Are Business Ethics Enforced with Nonpunitive Legal Provisions? Discussion on the European Union and India Manjima Banerjee, Kalpataru Bandopadhyay Corporate Sustainability and Business Management an Integrative Approach, 2026 Corporate social responsibility (CSR) is one of the key aspects of business ethics. While several countries have introduced CSR mandates, noncompliance typically attracts penalties. The nature of these mandates varies across nations, and very few nonpenal legal provisions exist globally. India is one such example, where Section 135 of the Companies Act 2013 mandated CSR spending based on a company’s sales, profit, or net worth. However, until January 2021, there was no penal provision for noncompliance. This chapter also examines the CSR framework in the European Union, which mandates CSR reporting. The primary objective is to analyze compliance with nonpenal provisions requiring mandatory CSR engagement. This study is particularly significant as there has been little effort to evaluate the effectiveness of nonpenal mandates in enforcing business ethics. Findings suggest that even in the absence of penalties, such provisions can be effective if corporate entities are made aware of 288their responsibilities and encouraged to self-evaluate their performance. The research highlights that ethical business practices can be reinforced through awareness and internal accountability, even without strict legal enforcement.
Influence of institutional factors on global corporate social responsibility performance Sujit Mondal, Tarak Nath Sahu, Kalpataru Bandopadhyay International Journal of Business Excellence, 2023 The study contributes to the problem in managing business-society relations through an institutional perspective of social responsibility. For this purpose, it makes use of various prominent institutional dynamics worldwide to predict their country-specific effects on global corporate social responsibility (CSR) performance for as many as 59 countries. By employing ordinary least square (OLS) model of regression analysis, the study documents that per capita industrial productivity and pollution level are negatively linked to CSR performance. In order to thrive for improved CSR performance, the study suggests governments at sub-national levels to work towards ensuring environmental sustainability through the enactment of more stringent laws concerning business conduct, ecology, pollution and biodiversity. It also urges the corporate sector to walk shoulder-to-shoulder with the government's effort towards realising inclusive growth through proper and meaningful integration of various socio-economic and environmental concerns into its business process as well as CSR policy.
Crude oil price, exchange rate and emerging stock market: Evidence from India Jurnal Pengurusan, 2014
An empirical study on the dynamic relationship between oil prices and Indian stock market Tarak Nath Sahu, Kalpataru Bandopadhyay, Debasish Mondal Managerial Finance, 2014 Purpose – This study aims to investigate the dynamic relationships between oil price shocks and Indian stock market. Design/methodology/approach – The study used daily data for the period starting from January 2001 to March 2013. In this study, Johansen's cointegration test, vector error correction model (VECM), Granger causality test, impulse response functions (IRFs) and variance decompositions (VDCs) test have been applied to exhibit the long-run and short-run relationship between them. Findings – The cointegration result indicates the existence of long-term relationship. Further, the error correction term of VECM shows a long-run causality moves from Indian stock market to oil price but not the vice versa. The results of the Granger causality test under the VECM framework confirm that no short-run causality between the variables exists. The VDCs analysis revealed that the Indian stock markets and crude oil prices are strongly exogenous. Finally, from the IRFs, analysis revealed that a positive shock in oil price has a small but persistence and growing positive impact on Indian stock markets in short run. Originality/value – The study would enhance the understandings of the interaction between oil price volatilities and emerging stock market performances. Further, the study would enable foreign investors who are interested in Indian stock market helps in understanding the conditional relationship between the variables.
