analysis, or by
reference to a working implementation. Questions of soundness often arise for papers that
present algorithms or proofs (see the next two sections). Proofs
A formal proof is of value only if it is convincing. While a reviewer may be able to spot an error in
a faulty proof, one cannot expect a reviewer to validate a proof. Therefore, any sloppiness in the
formalism is grounds for suspicion (and likely rejection of the paper). It is better to avoid formality
than to misuse it. In

addition to being convincing, a proof must prove something worth proving. It
is not worth anyone's time to read a paper that proves an irrelevant result. Be careful about
including a proof in an effort to make your paper more "prestigious". This approach may backfire,
as a sloppy or unmotivated proof can easily cause a paper to be rejected that otherwise might
have been accepted.
37
Generality
A paper that can demonstrate the value (or disadvantage) of a subject could be of great
interest to all researchers of the same subject. Don't be Isolated If the researcher is writing a
research paper, it is important that to be familiar with the larger area, and not isolate to the
narrower domain of object technology. Writing

Effective communication is important for a successful paper. A paper has little value if its
intended audience cannot understand it. An incomprehensible paper cannot even be reviewed.
Most authors will benefit from having their paper reviewed by a skilled writer. If your native
language is not English, you have an extra burden. If at all possible, try to have your paper
reviewed by a native or fluent speaker of English. Feedback
Most papers are substantially improved by getting feedback from other people. Giving a talk to
a small group is an excellent way to get feedback and to force you to organize the thoughts. The
reviewers operate under strict time constraints, and the committee must make quick decisions. A
paper will not receive the careful attention that it would from a journal. Furthermore, the
committee may need to satisfy other constraints in putting together

a successful program. As a
result, some good papers will be rejected. Authors should carefully consider any reviewer
comments and get opinions from experienced colleagues before deciding whether to abandon the
effort or to revise the paper and submit it elsewhere.

2
Illusion of Trust and its Effect Performance: A

Study of Teams During a Workshop
Dr. S.S. Bhakar, Prof. Sneha Rajput, Prof. Sushma Suri, Ms. Iram Naaz, Mr.
Muwaya Ahmad, Pritviraj Mathur, Tanmayee Pandit, Anjali Sharma & Sonal
Kushwaha
ABSTRACT
With the growing complexities in the Modern Organizations, where the cutthroat competition to
prove oneself exist along with the necessity for high performance. Working individually or in a
Hierarchical manner is entirely different as compared to working in teams where the presence of
trust leads to elevated performance. The current study focuses on the impact of Trust on
performance. The study was conducted during the ongoing research Workshop in which 80
participants were present out of which 70 candidates responded to the questionnaire. Out of 70
candidates, 8 did not disclosed Either age or Gender or both. Finally the study was done on 62
complete questionnaires. Trust was taken as Independent variable and Performance as
dependent one. The Reliability of the study was quite high, in case of trust it was .859 and in case
of Performance it was .794. The overall model fit was evaluated using F Test having value of
11.369, which was significant at0.000 level of significance, indicating that the model has high fit.
The effect of trust was evaluated on Team performance which was found to be significant at0.000
level of significance . But the gender and age do not have any significant Effect on Team
performance neither individually nor collectively as the value was found insignificant at .497 and
.972 respectively and in case collective significance value was .636.Thus the study concludes the
impact of Trust on Team Performance But no significant impact of Age and Gender was found on
Performance.
Key Words: Trust, Team Performance and Teams.
1.1. Trust
Trust means being able to forecast what other people will do and what situations
39
Illusion of Trust and its Effect Performance: A Study of Teams During a Workshop
will occur. If we can surround ourselves with people we trust, then we can create a safe present
and an even better future. Trust means making an exchange with someone when you do not
have full knowledge about them, their things they are offering to you. Trust means giving
something now with an expectation that it will be repaid, possibly in some unspecified way at
some unspecified time in the future.
David et al.(2004) identified four types of interpersonal trust in their study- Calculative
Competence, Relational, Integrated Trust. The study disclosed association between calculative,
competence, and relational interpersonal trust and performance and also positive association
between integrated interpersonal trust and performance not only yields the strongest support for a
relationship between trust and VCR i.e. Virtual Collaborative Relationship performance but also
contradicts prior research. The study also established that if any one type of trust is negative,
then it is very likely that VCR performance will not be positive. The findings indicated that
integrated types of interpersonal trust are interdependent, and the various patterns of interaction
among them are such that they are mutually reinforcing.
Covey in his book named “The Speed of Trust” has given remarkable statement regarding trust
and its importance in all the walk of life saying “There is one thing that is common to every
individual, relationship, team, family, organization, nation, economy, and civilization throughout
the world—one thing which, if removed, will destroy the most powerful government, the most
successful business, the most thriving economy, the most influential leadership, the greatest
friendship, the strongest character, the deepest love”.
Trustcan also be viewed as a unilateral attribution, and as a personality trait generalizable
across situations, without much concern for reciprocity (Mayer, Davis and Schoorman, 1995). The
organization’s culture would have an important impact on levels of trust that are likely to develop.
Trust can be considered as the most important determinant of the performance and more over it
is a concept that help up to understand the other person in an positive manner and that any of his
or her action will not lead in making harm to our positive action. The presence of trust on other
generates high degree of faith in others and the feeling that person will perform all his or her task
positively towards us.
1.2 Performance
Performance can be defined as an act of performing; the carrying in to execution or action;

execution; achievement; accomplishment; representation by action; as, the performance of an
undertaken of a duty (ardictionary.com). Perceived performance is in some ways the most
important aspect of performance, especially for GUI applications. Performance is really in the eye
of the beholder. Users rarely measure performance with a stopwatch-for GUI applications in
particular, what’s important is how fast the program feels, rather than how fast it really
is.(java.sun.com)
Performance Management may be a system of evaluating employees to help them reach
reasonable goals and thus ensure that the company performs better (wisegeek.com)
Armstrong and Baron (1998), has defined Performance Management is both a strategic and an
integrated approach to delivering successful results in organizations by improving the
performance and developing the capabilities of teams and individuals.
“Taking action in response to actual performance to make outcomes for users and the public
better than they would otherwise be”.(idea.gov.uk.)
1.3 Teams
Katzenbach and Smith(1993) defined it as “A team is a small number of people with

