Search results

1 – 10 of 287
To view the access options for this content please click here
Article
Publication date: 4 July 2017

Sheena Chhabra, Ravi Kiran and A.N. Sah

The purpose of this paper is to examine the relevance of information, transparency and information efficiency in short-run performance of new issues. The current research…

Abstract

Purpose

The purpose of this paper is to examine the relevance of information, transparency and information efficiency in short-run performance of new issues. The current research evaluates the short-run performance of IPOs during 2005-2012, which even includes the recessionary period. The present study evaluates the impact of informational variables on first-day returns.

Design/methodology/approach

The short-run performance of the IPOs is measured through market adjusted excess return. A structural equation model (SEM) has been designed to identify how information influences the short-run performance of IPOs.

Findings

The results of structural model reveal that the sale of promoters’ stake and underwriters’ reputation are the major contributors towards information and are found to be highly significant statistically. The model also shows that the issue size (a component of information) is statistically insignificant at 5 per cent. The model suggests that the availability of information has negative impact on the first day returns indicating that the issuer which disclose maximum information to the public get lower returns on the listing day and hence, their issues are less underpriced.

Originality/value

The present study has a contribution in investment decisions for global investors, as the participation of international investors is common in IPOs of emerging markets. The findings of the study are expected to be useful to the practitioners in predicting the pricing of IPOs based on the informational variables influencing their performance.

To view the access options for this content please click here
Article
Publication date: 7 November 2017

Sheena Chhabra, Ravi Kiran, A.N. Sah and Vikas Sharma

The purpose of this paper is to focus on examining the first day returns of initial public offerings (IPOs) and the role of information on their performance. The study…

Abstract

Purpose

The purpose of this paper is to focus on examining the first day returns of initial public offerings (IPOs) and the role of information on their performance. The study tries to optimize the returns of the new issues during 2005-2012 with risk as a constraint.

Design/methodology/approach

The initial returns are measured through the market-adjusted excess return and the risk associated with the new issue is measured through underwriters’ reputation. The returns have been optimized through a mixed integer linear problem using the Maple software.

Findings

The previous studies show that various informational variables affect the listing day returns significantly. The results of the present study indicate that the mean of initial returns for IPOs during 2005-2012 is 18.03 and the mean risk for these issues is 0.46. The findings also suggest that the optimal returns are obtained in the pre-recession era (2005-2008) and the value for the same is 50.02 percent.

Originality/value

The current study contributes in the investment decisions for global investors as every investor wants to maximize his/her returns. The optimal returns with risk as a constraint will help the investors in improving their investment decision as a prudent investor does not aim solely at maximizing the expected return of an investment but is also interested in optimizing with the minimization of risk.

Details

Program, vol. 51 no. 4
Type: Research Article
ISSN: 0033-0337

Keywords

To view the access options for this content please click here
Article
Publication date: 7 August 2017

Urvashi Tandon, Ravi Kiran and Ash Sah

This study aims to identify and analyse the key determinants influencing customer satisfaction towards online shopping in India.

Abstract

Purpose

This study aims to identify and analyse the key determinants influencing customer satisfaction towards online shopping in India.

Design/methodology/approach

The literature concerning major attributes of website functionality, perceived usability, perceived usefulness and customer satisfaction in online retailing were reviewed. Data were collected from 365 respondents active in online shopping for examining the constructs. The model was empirically tested using structural equation modelling.

Findings

The findings of the study reveal that perceived usefulness and website functionality have a positive impact on customer satisfaction, whereas perceived usability had a significant but negative impact on customer satisfaction.

Practical implications

This research will help online retailers to attract and motivate new customers for online shopping and existing customers to extend it in their daily purchase. Online retailers can improve post purchase satisfaction and eventually increase online customers.

Originality/value

This is one of the preliminary study dealing with customer satisfaction towards online retailing in India. The scale has been extended to include items like satisfaction with cash on delivery mode of payment not included in previous scales. The scale of perceived usefulness has also been deepened by adding time performance, product performance and promotional performance.

