IOSR-JBM   Volume-13 ~ Issue-4 ~ Sep-Oct-2013

Abstract: Corporate social responsibility is emerging as a new field in the management research. It encompasses not only what companies do with their profits, but also how they make them. It is not just for large scale companies but also used by small scale and non-profit organizations. In India many firms have taken the initiatives of CSR practices which have met with different needs of the society as a whole. Data has been collected from number of articles, books, periodicals and websites.The present study has been an attempt to generate awareness and to understand meaning, significance, dimensional aspect of CSR and how to manage it. An extensive literature review is done on CSR. At the end some forces at work, some issues related to CSR in India and some recommendations are given.

Keywords: Meaning of CSR, Significance, Social aspect, Economic aspect, Environmental aspect, Managing CSR, Forces at work.

[1] Blowfield, M. (2005). Corporate social responsibility: Reinventing the meaning of development. International Affairs, 81, 515–524. [2] Chaudhri, V., & Wang, J. (2007). Communicating corporate social responsibility on the Internet: A case study of the top 100 IT companies in India. Management Communication Quarterly, 21, 232-247.

[3] Mohammed Hossain and MasrurReaz, "Corporate Social Responsibility and Environmental Management", Volume 14, Issue 5, pages 274–288, December 2007

[4] Murthy, V. and Abeysekera, I., Corporate social reporting practices of top Indian software firms,Australasian Accounting Business and Finance Journal, 2(1), 2008.

[5] RenuJatana, David Crowther, (2007) "Corporate Social Responsibility and the Empowerment of Women: An Indian Perspective", Social Responsibility Journal, Vol. 3 Iss: 4, pp.40 - 48

Abstract: Disused and abandoned completed projects of LEEMP are common features of many communities in Enugu state, Nigeria. This situation prevails against the background of gross inadequacy of basic infrastructure and social amenities in rural communities in the country at large and the state in particular. Against this backdrop, this study attempts to find out the factors that are responsible for the non-sustainability of LEEMP projects, with particular focus on Enugu state. Data were gathered through both primary and secondary sources. Findings show that the non-sustainability of LEEMP projects in Enugu State was primarily as a result of a number of factors namely; poor follow up funding for maintenance, local politics/conflicts, improper location of LEEMP projects and lack of political will by indigenes. A number of recommendations are therefore made which if adopted, will significantly reduce if not totally eliminate those factors that impede project sustainability in the state.

Key words: Local Empowerment and Environmental Management Project (LEEMP); Project Sustainability; Community Driven Development (CDD).

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Abstract: We empirically test the market timing theory of capital structure of issuing behavior of UK firms and find that the debt-equity choice decision is non-linear. In line with the previous literature, we find that managers are more likely to issue equity (debt) when equities are overvalued (undervalued). In further analyzing the issuing pattern, we find that managers' inclination towards equity issues during periods of overvaluation is non-linear as it is only significant during periods of slight overvaluation and insignificant during periods of excessive overvaluation. On the other hand, probabilities of issuing debt significantly increase only when equities are excessively undervalued. Our findings suggest that managers' take into account other considerations when timing the equity market and poses some interesting questions on the viability of market timing as a stand-alone theory in explaining the capital structure puzzle. Keywords: Capital structure, equity mispricing, market timing, UK firms.

[1] M. Baker, and J. Wurgler, Market timing and capital structure. Journal of Finance 57, 2002, 1-32.

[2] A. Hovakimian, T. Opler, and S. Titman, The debt-equity choice. Journal of Financial and Quantitative Analysis 36, 2001, 1-24.

[3] A. Hovakimian, Are observed capital structures determined by equity market timing? Journal of Financial and Quantitative Analysis 41, 2006, 221-243.

[4] A. Mahajan and S. Tartaroglu, Equity market timing and capital structure: International evidence. Journal of Banking and Finance 32, 2008, 754-766.

[5] J. Graham and C. Harvey, The theory and practice of corporate finance: evidence from the field, Journal of Financial Economics 60, 2001, 187-243.

[6] D. Brounen, A. de Jong, and K. Koedijk, Capital structure policies in Europe: Survey evidence. Journal of Banking and Finance 30, 2006, 1409-1442.

[7] P. Marsh, The choice between debt and equity: An empirical study. Journal of Finance 37, 1982, 121-144.

[8] M. Flannery, M. and K. Rangan, Partial adjustment toward target capital structures, Journal of Financial Economics 79, 2006, 469-506.

[9] S. Byoun, How and when do firms adjust their capital structure towards targets?Journal of Finance 63, 2008, 3069 – 3096.

[10] R. Warr, W. Elliott, J. Koeter-Kant O. Oztekin, Equity mispricing and leverage adjustment costs. Journal of Financial and Quantitative Analysis 47, 2012, 589 – 616.