complementary skills who are committed to a common purpose, performance goals, and
approach for which they are mutually accountable.” Lewis-McClear & Taylor (1998)”A group in
which members work together intensively to achieve a common group goal.” And as the reduction
of complexity(Luhmann, 1988)
YourDictionary defines teamwork as the actions of individuals, brought together for a common
purpose or goal, which subordinate the needs of the individual to the needs of the group. In
essence, each person on the team puts aside his or her individual needs to work towards the
larger group objective. The interactions among the members and the work they complete is called
teamwork.(yourdictionary.com)
Gondal and Khan (2008) described the word team that it is belong to a small group in which the
members keep a common purpose, interdependent roles and complementary skills. One team is
a mixture of members who have similar backgrounds and work experiences and may contain a
rich diversity of individuals from different business functions, and with different cultural
backgrounds and work styles. They examined that team empowerment and team performance
keep positive relationship. The results are useful for team leaders and middle managers to
understand why empowerment is important for teams and how to support the team research and
also help the project managers/team leaders to create empowerment for the work teams.
Managers should be aware of effect of the team empowerment on team performance.
Giles Hirst (2009) has shown in his study that performance depends on the alignment of the
team’s design, processes, and personnel means teams as interdependent systems.
2. Review of Literature
Benoit A. Aubert, Barbara L. Kelsey (2000) in an empirical study reveled the fact that ability and
integrity as the antecedents trust formation in Virtual teams.The study also explained the fact that
effective team performance was found to be independent of the formation of trust a behavior. As
per the research done by Knack(1848) the Conjoint action is possible just in proportion as human
beings can rely on each other. He also discussed in the same research that Trust potentially can
influence economic performance through either of two major channels, “micro-economic” and
“macro-political.” At the micro level, social ties and interpersonal trust can reduce transactions
costs, enforce contracts, and facilitate credit at the level of individual investors and at macro level
social cohesion underlying trust may strengthen democratic governance, improve the
41
efficiency and honesty of public administration, and improve the quality of economic policies.
Peterson and Behfar (2003) explored the dynamic relationships between intragroup conflict
and performance with a longitudinal design.The study was done on 67 groups, the researched
surveyed all 252 students in 67 teams in the first year of an MBA class twice during that initial
term and the result suggested that initial performance feedback to groups can have significant
consequences for future team interaction. The study found evidences to suggest that, (a)
negative initial group performance feedback results in later increases in both task and relationship
conflict, but that (b) groups with high early intragroup trust are buffered from experiencing the
worst of future relationship conflict.
Rempel, Holmes and Zanna (1985), disclosed in their study that individuals come to trust
others by watching their interactions, looking for consistent patterns of positive behavior. Sashittal
et al (1998) has confirmed from his study that Managers are concerned about the link that can
exist between their own perception of their performance and others’ evaluation of their
performance. The study revolves around the impact of trust managers develop with their
colleagues and superiors, on performance evaluation. In his study with 105 subjects, he also
mentioned that although trust represents an important feature of inter-personal relationships, its
influence on performance evaluations remains largely understudied, the case is made that in
addition to other factors, the nature of trust strongly impacts how managers’ performance is
evaluated.
Though many authors have explained various factors that leads to trustworthiness but the
contribution of Butler (1991) is much significant, as he listed factors that are important to attribute
trustworthiness to another party. In the same list he included availability, competence,
consistency, discreetness, fairness, integrity, loyalty, openness, promise fulfillment, and
receptivity as the major ones.
Mayer and Schoorman(1998), found in his study on two dimensions of Organizational
Commitment i.e. Value Commitment and Continuance Commitment, differential antecedentsof
these two dimensions. Organizational tenure, retirement benefits, education and age were more
highly correlated with Continuance commitment, while felt participation, perceived prestige, job
involvement, and role ambiguity were more highly correlated with Value commitment. With the
help of LISREL 7 pattern of relationship between the antecedents and the two commitment
dimensions was supported.
Mayer and Norman (2004)in their article emphasized that need to study the requirement of
Trust is not only limited till interorganization but it is highly required at intraorganizational level
too. Their study Based on the 1995 Mayer, Davis, & Schoorman model of trust, describes
exercises that allow students to inductively discover the importance of a trustee’s ability,
benevolence, and integrity to the assessment of trustworthiness.
The above factor definitely leads to quick decision making too as the overall performance
effectiveness leads to the same. More the degree of trust more is the presence of Group
Cohesiveness. Festinger(1950) defined Cohesiveness as the resultant of all the forces acting on
the members to remain in the group. These forces may depend on the attractiveness
or unattractiveness of either the prestige of the group, members in the group, or the activities in
which the group engages. Kline(2000), has also summarized the findings of his research by
saying that cohesive workplace teams can an do make intuitive decisions, same was supported
by Dyaram and Kamalanabhan (2005). Social cohesion as a socio- economic phenomenon in
which group values and ethics play a significant role in influencing behavior (Heuser, 2005)
Freda et. Al (2003) revealed in his research which was done on 148 members of 28 teams across
four organizations in two organizations that there exist a strong relationship between trust and
performance. The first organization has the strongest relationships between trust and
performance (positive correlations were found in 23 of28 situations) suggesting that team
performance increases as trust increases. For the second organization, positive correlations were
found in 16 of28 situations. In addition, in both these organizations, the relationship between
critical errors of teams and specific trust items was inversely correlated - as trust increases,
critical quality errors decrease. Thus, it can be said that increasing trust among team members
seems to increase team performance for these organizations. A limited correlation was seen
between trustand performancefor the third and fourth organizations. This relationshipwas not
supported in most ofthe items, especially for the fourth organization.So, other factors are needed
to be discovered. Kanfer and Ackerman’s (1989) theory offers insights into the relationship
between trust and performance: an issue that diverts one’s focus of attention from a task may
hurt performance. Others have also noted the importance of the ability to focus attention on
performance (George & Brief, 1996; McAllister, 1995). This reasoning appears to clarify the
relationship between trust and performance.
Kirkman et al (1997) mentioned various criteria on which the Team performance can be
evaluated. The criteria he explained were evidence of continuous problem solving, the continual
search for alternative solutions, continuous improvement of quality of outputs, error and wastage
rates, productivity improvement.
Benoit A. Aubert, Barbara L. Kelsey(2000) finded that trust among the members of a team
having the opportunity to meet face to face is consistently higher than trust with the members with
whom the interactions are strictly virtual. This result was obtained even if teams had access to a
rich environment (mail, chat, forums, web site, exchange of photos on the web site, etc.) to
increase the quality of their interactions. The results also indicate that, contrary to what was
anticipated, trust among interacting parties does not increase with time and number of
interactions. In fact, results showed that trust increased among sub-groups interacting face to
face but decreased among members meeting only in cyberspace.
Barbara Misztal in her book attempts to combine all notions of trust together. She points out
three basic things that trust does in the lives of people: It makes social life predictable, it creates a
sense of community and it makes it easier for people to work together.
Dirks & Ferrin, (2001, 2002) have suggested trust as one of the important and beneficial factors
for increasing performance.
43
Carson, Madhok, Varman, and John (2003) argued that the effect of trust on task performance
in vertical R&D collaborations strengthens with the clients’ ability to understand the tasks
involved. Langfred (2004) argued that the effect of trust on the performance of self-managing
teams reverses when individual autonomy is high.
Coyel (2002) have studied the trust in relation to OCB( i.e. Organization Citizenship
Behavior).The results of this study supported the contention that the psychological contract is
distinctive from other social exchange constructs that focus exclusively on the inducements
received in the exchange relationship. Along with this the study also explained, the anticipation of
future inducements is important in explaining employees’ willingness to engage in OCB beyond
the motivational influence of present inducements as well as the difference between perceived
obligations and inducements is supported in terms of their respective relationship with OCB. The
main finding which can help the current study says that trust in the employer strengthens the
relationship between employer obligations and OCB; acceptance of the norm of reciprocity
strengthens the relationship between employer inducements and OCB.
Higgs (2005) study confirmed a apparent relationship between team composition (diversity),
difficulty of task and team performance. Diversity was found to be positively related to
performance for difficult tasks and negatively related for straightforward tasks. He indicated that
there can be benefit in considering the complexity of a task or project before assembling a team.
The degree of complexity could inform the mix of individuals to be included in the team in terms of
diversity of personal traits.
Nakat, Zhu and Kraimer (2008), determined that IT capability contributes to market and
financial performance via customer orientation and depends on intra-organizational trust. Also, as
managers learn to harness IT capability for per-formance gains, they can bear in mind the
difficulty of relationships shown in their study.
Berman & Jason (1998), in their study revealed that superiors construct their reality, and in this
context, construct their view of how managers perform, it is based on subjective analyses of the
nature of trust that exists in their relationships with managers, and in the relationship between
managers and colleagues. They found that affective trust as a key compare of performance
evaluation. To get positive performance evaluations seems far more about being perceived as
someone who likes his/her colleagues and superiors, and trusts the firm’s internal environment
.Therefore, team oriented organizations in flatter, socially expert, confident, and comfortable
managers appear to win.Dirks (1999) suggested in his study that trust understood as a construct
that influences group performance indirectly by channelling group member’s energy toward
reaching alternative goals. Qureshi, M. Tahir Khan, A. Shafkat, Khan, & B. Mohammad (2008),
described that MBO practices, Coaching and mentoring, Performance Based Reward, Employee
participation and Job Description are positively contributing towards organizational and employee
performance but employee participation and Coaching & Mentoring are major contributors.
Kearney (2008), showed in their study that the age difference between the team leader and the
team members was examined as a moderator of the relationship between transformational
leadership and team supervisors’ longitudinal ratings of team
performance. Data collected by him reveals that relationship was positive when the leader was
older than the other team members, but non-significant when the leader’s age was closer to the
mean age of the team members.
3. Objective
3.1 To develop standardize a measure for evaluating a illusion of trust and performance. 3.2
To evaluate to relationship between trust and performance. 3.3 To identify the factors
underline illusion of trust. 3.4 To identify the factors underline team performance. 3.5 To
evaluate the cause n effect relationship between illusion of trust as independent
variable and team performance as dependent variable. 3.6 To evaluate the effect of gender
and age on the perception of team performance. 3.7 To identify new areas for research.
4. Research Methodology
4.1 The study
The study was causal in nature with survey method being used for collecting data.
4.2 Sampling Design
4.21 Population - will include participants from workshop. 4.22 Sampling frame - since data will
be collected through personal contact sampling
frame will include participants from workshop only. 4.23 Sample size – sample size will be 62
respondent. 4.24 Sample element – Individual respondent will be sample element. 4.25
Sampling techniques – perceptive sampling technique will be used to evaluate
the data.
4.3 Tools for data collection
Self design questionnaire will be used to evaluate Illusion Of TrustAnd Performance. The data
will be collected on a seven point Likert type scale where 1 will indicate minimum agreement and
7 will indicate maximum agreement.
4.4 Tools for data analysis
4.41 - Relaibility 4.42 - Factor

analysis 4.43 - Anova
45
5. Rationale of the Study

Many researches have been conducted on Trust, team performance and on teams .On the
basis of previous researches the fact is very transparent that trust do affect the performance but
is this applicable and existing all circumstances and in all types of team has remained unstudied.
The current study would be focusing on finding out relationship between trust and performance
and also the effect of gender and age on the same.
6. Results and Discussions

6.1 Reliability Measure
Cronbach alpha method has been applied to calculate reliability of all items in the
questionnaire. Reliability test using SPSS software and the reliability test measures are given
below:
Cronbach’s Alpha (Trust) =.859 Cronbach’s Alpha (Performance) = .794 It is considered that the
reliability value more than 0.7 is good and it can be seen that in statistics, reliability value was
quite higher than the standard value, so all the items in the questionnaire are highly reliable. In
case of consistency, question number 1,4,5,20,22, 33,35,36 were dropped from the study and as
we dropped the reliability of the questionnaire increased.
6.2 Validity Test
Validity of the questionnaire was checked through face validity method and was found to be
high.
6.3 Factor Analysis
6.31 Factor Analysis of Trust
Factor Eigen Factor Variable No/Variable Statement %of Loading No. Value Name Variance
Explained
1. 2.87 Team 7. Team members seem to be successful in 14.352 0.68