Details

Nankai Business Review International, vol. 8 no. 3
Type: Research Article
ISSN: 2040-8749

Keywords

To view the access options for this content please click here
Article
Publication date: 1 March 1998

Ana‐Maria Wahl

Investigates urban bias in state policy making in Mexico. Refers to literature claiming that rural poverty in developing nations is a major problem because capitalism…

Abstract

Investigates urban bias in state policy making in Mexico. Refers to literature claiming that rural poverty in developing nations is a major problem because capitalism reflects an urban bias. Examines social security coverage for the rural poor in Mexico and notes that there are great variations depending on area, suggesting that social security coverage is politically negotiable. Outlines briefly the historical development of Mexico’s welfare state and uses a power resource model to demonstrate how groups with competing interests go about securing benefits from the state. Cites literature on dependency theory, indicating that rural groups have failed to mobilize politically and have therefore not secured the same state resources (such as social security benefits and housing) as urban groups, yet argues that this does not always apply in Mexico, partially due to party politics and bureaucratic paternalism. Explains how data was collected to examine regional variations in social security coverage among the rural poor and how the data was analysed. Reveal that workers in important international export markets (such as cotton and sugar) have greater political leverage in obtaining better social security benefits. Notes also that areas supporting the political party in power obtain better benefits. Concludes, therefore, that rural workers are not powerless in the face of urban capitalism and that urban bias and dependency theories do not reflect the situation in Mexico – rather social security benefits are politically negotiable.

Details

International Journal of Sociology and Social Policy, vol. 18 no. 2/3/4
Type: Research Article
ISSN: 0144-333X

Keywords

To view the access options for this content please click here
Article
Publication date: 5 February 2018

Harshita Harshita, Shveta Singh and Surendra S. Yadav

The purpose of this paper is to ascertain the monthly seasonality in the Indian stock market after taking into consideration the market features of leptokurtosis…

Abstract

Purpose

The purpose of this paper is to ascertain the monthly seasonality in the Indian stock market after taking into consideration the market features of leptokurtosis, volatility clustering and the leverage effect.

Design/methodology/approach

Augmented Dickey-Fuller, Phillips-Perron and Kwaitkowski-Phillips-Schmidt-Shin tests are deployed to check stationarity of the series. Autocorrelation function, partial autocorrelation function and Ljung-Box statistics are employed to check the applicability of volatility models. An exponential generalized auto regressive conditionally heteroskedastic model is deployed to test the seasonality, where the conditional mean equation is a switching model with dummy variables for each month of the year.

Findings

Though the financial year in India stretches from April to March, the stock market exhibits a November effect (returns in November are the highest). Cultural factors, misattribution bias and liquidity hypothesis seem to explain the phenomenon.

Research limitations/implications

The paper endeavors to provide a review of possible explanations behind month-of-the-year effect documented in literature in the past four decades. Further, the unique evidence from the Indian stock market supports the argument in the literature that monthly seasonality, by nature, may not be a consistent/robust phenomenon. Therefore, it needs to be examined from time to time.

Originality/value

As the seasonality in the stock market and resultant anomalies are dynamic phenomena, the paper reports the current seasonality/anomalies prevalent in the Indian market. This would aid investors in designing short-term investment portfolios (based on anomalies present) in order to earn abnormal returns.

Details

Journal of Advances in Management Research, vol. 15 no. 1
Type: Research Article
ISSN: 0972-7981

Keywords

To view the access options for this content please click here
Article
Publication date: 27 August 2021

Bharat Taneja and Kumkum Bharti

This study aims to examine the research pattern and growth trends of published research on a unified theory of acceptance and use of technology 2 (UTAUT2) from 2012 to…

Abstract

Purpose

This study aims to examine the research pattern and growth trends of published research on a unified theory of acceptance and use of technology 2 (UTAUT2) from 2012 to 2019. The study also examines the research scope of UTAUT2 for future researchers.

Design/methodology/approach

This study has adopted a bibliometric approach followed by a structured literature review analysis to synthesize the research on UTAUT2 since 2012. In total, 163 documents were analyzed for type of studies, theories and frameworks, methodologies, author wise collaboration, organizations that contributed to the body of knowledge in the UTAUT2 research and journals that published studies in this domain. VOSviewer and Tableau were used for the data visualization, whereas TCCM, which means theory (T), context (C), characteristics (C) and methodology (M) framework is used to propose the future research directions.

Findings

The findings reveal research on UTAUT2 is growing. The structured literature analysis of the top 15 cited articles further analyzed the parsimony of new models in detail. In addition, the study highlights the inception by and promoters of UTAUT2 in a separate section. The data for this study was collected by searching the title, abstract and keywords of documents in the Scopus database.

Research limitations/implications

This study is based on research papers, published in the UTAUT2 research area, that have been extracted from the Scopus database by keywords only. Future studies can also perform a meta-analysis of various clusters generated by bibliometric analysis.