RECENT SCHOLAR PUBLICATIONS
Empowering Farmers for Viksit Bharat 2047: Examining the Link between Agricultural Credit and Crop Insurance SN Palash Naskar, K Bandopadhyay Sustainability, Innovation, and Financial Inclusion: Shaping India’s Future, 37 , 2025 2025
Strengthening Financial Resilience: The Role of Accounts PN Sk Naushad, K Bandopadhyay Employment, Empowerment, and Sustainability: Pathways to Viksit Bharat 2047, 54 , 2025 2025
SUSTAINABLE LIVELIHOODS OR DEBT TRAPS? FUTURE DIRECTION OF QUALITY OF LIFE OF MICROFINANCE BORROWERS IN DARJEELING AND JALPAIGURI TEA GARDENS. M Mahali, K Bandopadhyay Journal of Commerce & Accounting Research 14 (4) , 2025 2025
Strengthening Financial Resilience: The Role of Accounts Receivable Management S Naushad, P Naskar, K Bandopadhyay 2025
Empowering Farmers for Vikashit Bharat 2047: Examining the Link between Agricultural Credit and Crop Insurance P Naskar, S Naushad, K Bandopadhyay 2025
Are business ethics enforced with non-punitive legal provisions? Discussion on the European Union and India. In M. Maheshwari, A. K. Gupta, P. Gaur, & R. Loke (Eds.), Corporate … M Banerjee, K Bandopadhyay Corporate Sustainability and Business Management: An Integrative Approach … , 2025 2025
Do Credit Sales Impacts Profitability Negatively? S Naushad, K Bandopadhyay 2023
Influence of institutional factors on global corporate social responsibility performance S Mondal, TN Sahu, K Bandopadhyay International Journal of Business Excellence 31 (3), 370-391 , 2023 2023 Citations: 7
Evidence-Based Management: Case of Bajaj Finance Limited M Mahali, K Bandopadhyay The Management Accountant 57 (4), 47-51 , 2022 2022
Financial risk and firm value: is there any trade-off in the Indian context? Rajagiri Management Journal, 16 (3), 226–238 K Roy, K Bandopadhyay 2022 Citations: 10
Relation Between Growth in Fixed Assets and Choice of Capital Structure in Indian Context K Bandopadhyay, SC Das Research Bulletine 48 (1), 181-200 , 2022 2022 Citations: 2
Food Processing Industry & Production Linked Incentive: Case of Mozzarella Cheese K Bandopadhyay https://icmai.in/upload/60-NCC-2022-Brochure.pdf; 60th. Cost Convention 2022 … , 2022 2022
Financial risk and firm value: is there any trade-off in the Indian context? K Roy, K Bandopadhyay Rajagiri Management Journal; Emerald; https://doi.org/10.1108/RAMJ-03-2021-0021 , 2021 2021 Citations: 28
Quantamental Investing: An Emerging Dimension in Portfolio Management K Bandopadhyay, A Sinha The Management Accountant Journal 56 (3), 86-90 , 2021 2021
Navigating Uncertainty: Business Strategies in the Indian Real Estate Sector amid the Pandemic K Bandopadhyay, A Sinha Anweshan 7 (1), 1-30 , 2021 2021
Navigating Uncertainty: Business Strategies in the Indian Real Estate Sector amid the Pandemic K Bandopadhyay, A Sinha Anweshan 7 (1), 1-30 , 2021 2021
Dividend Policy: Evidence of Clientele Effect in India ASKB Sourav Hansda ASBM Journal of Management 13 (2), 47-64 , 2020 2020 Citations: 2
Impact of dividend policy on firm value with special reference to financial crisis S Hansda, A Sinha, K Bandopadhyay Hansda, S. and Sinha, A. and Bandopadhyay, K.(2020), Impact of Dividend … , 2020 2020 Citations: 29
Does Dividend Policy have Any Effect on Firm Value? A Study on BSE 100 Companies S Hansda, K Bandopadhyay Business Practice & Sustainability, 63-84 , 2020 2020 Citations: 2
Factors of Export Promotion of MSME in India with Special Reference to Raw Material Availability K Bandopadhyay, TL Khan SEDME (Small Enterprises Development, Management & Extension Journal) 47 (1 … , 2020 2020 Citations: 17