Cohesiveness the activities they undertake
11. Team members are concerned about 0.671 what is important to the
team. 17. Team members display a solid work ethic 0.662 19. Members can
be counted on to do what 0.637 they say they will do. 14. Team members
have a strong sense of 0.633 commitment
12. Team members will do everything in 0.632 their capacity to help the team perform. 5. Team members are well
qualified. 0.613 13. Team members try hard to be fair in 0.608 dealing with one another. 6. Team members are
very capable of 0.553 performing their tasks 20. Members are honest in describing their 0.549 experiences and
abilities. 8. Team members are very concerned about 0.543 the ability of the team to get along 15. I am never
doubtful about whether the other 0.499 team members will do what they promised. 9. Outcomes of this project
are very important 0.481 to the other team members. 4. The other team members have specialized 0.404
capabilities that can increase our performance. 2. 2.254 Team lucidity 18. Most members tell the truth about the
11.27 0.62
limits of their knowledge. 2. Wish I had a good way to oversee the work of 0.449 the other team members on the
project. 3. 1.937 Team 1. Would be comfortable giving the other 9.683 0.632
Responsiveness team members complete responsibility for
the completion of this project. 3. Team members have much knowledge about 0.454 the work that needs to be
done 4. 1.92 Constancy 16. Like the work values of the members on 9.602 0.572
this team. 10. Team members would not knowingly do 0.448 anything to
disrupt or slow down the project
Discussion of Factors
1. Team Cohesiveness: a dynamic process which is reflected in the tendency for a group to
stick together and remain united in the pursuit of goals and objectives. Team Cohesiveness
has been considered as the most important factor in the measurement of trust and has
received the highest Eigen Value of 2.870 with the %of variance explained 14.352.and
fourteen statements were clubbed in this factor. 2. Team Lucidity: Team Lucidity is
synonymous with team articulacy, team eloquence, self expression, Team clarity etc. Team
Lucidity has received the second highest Eigen Value of 2.254 with %of variance explained
11.270. 3. Team Responsiveness: Team responsiveness is the group process of self-
management in terms of actions and behavior in relation to given responsibilities (tasks, goals
and challenges, desired outcomes).(dessertation.ub.rug.n).This factor
47
has received third position in case of eigen value i.e.1.937 and %of variance explained is
9.683. 4. Team Loyalty has received the lowest eigen value of 1.92 with the %of variance
explained of 9.602.
6.32 Factor Analysis of Team Performance
Factor Eigen Factor Variable No/Variable Statement %of Explained Loading No. value Name Variance
1. 2.647 Effectiveness 7. Team accomplishes work quickly 33.085 0.851

and effectively.
6. Team members are fairly agreeable in 0.807 solving problems and

making decisions. 3. Team is productive 0.764
5. Team shows evidence of moderate to 0.599 high task accomplishment.
1. Team uses an effective short and 0.52 long-term strategic planning

process.
2. 1.902 Team Decision 2. Team meets its member’s requirements 23.773 0.801
making
4. Team functioning doesn’t interfere with 0.717 getting my own job done.
8. Team shows little evidence of task 0.567 accomplishment. The team’s

problem solving and decision making skills are undeveloped.
Discussion of Factors
1. Team Effectiveness: Cohen and Ledford et al (1996), has defined the team effectiveness
by using two major elements one is high performance and second one is employee quality of
work life and both should be high. It has received the highest eigen value of 2.647 with the %
of variance explained as 33.085. 2. Team Decision Making: Reason (1990) had explained
that decision making can be regarded as the mental processes (cognitive process) resulting
in the selection of a course of action among several alternative scenarios. Every decision
making process produces a final choice. The output can be an action or an opinion of
choice.It has received the second highest eigen value of 1.902 with the % of variance
explained as 23.773.
6.4 Anova
Post hoc Results
Multiple Comparisons
perf
Tukey HSD
95% Confidence Interval (I) (J) Mean

Difference (I-J) Std. Error Sig. Lower Bound Upper Bound age age
1. 2 -.9078 2.01982 .895 -5.7730 3.9575
3 1.1931 2.84130 .908 -5.6509 8.0370 2. 1 .9078 2.01982 .895 -3.9575 5.7730
3 2.1008 3.09580 .777 -5.3562 9.5579 3. 1 -1.1931 2.84130 .908 -8.0370 5.6509
2 -2.1008 3.09580 .777 -9.5579 5.3562
Based on observed means. The error term is Mean Square(Error) = 47.521.
Levene’s Test of Equality of Error Variancesa

Dependent Variable:Teamperformance
F df1 df2 Sig. .635 5 55 .674
Tests the null hypothesis that the error variance of the dependent variable is equal across
groups.
a. Design: Intercept + Trust + Gender + age + Gender * age
Tests of Between-Subjects Effects

Dependent Variable:Teamperformance
Source Type III df Mean Square F Sig. Partial

Sum of Squares Eta Squared
Corrected Model 1499.103a 6 249.851 11.369 .000 .558 Intercept 158.817 1 158.817 7.227 .010 .118
Trust 1426.933 1 1426.933 64.932 .000 .546 Gender 10.300 1 10.300 .469 .497 .009 Age 1.266 2 .633
.029 .972 .001 Gender * age 20.030 2 10.015 .456 .636 .017 Error 1186.700 54 21.976 Total
114103.000 61 Corrected Total 2685.803 60
a. R Squared = .558 (Adjusted R Squared = .509)
49
The overall model fit was evaluated using F Test having value of 11.369, which was significant
at0.000 level of significance, indicating that the model has high fit. The effect of trust was
evaluated on Team performance which was found to be significant at0.000 level of significance.
But the gender and age do not have any significant Effect on Team performance neither
individually nor collectively as the value was found insignificant at .497 and .972 respectively
sand in case collective significance value was 0.636. The result of Post Hoc shows that the three
categories of age do not have any significant effect on each other. As we can seen in the Post
hoc Table the value of significance of Group one on second is 0.895 and on third is 0.908, of
second on first is 0.895 and on third is 0.777 and of third on first is 0.908 and second is 0.777
which is insignificant.
Implications of the Study

1. This study is a useful contribution towards Organizational as well as Team
Effectiveness and for increasing Work Performance 2. This study can be used by different
researchers for further research. 3. This study is a useful contribution to understand the
importance of Trust for
Increasing the performance. 4. It will help organizations in knowing the parameters on which
Trust and
Performance can be evaluated.
Suggestion of the Study

1. The study has been done by taking only a sample of 62 respondents intraorganizational
therefore it is suggested to take bigger sample size as well to go for interorganization in order
to obtain more accurate results. 2. The study has been done in Gwalior region only so it is
suggested to take larger
area or other region so that more appropriate results can be obtained. 3. The study resulted
in the fact that trust and performance are interrelated and trust has significant impact on
performance in the area of Workplace Teams similarly effect of trust can be checked in other
fields like product performance etc. 4. The Current study has been conducted in an
educational Organization but research
can also be conducted in other sectors. 5. Only two demographic variables are used in the
study i.e. age and gender, as
and when we add few more demographic variables the result may vary.
Conclusion
This study examined the impact of Trust on the performance in an educational organization in
Gwalior region. The questionnaires were filled by the participants of an ongoing workshop. By
applying test like item to total correlation, validity, reliability, factor analysis and anova. It has
been concluded that there is an impact of trust on workplace performance
This study reflects the high degree of correlation between trust as independent variable and
performance as dependent variable.
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53
Impact of Service Quality and Customer Satisfaction on Behavioral Intentions
Impact of Service Quality and Customer