Practical implications

This study is useful for practitioners to devise strategies for increasing technology acceptance, adoption and utilization in the times to come.

Originality/value

To the best of the authors’ knowledge, this study is one of the very few and early studies, which examined patterns and growth trends of the UTAUT2 studies with the TCCM framework, to suggest scope for future research studies.

Details

foresight, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1463-6689

Keywords

To view the access options for this content please click here
Article
Publication date: 14 January 2020

Chaitanya Dosapati and Mohan Jagadeesh Kumar Mandapati

Solar energy applications are limited because of its intermittent and discontinuous availability with respect to time. Hence, solar energy thermal conversion systems need…

Abstract

Purpose

Solar energy applications are limited because of its intermittent and discontinuous availability with respect to time. Hence, solar energy thermal conversion systems need integration with thermal storage units (TSUs) to use solar energy in off sunshine hours. This paper aims to perform thermal analysis of a solar air heater (SAH) integrated with a phase change material (PCM)-based TSU to supply hot air during night period.

Design/methodology/approach

An experimental setup with TSU as main component was prepared with SAH at its upward side, food chamber at its downward side as subcomponents. In TSU, paraffin wax was used as thermal energy storage material. Mass flow rate of air considered as an input parameter in the experiment. Two different absorber plates, namely, plane and ribbed absorber plates were used for the experimentation. Each day for a fixed mass flow of air, observations were made during charging and discharging of PCM.

Findings

Nusselt number and convection heat transfer coefficients were analytically calculated by considering flow through TSU as external flow over bank of tubes in a rectangular duct. A temperature drop of around 7-8°C during charging of PCM and temperature rise of around 4-5°C during discharging of PCM was observed from the experimental results. The average practical efficiency of TSU with ribbed absorber plate SAH during charging and discharging of PCM was 22 and 6 per cent, respectively, higher than that of TSU with plane absorber plate SAH.

Research limitations/implications

There are no limitations for research on SAH integrated with TSU. Different PCM including paraffin wax, Glauber’s salt, salt hydrates and water are used for thermal storage. Only limitation is lower efficiency of SAH integrated with TSU because of lower heat transfer coefficients with air as working medium. If it can improve heat transfer coefficients of air then heat transfer rates with these units will be higher.

Practical implications

There are no practical limitations for research on SAH integrated with TSU. Sophisticated instrumentation is needed to measure flow rates, temperatures and pressure variations of air.

Social implications

In poultry farms during night, chicks cannot survive at cold climatic conditions. Hence, hot air should be supplied to poultry farms whenever the atmospheric temperature drops. It is proposed that, in combination with TSUs, heat produced by SAH is stored in day time in the form of either sensible or latent heat and is retrieved to provide hot air in the night times. This will reduce total operating costs in poultry farms.

Originality/value

Conventionally, people are producing hot air by combusting coal in poultry forms. This cost around Rs. 75,000 per month for a batch of 225 to 250 chicks in a poultry form. Hot air could be produced economically during off sunshine hours from SAH integrated with TSU compared to the conventional method of coal burning. Present experimental investigations conducted to fill the literature gap in this area of research and to design a SAH integrated with TSU to produce hot air for poultry forms.

Details

World Journal of Engineering, vol. 17 no. 2
Type: Research Article
ISSN: 1708-5284

Keywords

To view the access options for this content please click here
Article
Publication date: 10 April 2018

Tiziana Laureti, Michela Piccarozzi and Barbara Aquilani

The purpose of this paper is to study the real role of historical satisfaction (HSat), i.e., satisfaction only deriving from past experiences, excluding the most recent…

Abstract

Purpose

The purpose of this paper is to study the real role of historical satisfaction (HSat), i.e., satisfaction only deriving from past experiences, excluding the most recent, in B2C service contexts when services are experienced offline, while the actual services are purchased online through the service providers’ website.

Design/methodology/approach

The proposed conceptual framework was tested by focusing on a particular travel industry firm which is responsible for providing travel services as well as managing the website where these services are purchased. The study population included customers who had purchased at least two travel tickets during the last 12 months online. In order to reduce possible self-selection bias and to improve the generalizability of the web survey findings, post-stratification was applied. The measurement model was evaluated by using confirmatory factor analyses. The direct and indirect effects of HSat on encounter overall satisfaction (EOS) were analyzed using structural equation modeling.