MOST CITED SCHOLAR PUBLICATIONS
An empirical study on the dynamic relationship between oil prices and Indian stock market T Nath Sahu, K Bandopadhyay, D Mondal Managerial Finance 40 (2), 200-215 , 2014 2014 Citations: 145
Crude Oil Price, Exchange Rate and Emerging Stock Market: Evidence from India TN Sahu, K Bandopadhyay, D Mondal Jurnal Pengurusan 42, 75-87 , 2014 2014 Citations: 55
Impact of dividend policy on firm value with special reference to financial crisis S Hansda, A Sinha, K Bandopadhyay Hansda, S. and Sinha, A. and Bandopadhyay, K.(2020), Impact of Dividend … , 2020 2020 Citations: 29
Financial risk and firm value: is there any trade-off in the Indian context? K Roy, K Bandopadhyay Rajagiri Management Journal; Emerald; https://doi.org/10.1108/RAMJ-03-2021-0021 , 2021 2021 Citations: 28
Strategic Working Capital Management: Case of A Turnaround Company PK Chakraborty, K Bandopadhyay ICFAI Reader 10 (8), 42-47 , 2007 2007 Citations: 19
Factors of Export Promotion of MSME in India with Special Reference to Raw Material Availability K Bandopadhyay, TL Khan SEDME (Small Enterprises Development, Management & Extension Journal) 47 (1 … , 2020 2020 Citations: 17
Stock Market Recommendation: Does It Help Investors? K Bandopadhyay, D Rakshit Vidyasagar University Journal of Commerce 16 (1), 21-34 , 2011 2011 Citations: 12
Financial risk and firm value: is there any trade-off in the Indian context? Rajagiri Management Journal, 16 (3), 226–238 K Roy, K Bandopadhyay 2022 Citations: 10
Risk Analysis of Scheduled Commercial Banks of India K Bandopadhyay, S Bandyopadhyay Decision 37 (3), 48-68 , 2010 2010 Citations: 8
Influence of institutional factors on global corporate social responsibility performance S Mondal, TN Sahu, K Bandopadhyay International Journal of Business Excellence 31 (3), 370-391 , 2023 2023 Citations: 7
Does Oil Price Matter for Indian Stock Market? An Empirical Analysis TN Sahu, D Mondal, K Bandopadhyay An Application on Computational and Financial Econometrics, Bloomsbury, 247-261 , 2013 2013 Citations: 7
Relationship between industrial production and stock market: evidence from India TN Sahu, K Bandopadhyay, TN Sahu, K Bandopadhyay Business Paradigm in Emerging Market , 2020 2020 Citations: 4
AN ANALYSIS OF EFFICIENCY OF GENERAL INSURANCE INDUSTRY IN INDIA A Sinha, K Bandopadhyay Malaysian Management Journal 19, 53-66 , 2015 2015 Citations: 3
Does Money Supply Influence Stock Prices? T Sahu, S Bandyopadhyay, K Bandopadhyay Macmillan , 2011 2011 Citations: 3
Basel II and Consolidation of Regional Rural Banks K Bandopadhyay Management Accountant 41 (6), 347-350 , 2008 2008 Citations: 3
Relation Between Growth in Fixed Assets and Choice of Capital Structure in Indian Context K Bandopadhyay, SC Das Research Bulletine 48 (1), 181-200 , 2022 2022 Citations: 2
Dividend Policy: Evidence of Clientele Effect in India ASKB Sourav Hansda ASBM Journal of Management 13 (2), 47-64 , 2020 2020 Citations: 2
Does Dividend Policy have Any Effect on Firm Value? A Study on BSE 100 Companies S Hansda, K Bandopadhyay Business Practice & Sustainability, 63-84 , 2020 2020 Citations: 2
Debt Financing and Shareholders' Return: A Study of BSE 500 Companies K Bandopadhyay, K Roy Vidyasagar University Journal of Commerce; 21 (1), 62-72 , 2016 2016 Citations: 2
CAPITAL STRUCTURE OF GROWTH COMPANIES WITH REFERENCE TO INDIAN SOFTWARE INDUSTRY K Bandopadhyay Indian Journal of Accounting 45 (1), 63-70 , 2013 2013 Citations: 2