Satisfaction on Behavioral Intentions: A
Study of Hospitality Industry in Gwalior
Region
Dr. S.S. Bhakar, Prof. Sneha Rajput, Prof. Sumit Narula, Dr. Ashu Pasricha, Dr.
Nishchaya Upmanyu, Prof. Monika Mittal & Abhijeet Khandekar
ABSTRACT
The current study focuses on the impact of Service Quality and Customer Satisfaction on
Behavioral Intentions. The study was conducted in Gwalior region on a sample of 100
respondents. Service Quality and Customer Satisfaction was taken as Independent variable and
Behavioral Intentions as dependent one. The Reliability of the study was quite high in case of
Service Quality it was 0.972 ,in case of Customer Satisfaction it was 0.965 and in case of
Behavioral Intentions it was 0.937. The value of adjusted R square is 0.882 that indicates Service
Quality and Customer Satisfaction explains 88.2% variance in dependent variable Behavioral
Intentions. The model used for regression has good fit as indicated by F-value 370.106 which is
significant at 0 % level of significance indicating a high predictability of model. The relationship
between Service Quality as independent and Behavioral Intentions as dependent variable is
indicated by standardized coefficient Beta with a value of 0.477. The significance of beta is tested
using T-test and value for t is 5.664 which is significant at 0% level of significance indicating
significant relationship between Service Quality and Behavioral Intentions. The relationship
between Customer Satisfaction as independent and Behavioral Intentions as dependent variable
is indicated by standardized coefficient Beta with a value of 0.484. The significance of beta is
tested using T-test and value of t is 5.750 which is significant at 0% level of significance indicating
significant relationship between Customer Satisfaction and Behavioral Intentions. Thus the study
concludes the is impact
of Service Quality and Customer Satisfaction as Independent variable on Behavioral Intentions as

dependent one.
ervice Quality, Customer Satisfaction and Behavioral Intentions.
Key Words: S
Service Quality
Grönroos (1984), service quality has two components, namely, technical quality and functional
quality. The technical quality refers to the primary care attributes like treatment provided,
infrastructure, etc. whereas functional quality indicates secondary care attributes or how the
service is delivered like friendliness of service personnel, timely delivery, etc. Poon and Low
(2005) has done research in hospitality industry and by using factory analysis they obtained the
factors like - hospitality, accommodation, food and beverages, recreation and entertainment,
supplementary services, transportation, location, security and safety, innovation and value added
services, appearance, pricing and payment as the major ones to perform better.
The definition varies from one business function to other business fuction. For example, the
Production definition is different from that of Marketing. The definition also varies from industry to
industry.For example, Hospitality industry and Entertainment Industry. Vargo and Lusch (2004)
suggest, the common denominator in most definitions of service is that it is a “process” that
occurs over a period of time.
Willis (2005) says regarding Quality of service (QoS) that it is well known but difficult to define
completely. The problem is that both the words ‘quality’ and ‘service’ are themselves open to
many interpretations. It may include-value for money, ease of use, friendliness, style, flexibility,
productivity, reliability, security.
Zeithaml et al. (1990) outline five dimensions of service quality: (1) reliability; (2)
responsiveness; (3) assurance; (4) empathy; and (5) tangibles.
Customer Satisfaction
Hunt (1977) provides a detailed review of Herzberg’s work and tests a two-factor model of
customer satisfaction yet does so using quantitative methods ofanalysis.customer
satisfactionhave proposed that customersmay not be just satisfied or dissatisfied; rather, they
may be simultaneously satisfied and dissatisfied .
Crosby et al. (1990) states that satisfaction is a summarizing construct which contains an
evaluation of the quality of all the previous interactions with the supplier. There exist two types of
satisfaction. First, we have overall satisfaction which is cumulative over all the transactions and
interactions. It is a customers’ cognitive and affective evaluation based on their personal
experience across all service episodes within the relationship.Secondly, we have transactional
satisfaction which is transaction specific. We are of course interested in the overall satisfaction
because this cumulative satisfaction is the basis for the expectations about future interactions
with the supplier.
Customer satisfaction does have a positive effect on an organisation’s profitability. According to
Hoyer and MacInnis (2001), satisfied customers form the foundation of
55
any successful business as customer satisfaction leads to repeat purchase, brand loyalty, and
positive word of mouth.
Behavioral Intentions
Loewenstein et al. (2001) defines Behavioral Intentions as goal states in the expectancy value
tradition that are the result of a conscious process that takes time, requires some deliberation,
and focuses on consequences and also behavioral plans that enable attainment of a behavioral
goal. (Ajzen, 1996)
2. Literature Review
Hsi, chen, Liang et al. (2006), explored the relationship among service quality, customer
satisfaction and loyalty in the leisure industry to provide operators with a reference to improve
their quality. The review done by them focused investment decisions, development mechanism
and strategies of sightseeing towns in the leisure industry. A questionnaire survey was conducted
on visitors to Yueh-Mei Sightseeing Sugar Mill in Taiwan. The results indicated that the partial
demographic statistics variable has significant relationship with service quality, customer
satisfaction and loyalty in the leisure industry while significant differences show between
importance and satisfaction of service quality of leisure industry. Along with this they have
confirmed that satisfaction of leisure industry service quality and overall customer satisfaction
have significant relationship with customer loyalty.
Dean and Lang (2008), investigated a relatively new signal of service quality, third- party
evaluation of a service brand. In the study the third-party signal was compared with,
word-of-mouth and popularity of a service brand. Third-party evaluation accounted for the
greatest proportion of variance in the dependent variable, and had strongest negativity effect and
significant interaction was found between word-of-mouth communication and third-party
evaluation. This study strongly suggests that third-party evaluation is perceived as a product
quality signal by consumers. Incorporating a favorable third-party signal into advertising may allay
consumer uncertainty of service quality and increase the likelihood of service brand purchase.
Saunders and Petzer (2010), studied in banking sector by using the SEM model the
interrelationship between overall perceptions of service quality, satisfaction and behavioural
intentions, based on the customer’s stage in the service delivery process. The data were
collected in two stages early and late with 260 and 264 respondents respectively. The findings
provided support for the hypothesis that satisfaction mediates the relationship between service
quality and behavioural intentions for both service delivery stages.
The research done by Bolton (1998) analyzed the customers’ rating of a service organization
at various stages of the relationship and resulted that a customer’s ratings of the service provider
obtained prior to a decision to cancel or stay loyal to the service organization were positively
related to the length of the relationship
The discovery of Athanasspopulos et al (2001) is remarkable in the field of Customer
satisfaction. The finding indicates that when customers assess customer satisfaction to
be high, they decide to stay with the existing service provider; and subdue their negative
behavioural intentions. The findings also included that customer satisfaction is associated
positively with word-of-mouth communications.
Olorunniwo et.al (2006) investigated the possibility that the typology of a service as well as the
operationalization of the service measurement scale may determine the nature of the service
quality (SQ) construct and its relationship with those of customer satisfaction (SAT) and
behavioral intentions (BI). The factor analysis indicated that Responsiveness, Tangibility,
Reliability, Knowledge, and Accessibility dimensions contribute significantly to service quality.
And finally Olorunniwo and Hsu (2006) observed that SAT fully mediates the impact of SQ on BI
i.e.service quality and Behavioral Intentions.
Alexandris et al. (2002) showed that service quality predicted significant amount of variation in
all the behavioral intentions, i.e. word of mouth communication, intention to purchase and price
sensitivity. Dagger and Sweeney (2007) have developed a model for measuring service quality
that takes into account the dynamic nature i.e. consumption stage of service delivery.
Mittal et al (2001) focused on the weightings of service quality dimensions over a period of credit
card ownership, rather than comparing the weightings of service quality dimensions during the
initial acquisition process with those during the later stages of ownership. Study of Bolton et
al.(2003)and Bendall et al.(2003)focused on the one of the charateristics of service i.e
inconsistency of service quality on service outcomes such as loyalty or retention. Willis (2005)
has explained how classification, marking, policing, scheduling, shaping, routing and admission
control are important methods to implement QoS in packet networks and for postal systems
employing postmen with small panniers. According to the study of Martin, Watson, McKenna
(1994), the concept of total quality management and guidelines for the successful implementation
of the technique into the service sector of the economy of Northern Ireland are suggested. Same
study revealed that Firstly Managers must organize themselves and others for dealing with quality
issues, Leadership skills of managers in service organizations can contribute significantly to
quality of service(Rausch, 1999) and Secondly, ensure that the customer is the main priority
throughout the organization. Another study which was done by Feigenbaum (1983), have
provided insights into the characteristics of the managerial environment which are necessary to
sustain quality efforts. Such work forms the foundations on which the principles of total quality
management are built.
Linklow (1989) identified seven core values and beliefs. The core values included- Customer
focus, Employee focus, Teamwork, Safety, Candour (Truthfulness from the employee side
regarding quality), Total involvement (employees at all are responsible for quality specially at
operational level), Process focus (continuous improvement of overall work processes)

Not Many researches have been conducted on Service Quality, Customer Satisfaction and
Behavioral Intention in a combined way. Though, these variables have been studied
57
individually in different contexts but the current study will try to find out the the impact of Service
Quality and Customer Satisfaction on Behavioral Intention in Hotel Industry in Gwalior Region.
The current study would be focusing on finding out relationship Service Quality, Customer
Satisfaction and Behavioral Intention.
4. Objectives
● To evaluate the relationship between Service Quality and Customer Satisfaction as
independent variables and Behavioral Intentions as dependent variable.
● To find out the underlying factors of Service Quality and Customer Satisfaction as
independent variables and Behavioral Intentions in Indian context.
● To identify ideas for further research.
5. Research Methodology
5.1 The Study
The study was exploratory in nature with survey method being used to complete the study.
5.2 Sampling Design
5.21 Population: Population included all the customers of Hotels who are using different
services of hotels in Gwalior region. 5.22 Sampling Element: Individual customers of
hotels were the sampling element. 5.23 Sampling Technique: Non-Probability purposive
sampling technique was used to select the sample. 5.24 Sample Size: Sample size was
100 Respondents.
5.3 Tools Used for data Collection

Many researchers have conducted their study on the above mentioned variables therefore
standardize questionnaire is also available. So the study was conducted by using pre researched
questionnaire (Olorunniwo, Hsu and Udo, 2006) but it as current study is in Indian Context so
reliability as well as Factor Analysis was applied again to find out the underlyingfactors of all the
variables
5.4 Tools Used for Data Analysis

● The measure was standardized through computation of reliability and validity.
● Factor analysis Test was applied to find out the underlying factors of Service Quality,
customer satisfaction and Behavioral Intention.
● Regression test was applied to find relationship between customer satisfaction, relationship
quality and their impact on Behavioral Intention.

