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Association of Financial Attitude, Financial Behaviour and Financial Knowledge

Towards Financial Literacy: A Structural Equation Modeling Approach

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DOI: 10.1177/2319714519826651

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Association of Financial Attitude, Financial FIIB Business Review

8(1) 51–60, 2019
2019 Fortune Institute of
Behaviour and Financial Knowledge International Business
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DOI: 10.1177/2319714519826651

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Kamini Rai1
Shikha Dua1
Miklesh Yadav1

Abstract
Financial literacy is an ability of individual to take considerable decisions in respect of the effective and efficient utilization of money.
In present study, authors have presented an association of financial knowledge, financial behaviour and financial attitude towards the
financial literacy level among working women in Delhi, India. The sample size of 394 working women from various public and private
organizations of Delhi has been incorporated for the research. A structured questionnaire designed on a 5-point Likert scale has been
used based on purposive sampling, and the goodness of fit is determined by analysis of moments structures (AMOS) by applying struc-
tural equation modeling approach (SEM). The association between three independent variables is investigated applying path analysis for
hypothesis testing. The findings revealed that financial attitude and financial behaviour have strong association with financial literacy of
working women than financial knowledge.

Keywords
Financial literacy, financial attitude, financial behaviour, financial knowledge, working women

Introduction several studies concluded that people across the world,

Nearly all the countries in the world are facing the problem
of financial literacy. For financial prosperity of a person
and his family, sufficient level of financial literacy is
required. Feeble money management can influence the
behaviour of consumers in such a way that make them
more sensitive to a financial crisis. Today it has become
essential to create awareness for financial literacy as it can
minimize the chances of being misled in investment
decision (Braunstein & Welch, 2002). De Bassa
Scheresberg (2013) noted that people with higher level of
financial literacy are more confident in making personal
financial decision and their monetary outcomes are
appropriate. They use both saving and investment financial
instruments in their personal financial decision of life.
They are also more willing to use high-cost borrowing
options. However, people carrying less financial knowledge
tend to restrict their financial decisions to outstanding
debts, credit cards in place of cheaper alternatives, etc.
Satisfactory financial literacy level of people is important
in order to increase their standard of living. However,
including India, are suffering from financial illiteracy and
necessary actions are required to address this problem
(Atkinson & Messy, 2012; Brown & Graf, 2013; Lusardi &
Mitchell, 2011). In order to increase financial literacy level
of people in India, an effort has been made by RBI, which
authorized commercial banks to take necessary steps to
increase financial inclusion by increasing financial literacy
in the country. A blueprint for national strategy of financial
education was planned and released.
The difference in financial literacy level has been found
on the basis of demographic variables such as gender, age,
income and qualification (Lusardi, Mitchell, & Curto,
2010). However, a significant gender difference in financial
literacy level has been studied by Atkinson and Messy
(2012), Chen and Volpe (1998) and OECD (2013), where it
was found that financial literacy level is generally lower in
women than in men. Financial literacy level among men is
increasingly faster than in women; however, women with
higher incomes are more confident in their personal finance
and have higher financial literacy level. Lusardi and
Scheresberg (2017) identified that women who are of