Findings

The direct effect of HSat on EOS was observed to be higher than its indirect effect through offline service dimensions and website dimensions. It was also observed that offline service dimensions have a direct impact on EOS, while they do not have an indirect impact since the website dimensions do not have a direct effect on EOS.

Research limitations/implications

Historical satisfaction is really important in building EOS for services purchased previously online but experienced offline.

Practical implications

The results could provide managers with useful tools for allocating resources and also build an even higher level of EOS. They also shed light on how HSat molds offline service perception for services sold online.

Originality/value

To the authors’s knowledge, only one empirical paper focused on “historical satisfaction,” while no studies have taken into consideration the fact that service offline dimensions and e-customer satisfaction could be indirectly linked by website quality dimensions, the issue studied in this paper.

To view the access options for this content please click here
Article
Publication date: 9 April 2018

Shweta Pandey and Deepak Chawla

The purpose of this paper is to explore the dimensions of online customer experience (OCE) and their impact on satisfaction and loyalty in the clothing e-retail context…

Abstract

Purpose

The purpose of this paper is to explore the dimensions of online customer experience (OCE) and their impact on satisfaction and loyalty in the clothing e-retail context. Furthermore, it explores the influence of gender on the OCE-satisfaction-loyalty chain.

Design/methodology/approach

OCE dimensions were drawn from the literature and then adapted and validated using two samples (217 – exploratory factor analysis, 651 – confirmatory factor analysis) of experienced online clothing shoppers in India. An analysis was done using structured equation modelling.

Findings

Six OCE psychological factors and four OCE functionality factors were revealed. Both OCE dimensions impact loyalty either directly or indirectly through satisfaction. Gender is observed to moderate the relationship among three OCE factors (e-distrust, e-negative beliefs and website interactivity) and satisfaction.

Research limitations/implications

The research results are limited to the factors related to each of the two OCE dimensions explored within the clothing e-retail context in India.

Practical implications

Clothing e-retailers need to focus on both the OCE dimensions to drive business sustenance. Furthermore, their OCE strategies should be in line with the gender-based differences highlighted by the study.

Originality/value

The study facilitates in the adaptation and validation of the OCE dimensions in the clothing e-retail category in an emerging market. While all factors associated with both OCE dimensions are important for driving satisfaction and loyalty, the study underscores the need for a higher focus on visual engagement by e-retailers in the given context. Gender moderates the OCE-satisfaction paths, but does not moderate the OCE-loyalty paths.

Details

International Journal of Retail & Distribution Management, vol. 46 no. 3
Type: Research Article
ISSN: 0959-0552

Keywords

To view the access options for this content please click here
Article
Publication date: 3 May 2021

Suhail Ahmad Bhat, Sheikh Basharul Islam and Umer Mushtaq Lone

The study is aimed to identify the determinants of online buying behavior and their associations with the consequences of online buying behavior. The study adopted an

Abstract

Purpose

The study is aimed to identify the determinants of online buying behavior and their associations with the consequences of online buying behavior. The study adopted an e-loyalty framework and investigated causal links among functionality, usability, trust, commitment and loyalty. In addition, the study also attempted to investigate the mediating role of trust and commitment between online buying determinants and online purchasing outcomes. The demographic variables of age, gender and income are used as control variables.

Design/methodology/approach

An online questionnaire survey was conducted on Internet users by adopting purposive sampling technique. Confirmatory factor analysis (CFA) was employed for measurement development, SEM was used for testing causal links, and percentile bootstrap with 95% confidence interval was used for mediation analysis.

Findings

Significant positive relationships were found among functionality, usability, trust, commitment and loyalty. Trust was found to fully mediate the effect of functionality and usability on loyalty. It was also found that commitment fully mediates the effect of functionality on loyalty.

Research limitations/implications

However, caution is advised while generalizing results of this study. The study was conducted on online retailing only. The authors recommend future studies to extend the research in other e-commerce sectors and also to perform a comparative study between online and offline retailing.

Practical implications

This study provides some practical implications to website developers in designing a web page that caters the functionality and usability aspects in understanding e-loyalty formation process so that appropriate marketing strategies and tactics can be established to accommodate customized loyalty of each customer.

Originality/value

The study demonstrates the customer loyalty formation process in online retailing. Scanty literature has witnessed mediating role of trust and commitment in the relationships among functionality, usability and loyalty along with age, gender and monthly family income as controls in Indian sub-continent.

Details

South Asian Journal of Business Studies, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2398-628X

Keywords

1 – 10 of 287