Not Many researches have been conducted on Service Quality, Customer Satisfaction and
Behavioral Intention in a combined way. Though these variables have been studied individually in
different contexts but the current study will try to find out the the impact of Service Quality and
Customer Satisfaction on Behavioral Intention in Hotel Industry in Gwalior Region..
The current study would be focusing on finding out relationship Service Quality, Customer
Satisfaction and Behavioral Intention.
7. Results and Discussions
7.1 Reliability Measure
Cronbach alpha method has been applied to calculate reliability of all items in the
questionnaire. Reliability test using SPSS software and the reliability test measures are given
below: Cronbach’s Alpha (Service Quality) =.972 Reliability Statistics
Cronbach’s Alpha Cronbach’s Alpha Based on Standardized Items N of Items . 972 .973 29
Cronbach’s Alpha (Consumer Satisfaction) = .965

Reliability Statistics
Cronbach’s Alpha(Behavioral Intentions)=.937

Reliability Statistics
It is considered that the reliability value more than 0.7 is good and it can be seen that in
statistics, reliability value was quite higher than the standard value, so all the items in the
questionnaire are highly reliable.
7.2 Validity Test
Validity of the questionnaire was checked through face validity method and was found to be
high.
59
7.3 Factor Analysis

Factor Analysis of Service Quality
S. Eigen Factor Variable Statement %of Variance Loading No value Name Explained
1. 7.544 Responsive- 27. employees quickly apologize when 26.015 0.781

Ness and service mistakes are made Accessiblity
26. employees are empowered to provide 0.767 compensations for inaccurate
service 23. employees are easily accessible 0.75 when needed 15. employees
provide adequate information 0.682 about hotel/motel activities/facilities 22.
hotel/motel is conveniently located 0.662 29. Information on alternative lodging
is 0.648 provided when the hotel/motel is full 17. employees are aware of group
0.592 rates/special rates 10. requests are handled promptly 0.584 13.
employees adapt well to handle peak 0.581 customer traffic 9. employees give
us special attention 0.574 16. employees are knowledgeable about 0.571
hotel/motel equipment (e.g. computer system and exercise facilities)
2. 6.343 Tangibles 21. The reservation system (e.g. telephone/ 21.871 0.722
and Trust internet reservation) is easy to use
4. hotel/motel facilities are up-to-date 0.676 20. time it took to check in/check out
is not 0.668 too long 1. hotel/motel is clean 0.664 18. employees provide
error-free records 0.65 (e.g. receipts) 5. employees are neat-appearing 0.637 3.
Interior design is attractive 0.616 6. lobby area is comfortable 0.577 8.
employees are courteous 0.566 19. front desk employee accurately verifies
0.553 the reservation requests 12. Room maintenance is adequate 0.52
3. 5.741 Comfort 7. parking space is adequate 19.817 0.818

level and
Employee
Knowledge
28. Smoking rooms are treated to accommodate 0.784 non-smoking guests if
needed
2. Outside appearance is attractive 0.574 24. Express checkout is available for

guests 0.57
25. Services are accessible to disabled guests 0.563 14. Employees’ knowledge
of hotel procedures 0.544 makes me feel comfortable
11. employees adapt services to our needs 0.53
Discussion Of Factors
1. Responsiveness and Accessibility
Razalli(2008), defined responsiveness as capability in providing speedy services, variety of

services, and willingness to help customers within the service delivery processes and
accessibility is a general term used to describe the degree to which a product, device, service, or
environment is available to as many people as possible. Accessibility can be viewed as the
“ability to access” and benefit from some system or entity(wikipedia.org).This factor has received
highest Eigen Value of 7.544 with percentage of Variance Explained of 26.015, eleven
statements were clubbed in this factor.
2. Tangibles and Trust
A tangible product is something which a company produces which the customer can see or
hold, as against something like advice(wiki.answer.com) and Trust is Ability to perform the
promised service dependably and accurately(Parasuram et al ,1988).
This factor has received second Highest Eigen Value i.e. 6.343 with the Percentage of
Variance explained as 21.871. In this factor also eleven statements were clubbed.
3. Comfort Level and Employee Knowledge
This factor has received the lowest Eigen value among all three i.e. 5.741 with the Percentage
of Variance expalined as 19.817. In this factor also seven statements were clubbed.
Factor Analysis of Consumer Satisfaction and Behavioral Intention

As the number of statements in both the variables were few and they have been clubbed under
single factor only and thus couldn’t be rotated, Sothe Eigen value was 3.623 and 2.673 for
Consumer Satisfaction And Behavioral Intention respectively and percentage of variance
expalined is 90.586 and 89.085 for Consumer Satisfaction And Behavioral Intention respectively.
Both the variables have been explained in detained in
61
the conceptual framework as well as in the review of literature so same has not been mentioned
here for the sake of repetition.
7.4 Regression Analysis
Model Summaryb
Model R R Square Adjusted R Square Std. Error of the Estimate
1 .940a .884 .882 1.29545
a. Predictors: (Constant), consat, servqual b.

Dependent Variable: behint
Anovab
Model Sum of Squares Df Mean Square F Sig.
1 Regression 1242.216 2 621.108 370.106 .000a
Coefficientsa
Model Unstandardized Coefficients Standardized Coefficients t Sig.
B Std. Error Beta

1 (Constant) -2.408 .747 -3.224 .002
servqual .067 .012 .477 5.664 .000 consat .351 .061 .484 5.750 .000
Residual 162.784 97 1.678
Total 1405.000 99
a. Dependent Variable: behint Y= a +bx +cz+ e

Y= -2.408 +.067Servqual+0.351Consat+ e
Y= Behavioral Intentions (dependent variable) Service

Quality (independent variable)
Customer Satisfaction (independent variable) e=

error
The value of adjusted R square is 0.882 that indicates Service Quality and Customer
Satisfaction explains 88.2% variance in dependent variable Behavioral Intentions. In other words
indicates Service Quality and Customer Satisfaction contribute 88.2 % to Behavioral Intentions.
The model used for regression has good fit as indicated by F-value 370.106 which is significant
at 0 % level of significance indicating a high predictability of model.
The relationship between Service Quality as independent and Behavioral Intentions as

dependent variable is indicated by standardized coefficient Beta with a value of 0.477. The
significance of beta is tested using T-test and value for t is 5.664 which is significant at 0% level
of significance indicating significant relationship between Service Quality and Behavioral
Intentions.
The relationship between Customer Satisfaction as independent and Behavioral Intentions as
dependent variable is indicated by standardized coefficient Beta with a value of 0.484. The
significance of beta is tested using T-test and value of t is 5.750 which is significant at 0% level of
significance indicating significant relationship between Customer Satisfaction and Behavioral
Intentions.
63
Explanation of Histogram and PPP

The histogram shows the normal distribution of Residual and the PP Plot explains whether the
relationship or prediction between the variable is linear or not. More it is close to the line explains
more perfect is the prediction. So we can see here that the relationship between the Expected
and observed outcome is perfectly predicted.
8. Implications of the Study

1. This study is a useful contribution towards Hotel industry for increasing the service
quality and also customer satisfaction. 2. This study can be used by different researchers for
further research. 3. This study is a useful contribution to understand the importance of
customer
satisfaction and service quality with reference to behavioral intentions. 4. It will help Hotels in
knowing the parameters on which customer satisfaction,
service quality and behavioral intentions can be evaluated. 5. This study can be useful
contribution towards the Hotel industry in analyzing
their service quality and determining the areas where the hotels can improve.
9. Suggestions of the Study