1 Rukmini Devi Institute of Advanced Studies, Delhi 110085, India.

Corresponding author:
Kamini Rai, Rukmini Devi Institute of Advanced Studies, 2A & 2B, Phase-1, Madhuban Chowk, Outer Ring Road, Rohini, Delhi 110085, India.
E-mail: dr.kamini@rdias.ac.in
52
young age, having children and facing disruption in marital
life are more likely to face financial distress. Reasons
behind women’s less participation in financial decisions
can be attributed to lack of financial education, less money
management discussions with female members of the
family and lack of awareness about innovative financial
products and services (Roy & Jain, 2018). Devi (2016)
concluded that gender is one of the prominent factors that
influence financial literacy among the individuals in India,
and Indian women are experiencing difficulties in making
decisions regarding savings and buying financial products.
Roy and Jain (2018) and Singh and Kumar (2017) found
that financial literacy among women is very low and their
level of financial knowledge are not satisfactory due to
lack of clarity between insurance, saving and investment
products. Ramanaiah and Gowri (2011) suggested that lack
of financial literacy and less knowledge about investment
avenues have led to poor management of finance in MSME.
As India is facing financial illiteracy especially among
women, the present study attempts to find out the association
of financial knowledge, financial attitude and financial
behaviour of working women with their financial literacy
level. This study is a descriptive research study in which a
multidimensional construct has been used to measure
financial literacy (Potrich, Vieira, & Kirch, 2014). To check
the financial literacy, the construct covers financial
knowledge, financial behaviour and financial attitude
(OECD, 2013). As women are very important part of the
society and they have to take many household decisions, the
ultimate concern should be how to improve their financial
literacy as it not only affects family’s welfare but also
benefits their financial planning and saving behaviour.
Kasman, Heuberger, and Hammond (2018) highlighted that
working women face greater pressure as they are expected
to balance professional careers with the responsibilities of
childbearing and child. In India, many women are working
and giving financial assistance to their family yet show less
interest in taking investment decision due to fear of risk.
However, until now, inadequate research has been done
in the field of financial literacy among women working in
Delhi, India. Thus, it has become essential to examine the
determinants of financial literacy and to recognize its
importance among working women. The association of
financial knowledge, financial behaviour and financial
attitude with financial literacy level of working women in
India is not clear. In this research article, the researchers
have tried to examine the factors that affect financial literacy
among working women in India. The study attempts to give
intact suggestions to promote financial literacy for which a
hypothesized model has been produced which measures
women's financial behaviour, financial knowledge, financial
attitude and their impact on financial literacy level. The
survey questionnaire consists of 20 factors showing the
variables including 6 factors of financial attitude, 5 factors
FIIB Business Review 8(1)
of financial behaviour, 5 factors of financial knowledge and
4 factors of financial literacy. The model consists of three
exogenous variables, that is, financial attitude (FA), financial
behaviour (FB) and financial knowledge (FK), of working
women and one endogenous variable, that is, financial
literacy (FL; Figure 1).
Review of Literature, Research
Gap and Hypothesis Development
Financial Literacy
As per the ASIC report (2003), it has been recognized
worldwide that financial literacy is an important element of
economic and financial stability and growth. The definition
of financial literacy is still unclear. Financial literacy has
many definitions in existing research as financial literacy
officials have left the researchers/authors free to express and
analyse financial literacy (Remund, 2010). Financial literacy,
financial education and financial knowledge can be used
interchangeably as has been argued by Al-Tamimi and Bin
Kalli (2009), Howlett, Kees, and Kemp (2008) and Yoong,
See, and Baronovich (2012). In contrast to the
aforementioned, Huston (2010) argued that financial
education and financial knowledge are just two dimensions
of financial literacy and that financial literacy goes beyond
these two. Anthes (2004) proposed an elaborative definition
of personal financial literacy as the ability to know, analyse,
manage and inform about the financial conditions that affect
material well-being of an individual. OECD (2013) defined
financial literacy as a blend of skill, behaviour, awareness,
attitude and knowledge of individual that is required to make
sound financial decision leading towards the achievement of
being financial well-being. Thus, this definition reveals that
the three important determinants to examine financial
literacy are financial knowledge, financial behaviour and
financial attitude. Atkinson and Messy (2012) recommended
only three dimensions to judge financial literacy as it is
justified and is widely used in literature.
FA
FB FL
FK
Figure 1. Hypothesized Structural Measurement Model
Source: The authors.
Rai, Dua and Yadav 53
Financial Attitude and Its Significant
Association with Financial Literacy
Financial attitude can be defined as personal inclination
towards financial matters. It is an ability to plan ahead and
maintain a savings account that matters. Bhushan and
Medury (2014) concluded that in order to enhance financial
literacy among generations, the focus should be on
developing favourable financial attitudes among the people
of the country. Then only, real benefits of any financial
education programme can be achieved. Ajzen (1991)
identified that financial attitudes are the outcome of a
certain behaviour of a decision-maker and the attitude can
be entrenched through their economic and non-economic
beliefs. Ibrahim and Alqaydi (2013) concluded that
education can improve personal financial attitude, thereby
reducing dependence on credit cards. Financial attitudes
along with financial behaviour can also affect financial
well-being. Past researches concluded that there is a link
between financial attitudes and financial literacy among
youth (Grable & Lytton, 1998; Kasman, Heuberger, &
Hammond, 2018). Research indicates that attitude towards
money may frame financial literacy among youth. Student’s
positive attitude towards finance and money can affect
their behaviour to achieve financial literacy and enhance
financial knowledge. But negative attitude will weaken
their financial decision-making power (Shim, Xiao, Barber,
& Lyons, 2009; Sohn, Joo, Grable, Lee, & Kim, 2012).
Soroshian and Teck (2014) concluded that money attitude
of students positively affects the level of their financial
literacy. Haque and Zulfiqar (2015) conducted a study on
300 working women of Pakistan who belong to
non-financial sector to determine the association between
financial attitude, financial literacy and financial behaviour
among working women. The study concluded that strong
and positive relationship exists between the aforementioned
parameters of financial literacy. Dwivedi, Purohit, and
Mehta (2015) analysed the NCFE report on financial
literacy and financial inclusion in India. The study
showcased that financial literacy level is different for men
and women. Men possess more financial understanding
than women. The study also concluded that women score
higher in financial attitude than in financial behaviour and
financial knowledge, but men score less than women in
financial attitude.
The aforementioned literature review supports that
financial attitude is a necessary determinant to identify
financial literacy of individuals, and it also influences the
level of financial literacy. Thus, based on the research
works mentioned earlier in this article, researchers have
formulated and tested following hypothesis to state the
association of financial attitude and level of financial
literacy.
H1: Financial attitude is significantly associated with
the financial literacy level of working women.
Financial Behaviour Has Significant
Association with Financial Literacy
Many researchers have conducted survey on financial
planning behaviour, investment behaviour, bills payment
behaviour, savings behaviour, credit cards behaviour and
budget behaviour to find out financial literacy level of
women. Human behaviour that is pertinent to financial
decision-making and money management such as
constructing appropriate budget programme and controlling
it, quick payment of bills and regular saving nature is called
financial behaviour (Bhushan & Medury, 2014; Kalekye &
Memba, 2015). According to OECD (2013), financial
behaviour is very important and a fundamental component
of financial literacy. For Atkinson and Messy (2012), a
positive financial behaviour of individual such as
appropriate planning for expenditures and caring financial
stability enhances their financial literacy level, whereas
negative financial behaviour like largely depending upon
credits and loans weaken their financial well-being.
Banerjee, Kumar, and Philip (2017) concluded that
financial inclusion behaviour increases with the positive
effect of financial literacy on financial awareness. Sages
and Grable (2009) produced evidence in their study that
individuals with lower level of financial risk tolerance face
difficulty in financial decision, and they are unsatisfied
with their financial management competency. It means
financial attitude and financial behaviour are correlated.
There is gender difference in financial behaviours of men
and women. However, women are more particular for
making budget and keeping track of their finances, but they
are lacking in financial knowledge which affect some
aspect of their financial behaviour (OECD, 2013).
According to Lusardi (2006), women with lower level of
financial literacy are less likely to take retirement plans
and they are more dependent on their family and friends for
their saving and investment planning. Mathavathani and
Velumani (2014) undertook a study on financial literacy
among rural women in Tamil Nadu. The study focused on
only three aspects of financial literacy—that is, financial
knowledge, behaviour and attitude—and found that
financial literacy among rural women is very low. Bonga
and Mlambo (2016) highlighted concern on financial
literacy improvement among women, particularly in
developing nations. The study found that the initiative of
improving financial literacy can make a long-term
behavioural change of women. Bhushan and Medury
(2014) concluded that in order to enhance the financial
literacy level of individual, government should focus on
building positive financial behaviour and attitude along
with financial education.
Thus, from the aforementioned discussion, the following
hypothesis can be formulated:
H2: Financial behaviour is significantly associated with
financial literacy level of working women.
54 FIIB Business Review 8(1)

