IOSR-JEF   Volume-3 ~ Issue-6

Abstract: The fiscal outlook of the subnational governments has continued to deteriorate as there has been a rapid increase in their expenditure on the one hand and the revenue receipts lagging behind on the other hand. Hence, Subnational governments are becoming more and more policy dependent as well as fiscally dependent on federal government. The fiscal containment movement, by undermining subnational governments' independent revenue bases, is providing one more large push toward fiscal dependence. Alongside increased fiscal dependence, the accumulating impact of great number of federal mandates on subnational governments is institutionalizing increasing policy dependence as well. States have been more depending on high cost borrowing for financing their plans, with very little own funds and decelerating central assistance. As a result, the interest burden has been rising. There has been a steady increase in the share of revenue expenditure across the states over time. The paper concludes and clearly indicates that the urgency and the need for remedial measures to be undertaken at the states' level if the deterioration in the fiscal health of the states is to be arrested.
Keywords: Centre, Dependency, Expenditure, Fiscal Deficit, State

Abstract: There are many empirical studies which demonstrated that house price is negatively related to environmental bad such as air pollution, noise, odour etc. However, dealing with industrial impact on house price we should take care of two opposite impacts i.e. positive and negative impact of industry. From the point of view of positive impact, industry provides employment both for the local and the outsider. There are number of out comers desire to stay in the region either for doing job in the industry or absorbing benefit from the built market. But what will happen in case when industry generates pollution as a by-product? In the blend of positive and negative impact of industry, the present study seeks to find out the impact of Cachar Paper Mill (CPM) on property value of the region. Applying Hedonic regression analysis the study found that CPM negatively affects rent of houses which are very closer to it however it has some positive impact on rent of houses which are closer to optimum distance from the mill.

Abstract: This study investigated the relationship between CEO pay and firm performance (return on asset, return on equity and profit margin) of 100 companies from the consumer product sector in Malaysia listed in Bursa Malaysia from 2006 to 2010. The research question for this study was will the payment of CEO affects the company's performance? Overall, most of the attestations results were found to have a relationship between CEO pay and firm performance. The correlations and regressions among the sub-variables of the firm performance and the CEO pay were found to be consistently positive ranging from weak positive to the strong positive.
Keywords: CEO Pay, Firm Performance, Agency Problem, Corporate Governance