1. The study has been done by taking only a sample of 100 respondents therefore it is
suggested to take bigger sample size in order to obtain more accurate results. 2. The study
has been done in Gwalior region only so it is suggested to take larger
area or other region so that more appropriate results can be obtained 3. The study resulted in
the fact that customer satisfaction and service quality has significant impact on behavioral
intention similarly effect of customer satisfaction and service quality can be evaluated on
other variables. 4. The research on impact of customer satisfaction and service quality and its
impact
on behavioral intention can also be conducted in other sectors. 5. The study resulted in the fact
that there are some other factors also other than customer satisfaction and service quality
that have impact on behavioral intention. So similar kind of study can be done to evaluate the
impact other variables on behavioral intention
10. Conclusion
This study examined the impact of customer satisfaction and service quality on behavioral
intention in Hotel industry in Gwalior region. The questionnaires were filled by service users of
various hotels in Gwalior and by applying test like validity, reliability, factor analysis and
regression. It has been concluded that there is an impact of customer satisfaction and service
quality on behavioral intention and customer satisfaction and service quality play an eminent role
in retaining customers in Hotel industry.
This study reflects the high degree of correlation between customer satisfaction and
relationship quality as independent variable and customer retention as dependent variable.
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Exchange Rate Dynamics and its Relationship

with Stock Market Volatility: Evidence from
SAARC Countries
Dr. Anindita Chakraborty, Alok Shrivastava, Charu Chandrika Dubey,
Neha Manjhi, Shweta Agarwal, Sonam Bhadauriya, Bhawana Mishra,
Abdesh Singh Kushwah & Samta Jain
ABSTRACT
The study showed the relationship between Foreign Exchange Markets and Stock Market, and
determined whether movements in exchange rates have an effect on stock market in SAARC
countries. The correlation was used in establishing the relationship between exchange rate
volatility and stock market volatility it ranges from negative to positive and small to large.
Kruskal-Wallis test was applied to test whether there was a significant difference in the exchange
rate volatility of SAARC countries and results showed a significant difference. Mann-Whitney U
test was applied to find out the significant difference between the exchange rate volatility and the
results depicted a significant difference between two rates.
Keywords: Exchange rate, volatility, SAARC
Introduction
International equity investments are increasing rapidly since mid-1980 and with the increasing
investments investors are now prone to foreign exchange volatility. Foreign exchange volatility
has critical implications for the stock market of a country. A country’s financial position is subject
to its foreign exchange volatility. Foreign exchange market developments have cost implications
for everyone included in the economy such as the households, firms and the government. In
previous researches it had been shown that
67
Exchange Rate Dynamics and its Relationship with Stock Market Volatility
exchange rate volatility had real economic costs that affect price stability, firm’s profitability and a
country’s stability.
As the international equity investments are increasing due to internationalization of capital
markets resulted in huge inflow of funds between countries and in the cross- listing of equities.
Therefore, investors and firms are more interested in the study of foreign exchange rate volatility
and its effect on stock market volatility. According to Yucel and Kurt (2003) floating exchange rate
appreciation reduces the competitiveness of export markets; and has a negative effect on the
domestic stock market.
Foreign exchange market or FOREX market as commonly known is place where trading of
national currencies are taken place. The Forex market is a place for individuals, central banks,
businesses, financial institutions, the public sector and countries to make a profit off the varying
currency prices. This is done through trading in those currencies whose prices are rising against
the other currencies whose prices are falling. These currencies are traded in pairs. This generally
means that every currency will pair against every other currency and have a price. For example,
trading between Indian rupee and US dollars and both currencies fall 10% that means the
investors are in the same spot as they were before so there will be no loss. Another benefit of
Forex Market is, it is not complicated as the stock market but a greater deal of knowledge is
required. The main difference between the international stock markets and the forex markets is
the immense volume of trades that takes place on the forex market. 3.9 trillion dollars are traded
every day on the forex market. This volume of money is much greater than the money traded on
the stock market of any country on a daily basis.
The objective of the present study is to find a relationship between Forex market volatility and
stock market volatility. The study used the trading pair of SAARC countries/ Euro and SAARC
countries/US dollar. The reason behind selecting the SAARC countries was the previous
researches which focused on examining this relationship for the developed countries with very
little consideration on the developing countries.
SAARC (The South Asian Association for Regional Cooperation) is an economic and political
organization of eight countries namely India, Pakistan, Bangladesh, Sri Lanka, Nepal, Bhutan,
Maldives, and Afghanistan, the latest member since April 2007. Established on December 8,
1985, SAARC is a unique concept. This esteem group is the one combined vision of eight
different countries of South-east Asia. These SAARC nations are home to nearly 1.5 billion
people or about 22% of world’s population. So, the Heads of the State or Government of these
aforementioned countries has created SAARC, keeping in view the welfare of the people, peace,
stability and progress of South Asian region by fostering mutual understanding, meaningful
cooperation and good neighbourly relations among these nations.
Review of Literature
The first ever study conducted in this area was by Franck and Young (1972) who examined the
relationship between stock prices and exchange rates. They used six different exchange rates
and found no relationship between these two. While a study conducted
in the same period by Aggarwal (1981) depicted contradictory results. The study showed that
stock prices and the value of the U.S. dollar were positively related and this relationship was
stronger in the short run than in the long run. The research conducted by Soenen and Hanniger
(1988) during the period of 1980-1986 realized a strong negative relationship between the value
of the U.S. dollar and the change in stock prices.
Ajayi and Mougoue (1996) explained that an increase in aggregate domestic stock price had a
negative short-run effect on domestic currency value but in the long-run increases in stock prices
had a positive effect on domestic currency value. On the other hand, currency depreciation has a
negative short-run effect on the stock market. In a current study by Kumar (2010) who
investigated the long and short-run relationship between stock index and exchange rates for India
and suggested that there was no long- run relationship between them. Muhammad and Rasheed
(2002) suggested that in South- Asian countries stock prices and exchange rates are unrelated in
the short-run, therefore, investors cannot use information obtained from one market to predict the
behavior of other market.
Empirical results showed that the exchange rate uncertainty has a significantly negative effect
on Investment. Applying a rolling standard deviations method, Goldberg (1993) found evidences
from the US industry-level investment that exchange rate uncertainty had significantly negative
long-run effects on investment. Darby et al. (1999), using a single-equation estimation in their
study, find a similar negative exchange rate effect on aggregate investment based on the data
from five OECD countries. Choudhary (2005) founds that the effects of exchange rate variability
on real exports were, in general, significantly negative.
The significant volatility spillovers from stock returns to exchange rate changes have important
implications for the ‘asset approach’ to exchange rate determination (Branson, 1983; and Frankel
1983), particularly when international equity investments have been rising since the mid-1980s.
The higher level of cross-border financial assets flows between, for example, domestic and
foreign share markets results in the changes of demand for and supply of currencies in which the
international equities are priced in. Exchange rates have to be adjusted according to the
international equity flows. Therefore, the ‘asset approach’ to exchange rate determination
suggests significant volatility transmission from the stock market to the foreign exchange market.
While Kanas (2000) finds a significant volatility spillover from stock return changes to foreign
currency fluctuations, it might not be the case for the NZ economy. Choi et al. (n.d) provided
empirical evidence that the “asset approach” to exchange rate determination does not fit to small
markets like NZ, whose currency is driven by international factors although they found significant
volatility spillovers from the foreign currency movements to stock return in NZ. Similar results
were found by Dungey (1999) who argued that international factor mainly affects the volatility of
NZ dollars and volatility shocks in the local NZ stock markets had little effects on the movement of
the NZ currency.
In contradiction Schwert (1990) analyzed the behaviour of stock return volatility more or less
stock market crashes and discovered that stock market volatility jumps considerably
69
during the crash and returns to low pre-crash levels quickly. While Adjasi and Biekpe (2005)
found the relationship between stock market returns and exchange rate movements in seven
African countries. Co-integration tests showed that in the long-run exchange rate depreciation
leads to increases in stock market prices in some of the countries, and in the short-run, exchange
rate depreciations decrease stock market returns.
Fidora et al. (2007) which focuses on the role of exchange rate volatility as a driver of portfolio
home bias and investigate the effect of real exchange rate volatility on the traditional measure of
home bias. Karoyli and Stulz (2003) provide excellent reviews of the home bias literature. The
home bias revolves around different motives of investors, including explicit barriers to
international investment, hedging motives, information asymmetries and behavioural biases.
Adler and Dumas (1983) state that should there be zero inflation, investors can hedge foreign
exchange risks through money market positions, therefore, in principle, foreign exchange risks do
not affect equity portfolios.
Objectives of the Study

1. To evaluate the exchange rate volatility of SAARC countries. 2. To compare the exchange
rate volatility of SAARC countries in respect of Euro. 3. To compare the exchange rate
volatility of SAARC countries in respect of US
dollar. 4. To evaluate the relationship between exchange rate volatility of SAARC countries
and Euro market. 5. To evaluate the relationship between exchange rate volatility of SAARC
countries
and US market.
Research Methodology
The main purpose of the study is to examine the impact of stock market volatility on the
exchange rate volatility of SAARC nations with strong currencies. The study was empirical in the
nature and the total population includes all the countries of SAARC countries. The exchange
rates were the sampling elements and the sampling frame was from 2005-2009. The complete
enumeration sampling technique was used to analyze the data. The sample size includes eight of
SAARC countries named Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan,
and Sri Lanka and. Daily exchange rates of countries against US dollar and Euro were taken from
www.oanda.com. Stock market data of US (NASDAQ) and Euro (Frankfurt) was taken from
www.yahoo.finance.com. Data was analyzed through variance, Kruskal-Wallis test,
Mann-Whitney and correlation.
● The daily returns of the indices were computed by logarithmic returns using MS Excel.
Inferential statistics was computed with the help of SPSS 17. Rt = 100 *ln (Pricest /Prices
t-1)
Where, Rt is the daily mean return percent from the index, P is the price index, t and t – 1
represent the current and immediate preceding day.
i. Normality of the data was tested through Kolmogorov-Smirnov test. ii. Kruskul-Walis test:
Applied to test whether or not the exchange rate volatility in
each month of the year are equal. iii. Mann-Whitney U test: It is a non-parametric test for
assessing whether two samples
of observations come from the same distribution. Ho= There is no significant difference in the
exchange volatility of Euro and US Dollar. iv. Spearman Rank Order Correlation was applied
to test the relationship between
exchange rate volatility and stock market volatility.
Results and Discussions