Financial Knowledge Has Significant research works, researchers have formulated and tested the
Association with Financial Literacy following hypothesis to build the association of financial
knowledge with financial literacy.
Sanderson (2015) defined financial literacy as the capability H3: Financial knowledge is significantly associated
of an individual to use his/her knowledge and skills to take with financial literacy level of working women.
appropriate financial decision for effective management of Majority of the studies depicted inconclusive results.
financial resources. To increase financial awareness and Working women, despite sound education, are not
knowledge of students and adolescents, financial education financially independent in terms of financing decision.
programmes should be school based. Amagir, Groot, Also, Delhi despite being the capital has not been studied.
Maassen van den Brink, and Wilschut (2018) recommended This has motivated researchers to conduct the present
that increased level of financial knowledge can make a study. The rationality behind the present study is to know
difference in risk perceptions for investment avenues. the perception of women towards financial literacy.
Diacon (2004) concluded in his study on financial literacy
that financial knowledge and risk-taking capacity of
financial experts are more than lay people. Hasler and Methodological Framework
Lusardi (2017) measured financial literacy by asking basic
questions related to knowledge about numeracy (interest),
Research Design and the Sample
compound interest, inflation and risk diversification.
Howlett et al. (2008) observed that individuals possessing To measure the financial literacy level, the present
financial knowledge are more financial literate and they research was conducted among working women in Delhi,
are able to handle money efficiently. Dhar and Zhu (2006) India. A descriptive research design has been utilized for
found the association between investor’s financial literacy this study. Convenience sampling method has been used
with the propensity effect. It was found that people with and the data was collected from women working in both
higher financial knowledge and working professionals public and private organizations at different designations.
show lower propensity effects. Financial knowledge has A structured online questionnaire was distributed to
compelling influence on financial attitude and behaviour working women for data collection. The sample includes
whether it is objective or subjective. The study also 394 women employees in Delhi. Though the questionnaire
identified that financial knowledge is an essential factor to was distributed to more than 500 women employees, but
determine financial literacy and financial decision-making only 394 questionnaire were useful for this study. Table
skills of an individual (Robb & Woodyard, 2011). Van 1 contains the characteristics of the sample collected for
Rooij, Lusardi, and Alessie (2011) identified that financial the study.
knowledge has positive association with retirement
planning and individuals possessing financial knowledge Table 1. Demographic Details of the Respondents
are more financial literate. It means more financial Demographic N %
knowledgeable people can plan better for their retirement
Age
periods. Women with good financial knowledge can do Between 20 and 30 years 95 24.11
better financial planning and display higher financial 30–40 years 179 45.43
literacy. To evaluate the financial knowledge of women, 40–50 years 88 22.33
they included the questions related to risk diversification, Above 50 years 32 8.13
inflation, numerical ability and interest rates in the Education
questionnaire (Lusardi & Mitchell, 2008). D’Silva, Intermediate 102 25.88
Graduate 144 36.55
D’Silva, and Bhuptani (2012) observed that females lack Postgraduate 87 22.09
financial knowledge and they are highly risk averse. Their Other 61 15.48
financial literacy level is low and they do not want to use Marital status
online services for making savings and investments. They Married 186 47.20
are also very particular in using debit and credit cards. Unmarried 208 52.80
Sharma and Joshi (2015) identified the impact of financial Income (Per annum)
Between 2 and 5 lakh 95 24.12
literacy on the investment choice decision of women. The
5–10 lakh 136 34.52
study suggested that to increase the financial knowledge of 10–15 lakh 105 26.64
women, financial literacy programmes should be Above 15 lakh 58 14.72
conducted. Roy and Jain (2018) have studied that women’s Type of organization
financial knowledge about instruments such as debit card, Public 206 52.28
credit card, PPF, mutual funds, shares and other investment Private 188 47.72
avenues is very low. Thus, based on the aforementioned Source: The authors.
Rai, Dua and Yadav 55

Research Tool to savings behaviour, bill and loan repayment

The present work is based on data collection through well-
structured questionnaire. Three distinct scales have been
used for dependent and independent variable of this study.
•• Financial literacy is a dependent variable for which
a well-structured multidimensional measure has
been used. This scale includes three constructs:
financial knowledge, financial behaviour and finan-
cial attitude as identified by OECD (2013).
•• Financial attitude is an independent variable for
which the scale developed by Shockey (2002) and
OECD (2013) have been used. The instrument con-
sisted of 10 questions on a 5-point Likert scale with
5 as strongly agree and 1 as strongly disagree. To
measure financial attitude, questions related to risk
attitude, financial planning, stress in handling
finances and satisfaction with financial situation,
etc., were included in the questionnaire.
•• Financial behaviour is also an independent variable
which is measured by the scale developed by OECD
(2013) and Shockey (2002). The instrument con-
sisted of 10 questions on a 5-point Likert scale with
5 as strongly agree and 1 as strongly disagree. To
measure financial behaviour, the questions related
behaviour, responsible investment behaviour and
financial planning behaviour, etc., were included in
the questionnaire
•• Financial knowledge, another independent variable,
has been examined with the measurement model
proposed by Bhushan and Medury (2014) and
Hasler and Lusardi (2017). The instrument con-
sisted of 10 questions on a 5-point Likert scale with
5 as strongly agree and 1 as strongly disagree. To
measure financial knowledge, the questions related
to financial numeracy, savings and investments,
borrowings, insurance, risk and return, etc., were
included in the questionnaire.
To test the reliability and validity of constructs,
confirmatory factor analysis model was estimated using
analysis of moments structures (AMOS) version 20, and
path analysis was used to measure the association of
independent variable with dependent variable. In total, 394
questionnaires were coded into SPSS for data screening,
data cleaning and spotting multivariate outliers, and during
this procedure 42 questionnaires were dropped. The
researchers succeeded in testing factor-wise reliability and
validity that is coded in Table 2.