A. Descriptive Statistics

(i) Descriptive for SAARC/EuroTable 1: Descriptive Statistics
N Min Max Mean Std. Variance Skewness Kurtosis

Deviation
Statistic Statistic Statistic Statistic Statistic Statistic Statistic Std. Statistic Std.
Error Error
Afghanistan 2006 -16.51 4.25 .0016 .62528 .391 -8.871 .055 245.956 .109
Bhutan 2006 -3.45 11.21 .0039 .57460 .330 3.986 .055 78.493 .109
India 2006 -2.81 2.63 .0018 .52152 .272 .162 .055 3.044 .109
Srilanka 2006 -5.15 4.47 .0012 .89353 .798 -.239 .055 9.079 .109
Pakistan 2006 -5.30 4.48 -.0141 .70067 .491 -.380 .055 11.555 .109
Maldives 2006 -11.46 10.84 .0057 .59946 .359 -.539 .055 121.351 .109
Bangladesh 2006 -3.01 2.83 .0049 .53492 .286 -.102 .055 3.851 .109
Nepal 2006 -3.94 3.52 .0028 .61162 .374 -.175 .055 5.861 .109
The above table 1 presented the descriptive statistics of foreign exchange rates of SAARC
countries against Euro. The returns were calculated using the daily closing rates of exchange
rates. Concretely, the fourth column of the table records the average or mean daily percentage
returns, which was negative for Pakistan (M=-0.0141), while the highest returns were available in
case of Maldives (M=0.0057). Volatility, as it is expressed in terms of standard deviation and
variance, was highest for Srilanka (S.D= 0.89353, Variance=0.798). This high level of standard
deviation and variance demonstrated the presence of high degree of foreign exchange risk. Table
1 also presented the average minimum and maximum FOREX return during the studying period,
which were -16.51 for Afghanistan and 11.21 for Bhutan correspondingly. The skewness and
kurtosis values show the non-normality of the data.
71
(ii) Descriptive for SAARC/DollorTable 2: Descriptive Statistics
N Min Max Mean Std. Variance Skewness Kurtosis

Deviation
Statistic Statistic Statistic Statistic Statistic Statistic Statistic Std. Statistic Std.
Error Error
Afganistan 2006 -16.89 4.30 -.0037 .42675 .182 -30.061 .055 1231.209 .109
Bhutan 2006 -3.81 11.38 -.0013 .42605 .182 9.902 .055 271.920 .109 India 2006 -2.48 3.19 -.0035 .42536 .181
.168 .055 6.792 .109
Srilanka 2006 -4.84 4.48 -.0041 .76168 .580 -.171 .055 17.451 .109 Pakistan 2006 -5.89 5.09 -.0193 .54773 .300
-.526 .055 34.672 .109
Maldives 2006 -11.15 11.15 .0005 .37573 .141 .005 .055 775.692 .109 Bangladesh 2006 -2.36 2.23 -.0003
.38274 .146 -.168 .055 10.940 .109
Nepal 2006 -3.70 3.36 -.0024 .55734 .311 -.075 .055 8.284 .109
The above table 2 presented the descriptive statistics of foreign exchange rates of SAARC
countries against dollar. Concretely, the fourth column of the table records the average or mean
daily percentage returns, which was positive for Maldives (M=0.0005), while in case of other
countries it was negative. Volatility, as measured by standard deviation and variance, was highest
for Srilanka (S.D= 0.76168, Variance=0.580) and lowest for Maldives (S.D= 0.37573,
Variance=0.141). The average minimum and maximum FOREX return during the studying period
were -16.89 for Afghanistan and 11.38 for Bhutan correspondingly. The skewness and kurtosis
values show the non-normality of the data.
B. Inferential Statistics
st of Normality
● Te
Table 3: Kolmogorov-Smirnov
Kolmogorov-Smirnov (USD) Kolmogorov-Smirnov (Euro)
Statistic df Sig. Statistic df Sig.
Afganistan .437 60 .000 .377 60 .000 Bhutan .373 60 .000 .305 60 .000
India .247 60 .000 .233 60 .000 Nepal .163 60 .000 .210 60 .000
Maldives .444 60 .000 .278 60 .000 Bangladesh .226 60 .000 .172 60 .000
Pakistan .363 60 .000 .314 60 .000 Srilanka .247 60 .000 .189 60 .000
The Kolmogorov-Smirnov statistic assesses the normality of the distribution of scores. A

non-significant result (Sig. value of more than .05) indicates normality. In this case the Sig. value
is 0.000 for each group, suggesting violation of the assumption of normality.
● Kruskal-Wallis Test: Test of Equality of Variance T he results of the Kruskal-Wallis Test

uses the rankings of the mean variances and tests whether all the countries mean variances were
significantly equal or not. As per table 4 the analytical results showed that the variances in all the
countries were significantly different at 0 % level of significance. This confirms the presence of
Forex volatility for all the SAARC countries against Euro and US dollar both.
Table 4: Results of Kruskal-Wallis Test
Index K-W Test
Euro Chi-square 65.068

df 7 P value 0.000
US dollar Chi-square 165.748

df 7 P value 0.000
s per table 5,
● Mann-Whiney U Test: Independent Comparison of the Exchange Rate Volatility A
the results suggested that there was a significant difference in the exchange rate volatility of
SAARC/Euro and SAARC/USD at 5% level of significance so the null hypothesis was rejected.
Table 5: Results of Mann-Whitney U Test
Volatility Pair Euro/USD Hypothesis Not rejected/Rejected
Afghanistan Z -7.931P 0.000 Rejected Bhutan Z -4.677 P 0.000 Rejected
India Z -4.325 P 0.000 Rejected Maldives Z -8.710 P 0.000 Rejected
Bangladesh Z -4.919P 0.000 Rejected Srilanka Z -2.724P 0.006 Rejected
Pakistan Z -5.511P 0.000 Rejected Nepal Z -2.241P 0.025 Rejected
● Spearman Rank Order Correlation
(i) To calculate the strength of the relationship between exchange rate volatility of SAARC/Euro and
Frankfurt stock market volatility
73
The relationship between exchange rate volatility and stock market volatility was investigated
using Spearman Rank Order test. The results below depicted in table 6 a small to medium,
positive correlation between the exchange rate of volatility and Frankfurt stock market volatility.
Table 6: Correlation between Euro/SAARC and Frankfurt
Frankfurt
Afghanistan rho=0.320
P=0.013
Bhutan rho=0.298
P=0.021
India rho=0.422
P=0.001
Maldives rho=0.283
P=0.029
Bangladesh rho=0.310
P=0.016
Srilanka rho=0.15
P=0.247
Pakistan rho=0.395
P=0.002
Nepal rho=.181
P=0.167
There was a small positive and significant correlation between Forex volatility and stock market
volatility for Maldives (rho=0.283, p=0.029). There was a small but insignificant relationship for
Srilanka (rho=0.152,p=0.247) and Nepal (rho=0.181, p=0.167), suggesting that the currency pairs
had low degree of relationship with Frankfurt stock exchange. There was a medium positive and
significant correlation between Forex volatility and stock market volatility of Afghanistan
(rho=0.320, p=0.013), Bhutan (rho=0.30, p=0.021), India (rho=0.422, p=0.001), Bangladesh
(rho=0.310, p=0.016), Pakistan (rho=0.395, p=0.002), suggesting that the currency pairs had low
degree of relationship with stock exchange.
(ii) To calculate the strength of the relationship between exchange rate volatility of SAARC countries
against USD and NYSE volatility
The relationship between exchange rate volatility and stock market volatility was investigated
using Spearman Rank Order test. The results below depicted in table 6 a small to medium,
positive correlation between the exchange rate of volatility and Frankfurt stock market volatility.
There was a small positive and significant correlation between Forex volatility and stock market
volatility for Afghanistan (rho=0.293, p=0.023). There was a small but insignificant relationship for
Maldives (rho=0.225, p=0.084) and Pakistan (rho=0.252, p=0.052), suggesting that the currency
pairs had low degree of relationship with Frankfurt stock exchange. There was a medium positive
and significant correlation between Forex volatility and stock market volatility of Nepal
(rho=0.403, p=0.001). There
was a high positive and significant correlation between Forex volatility and stock market volatility
Bhutan (rho=0.60, p=0.000), India (rho=0.646, p=0.000), Bangladesh (rho=0.555, p=0.000),
suggesting that the currency pairs had high degree of relationship with Frankfurt stock exchange.
There was a very small negative and insignificant correlation between Forex volatility and stock
market volatility for Srilanka (rho=-0.007, p=0.955), suggesting that the currency pairs had
negative relationship with stock indices.
Table 7: Correlation between USD/SAARC and NYSE
NYSE
Afghanistan rho=0.29
P=0.023
Bhutan rho=0.60
P=0.000
India rho=0.65
P=0.000
Maldives rho=0.23
P=0.084
Bangladesh rho=0.56
P=0.000
Srilanka rho=-0.007
P=0.955
Pakistan rho=0.25
P=0.05
Nepal rho=0.40
P=0.001
Conclusion
Many empirical studies have been conducted by the previous researchers to define the
relationship between foreign exchange rates and stock market. However, the relationship still
remains uncertain in both theory and research. While some empirical studies like Smith (1992),
Solnik (1987), and Aggarwal (1981) find some relations and causality, other studies show no
relationship between these two variables (Franck and Young, 1972). Moreover, relationship
changes from one economy to another and from one time period to another (Franck and Young,
1972). Also, the empirical studies for a specific economy may show different results for this
relation (Soenen and Hanniger, 1988). The reason for these differences can be explained by time
period used for data, methods used for analysis and economic policies of countries.
In this study, we investigated the relationship between mentioned variables in SAARC
countries using daily data from 1st January 2005 to 31st December 2009. The stock indices of
NYSE (NYSE Composite) and Frankfurt stock exchange (FSTE 100) were taken. The results of
empirical study indicated that there was positive relationship between exchange rate and all stock
market indices. While negative and insignificant relationship exists for Srilanka and NYSE
Composite. The reason behind this may be the one-way international
75
trade flow of Srilanka with US where the export share to US was about 23.20%. While in context
of European countries was the relationship was low and insignificant because of low export from
Srilanka to Europe. The results also show that the highest degree of correlation of India with
Europe and US market.
While studying the exchange rate volatility of the currency pairs it was found that Srilanka was
more volatile than other peer countries. Kruskal-Wallis test showed that the variances of
exchange rates were significantly different for both the currency pairs. By the help of
Mann-Whitney test it was revealed that there was significant difference the exchange rate
volatility SAARC countries against the currency pairs of USD and Euro.These results are
consistent with the views that financial markets become more integrated
and the volatility
relationship between stock returns and exchange rate movements change over time. The results
of the study are similar to the previous studies of Smith (1992), Solnik (1987), and Aggarwal
(1981).
REFERENCES
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Exchange Rates. Akron Business and Economic Review, 7-12
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Managing Foreign Exchange Risk ( Cambridge, University Press, MA).
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Rate Changes: the New Zealand Case. Retrieved on August 30, 2010 from http://
www.mssanz.org.au/MODSIM07/papers/40_s2/VolatilitySpilloverss2_Choi_.pdf.
● Choudhry, T. (2005). Exchange rate volatility and the United States exports: evidence from Canada and Japan,
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Lawrence Erlbaum Associates.
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of real exchange rate volatility. Journal of International Money and Finance. 26, 631.655.
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Financial Management, 1, 66-73.
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Bhandari and B.H. Putman (eds.), Economic Interdependence and Flexible Exchange rates ( MIT Press,
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77
Effect of Bonus Issue Announcement on