Table 2. Summary of Confirmatory Factor Analysis

Standardized Composite
Variables Label Factor Loading R2 Reliability AVE MSV ASV
FA FA3 0.82 0.67
FA4 0.74 0.54
FA5 0.74 0.55
FA6 0.88 0.77
FA7 0.90 0.81
FA9 0.72 0.52 0.95 0.55 0.27 0.18
FB FB2 0.87 0.76
FB3 0.93 0.86
FB4 0.95 0.89
FB5 0.82 0.67
FB7 0.74 0.54 0.97 0.74 0.25 0.16
FK FK1 0.80 0.63
FK2 0.85 0.72
FK5 0.91 0.83
FK6 0.87 0.76
FK7 0.86 0.74 0.96 0.73 0.15 0.15
FL FL1 0.88 0.78
FL2 0.87 0.76
FL3 0.89 0.79
FL4 0.77 0.59 0.94 0.66 0.27 0.16
Source: The authors.
56 FIIB Business Review 8(1)

Data Analysis and the Results

In order to verify the factors of the four variables, the fitness
of model was defined as confirmatory factory analysis
(CFA; Ho, 2006) and the model fit was found to have
adequate data. Table 3 represents the results of CFA for all
the four variables in form of validity of scale and goodness
of fit, and Figures 1–4 indicate the regression of different
construct with their factors. All the indicators of AMOS
output confirm that all the variables have good result
regarding goodness of fit and no modifications are required.
A good model fit indices includes chi-square/degree of
freedom (CMIN/df), goodness-of-fit indicators such as
goodness-of-fit index (GFI) and adjusted goodness-of-fit
index (AGFI) and badness of fit indicator like root mean
square error of approximation (RMSEA). The results show
that all the indicators of model fit are within the permitted
Figure 3. Measurement Model of FB
rates and is consistent with past studies (Bentler & Bonett,
Source: The authors.
1980; Hooper, Coughlan, & Mullen, 2008; Steiger, 2007).

Model Fit
The past studies show that there are positive relationships
between financial knowledge, behaviour and attitude
(Agarwalla, Barua, Jacob, & Varma, 2015; Bhushan &
Medury, 2014). The researchers have also tried to
investigate the relationship between these variables and
their association with financial literacy by structural
equation modeling (SEM), as presented in Figure 5. The
relationship between three independent variables is
accomplished in AMOS graphics, as it is presented in Table
3 (model fit). The values of GFI, Tucker–Lewis index
(TLI), comparative fit index (CFI) and incremental fit Figure 4. Measurement Model of FK
index (IFI) fulfils the conditions of model fit, as they are Source: The authors.
more than 0.90. The values of CMIN/df less than the
recommended value (Hooper, Coughlan, & Mullen, 2008;
Steiger, 2007) in the model represent a better fit of the data.

Figure 5. Measurement Model of FL

Source: The authors.

Figure 2. Measurement Model of FA

Source: The authors.
Rai, Dua and Yadav 57

Table 3. Measurement of Model of Different Constructs

Variables AGFI GFI RMSEA CMIN/df NFI IFI TLI

FA 0.9 0.96 0.09 4.431 0.899 0.921 0.961
FB 0.91 0.96 0.04 2.98 0.910 0.945 0.920
FK 0.95 0.98 0.069 2.656 0.911 0.961 0.900
FL 0.96 0.99 0.06 2.68 0.937 0.989 0.898
Source: The authors.

Figure 6. Structural Model

Source: The authors.

Path Analysis Results Table 4: Result of Structural Model

Path analysis was done to test the developed hypothesis. Paths Estimates S.E C.R P
The result of path analysis has been shown in Table 4. The FL FA 0.47 0.068 6.939 ***
table indicates the regression weight and critical ratio test
FL FB 0.516 0.076 6.791 ***
that signifies only financial attitude (***, p < 0.05) and
financial behaviour (***, p < 0.05) have a strong association FL FK –0.043 0.051 –0.845 0.398
with financial literacy level of working women in Delhi. Source: The authors.
Financial knowledge (0.398, p < 0.05) does not indicate a
significant association with dependent variable financial
literacy. Thus, the findings of this study support H1 and
Discussion and Practical Implication
H2, but it does not support H3. Thus, hypothesis H1 and The main purpose of this research article was to find out
H2 are accepted and H3 is rejected (Figure 6). factors associated with financial literacy of working
women in India. The three main factors—financial
knowledge, financial behaviour and financial
58
attitude—were recognized as very important factors to
examine financial literacy. The outcome of the research
work explains that financial attitude of working women is
highly associated with financial literacy level. The result of
this study has been supported by various past researches
(Arora, 2016; Calamato, 2010; Haque & Zulfiqar, 2015;
Huston, 2010; McCormick, 2009). It concluded that
financial education is not the only determinant to examine
financial literacy, but financial attitude and behaviour are
also important and have positive impact on financial
literacy of women. The result also detected a positive and
significant association of financial behaviour with financial
literacy of working women. India can strengthen the
financial literacy of women by influencing positive
financial attitude and behaviour. Thus, H1 and H2 have
been accepted in the study. In many research studies
financial knowledge has been considered as a very
important determinant to find out financial literacy, but the
result showed that women have less financial knowledge
and it is not significantly associated with financial literacy
of working women. This result is consistent with other
research studies on financial literacy that show that a
woman has lower level of financial knowledge (Hung,
Parker, & Yoong, 2009). Few researches have studied to
find out the factors associated with financial literacy of
working women in India, thus this research would help to
fill those research gaps. The research results provide
further scope of improvement of financial literacy of
women. The findings suggested that financial literacy
authorities of India should focus more on increasing
financial knowledge of women because they have financial
attitude and behaviour, but lack financial knowledge as
they are showing less interest in investment avenues.
Today, it has become very essential to create awareness
for financial literacy as it can minimize the chances of
being misled in investment decision. Financial literacy in
India in working women was found very low. The main
implication of the present study has been encountered in
two ways. The first one is that it helps to understand the
financial behaviour of working women in Delhi. The
second one is that despite sound educational background
and hefty amount of remuneration, they are not able to be
financially independent. The present work gives insight in
order to enhance their financial literacy.
Limitation and Future Scope of
Study
The current study is not free from limitations. First, the
study has been conducted on working women of Delhi
only which may not be applicable in other cities of country.
Second, the study covers financial literacy among working
women only which may not be applicable to non-working
women, financial literacy of men and students, etc. Third,
the sample size taken for the study is very small. At last,
only three variables of financial literacy have been included
FIIB Business Review 8(1)
for the study while other variables such as influences of
socialization agent, cultural influences and issues related to
family and environment are also important. All these
variables could be investigated in future research. Since the
examination has been done on the basis of self-structures
questionnaire, it can lead the chances of biasness. The next
limitation is related to regression model used for this study.
A linear additive model has been used with specified
variables. However, there can be a chance that other forms
of the model (non-linear or multiplicative) could give
different results from current result. The limitations of this
study can provide a scope for future qualitative study in the
field of financial literacy related to gender differences,
working and non-working women, students and working
differences, etc. Moreover, the outcomes of this study are
based on primary and secondary data which have its own
limitations. For future studies, researcher can try to reduce
all these limitations and can include a big sample size.
Declaration of Conflicting Interests
The authors declared no potential conflicts of interest with respect
to the research, authorship and/or publication of this article.
Funding
The authors received no financial support for the research, author-
ship and/or publication of this article.
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About the Author

Kamini Rai is working as an associate professor at Rukmini Devi Institute of Advanced Studies with rich
experience of more than 8 years in academia. Her research areas include finance, banking and accounting.
She can be reached at dr.kamini@rdias.ac.in

Shikha Dua is working as an assistant professor at Rukmini Devi Institute of Advanced Studies with rich
experience of more than 4 years in academia. Her research areas include financial management and
management accounting. She can be reached at shikha.dua@rdias.ac.in

Miklesh Yadav is working as an assistant professor at Rukmini Devi Institute of Advanced Studies with
rich experience of more than 8 years in academia. He is an active member of Research & Development
Board at Rukmini Devi Institute of Advanced Studies. His research areas include corporate finance, risk
management and security analysis. He can be reached at miklesh.yadav@rdias.ac.in

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