Stock Returns
Dr. Tarika Singh, Mr. Saurav Shivhare, Mr. Manish Yadav, Ms

Deepali Agrawal & Ms Anju PandeyABSTRACT
Bonus issues are generally considered to have positive sentimental effects on the market. But
there is no strong empirical proof for this sentiment. The present study is an effort to check the
stock index movement in Indian context around bonus issue announcement. NIFTY index has
been taken for the study purpose from the year 2004-2010. The results have significant value
contribution in the theory and practice.
onus Issue, Stock return, Price Effects
Key Words: B
Introduction
The term bonus means an extra dividend paid to shareholders in a joint stock company from
surplus profits. When a company has accumulated a large fund out of profits - much beyond its
needs, the directors may decide to distribute a part of it amongst the shareholders in the form of
bonus. Bonus can be paid either in cash or in the form of shares. Cash bonus is paid by the
company when it has large accumulated profits as well as cash to pay dividend. Many a time, a
company is not in a position to pay bonus in cash in spite of sufficient profits because of
unsatisfactory cash position or because of its adverse effects on the working capital of the
company. In such a position, the company pays a bonus to its shareholders in the form of shares;
a free share thus issued is known as a bonus share.
A bonus share is a free share of stock given to current/existing shareholders in a company,
based upon the number of shares that the shareholder already owns at the
time of announcement of the bonus. While the issue of bonus shares increases the total number
of shares issued and owned, it does not increase the value of the company. Although the total
number of issued shares increases, the ratio of number of shares held by each shareholder
remains constant.
An issue of bonus shares is referred to as a bonus issue. Depending upon the constitutional
documents of the company, only certain classes of shares may be entitled to bonus issues, or
may be entitled to bonus issues in preference to other classes.
Bonus share is free share in fixed ratio to the shareholders. For example reliance India ltd.
issue bonus share in 1:1 ratio and Rs.13.00 as dividend/share. Sometimes a company will
change the number of shares in issue by capitalizing its reserve. In other words, it can convert the
right of the shareholders because each individual will hold the same proportion of the outstanding
shares as before. Main reason for issuance is the price of the existing share has become
unwieldy.
Benefits of Bonus Issue

● Conservation of Cash: The issue shares allows the company to declare a dividend
without using up the cash that may be used to finance the profitable investment opportunities
within the company and thus company can maintain its liquidity position.
● Under Financial Difficulty and Contractual Restrictions: When a company faces
stringent cash difficulty and is not in a position to distribute dividend in cash, or where certain
restrictions to pay dividend in cash are put under loan agreement, the only way to satisfy the
shareholders or to maintain the confidence of the shareholders is the issue of bonus shares.
● Remedy for Under-Capitalization: In the state of under-capitalization, the rate of divided
is very much high. In order to lower down the rate of dividend, the company issued bonus
shares instead of paying dividend in cash.
● Widening the Share Market: If the market value of a company’s share is very high, it may
not appeal to small investors. By issuing bonus shares, the rate of dividend is lowered down
and consequently share price in the market is also brought down to a desired range of activity
and thus trading activity would increase in the share market. Now small investors may get an
opportunity to invest their funds in low priced shares.
● Economical Issue of Securities: The cost of issue of bonus shares is the minimum because
no underwriting commission, brokerage etc. is to be paid on this type of issue. Existing
shareholders are allotted bonus shares in proportion to their present holdings. Stock prices as a
rule adjust to new information. In an efficient market, this adjustment is instantaneous and
accurate. Event studies to test market. Efficiency, therefore, examine the speed of adjustment of
stock prices to the release of new, relevant information to investors. One such ‘event’ is the
announcement of bonus issues by companies. While
79
Effect of Bonus Issue Announcement on Stock Returns
accountants view bonus issues as pure book-keeping entries which leave total equities and total
assets unchanged and hence have no real economic significance, for investors, however, bonus
issues lead to an upward revision in their expectations regarding future earnings and dividends.
Generally, therefore, an upward drift in stock prices is associated with such announcements. If
markets are efficient, and no learning lags exist, the adjustment in stock prices would be prompt.
Literature Review
The relationship between bonus issue and share prices has been the subject of much empirical
discussion within the finance literature. Empirical research have shown that the market generally
reacts positively to the announcement of a bonus issue (see for example, US - Foster & Vickrey
(1978), Woolridge (1983), Grinblatt et al (1984), and McNichols & Dravid (1990); Canada –
Masse et al (1997); NZ- Anderson et al (2001); Sweden – Lijleblom (1989)). The hypothesis that
has received strongest support in explaining the positive market reaction to bonus issue
announcements is the signalling hypothesis, which suggests that ‘the announcement of a bonus
issue conveys new information to the market in instances where managers have asymmetric
information’. This hypothesis has received almost unequivocal support with few exceptions
(Papaioannou, Travlos and Tsangarakis (2000).
Having a global look it is found that stock dividend announcements in Greece are almost fully
anticipated by the market and do not contain any new information; thus, they have little signaling
benefit. However, a Canadian study Masse et al. (1997), revealed investigating the impact of
stock dividend announcements on the value of firms listed on the Toronto Stock Exchange, found
significant and positive abnormal returns around the announcement date.
Ganga and Gunuratne (2009) in respect to CSE (Colombo stock Exchange) suggested that the
market responds significantly on bonus issues with a large price appreciation on the
announcement day itself. Positive sentiments start well prior to the event and continue up to
about further 6 market days creating both statistically and financially significant arbitrage
opportunities.
According to a research conducted by Balasingham & Sally (2001) examined the price reaction
to bonus issues announcements in the Australian Companies. They concluded that Bonus issue
announcements led to statistically significant positive price reaction around announcement dates
for uncontaminated and contaminated events. Whereas Miller and Modigliani (1961)
demonstrated theoretically that the bonus issues, along with other types of dividends, do not alter
shareholder’s wealth. Sloan (1987) provided Australian evidence that bonus issues do not affect
shareholder’s wealth. Ball, Brown, and Finn (1977) investigated stock price reaction around the
announcements of ‘stock capitalization changes’ (bonus stock issues, stock splits and rights
issues) in Australia for the period between 1960 and 1969 using monthly data. They found 20.2%
abnormal returns for 13 months up to end including the month of bonus issue announcements.
Adaoglu and Lasfer (2008), examined (Istanbul Stock Exchange (ISE)) market valuation of bonus
issue

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1 Regression 1242.216 2 621.108 370.106 .000a