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Article
Publication date: 9 November 2022

Surbhi Gupta and Anil K. Sharma

This paper aims to examine the hedge, diversifier and safe haven properties of the global listed infrastructure sector and subsector indices against two traditional asset classes…

Abstract

Purpose

This paper aims to examine the hedge, diversifier and safe haven properties of the global listed infrastructure sector and subsector indices against two traditional asset classes, stocks and bonds, and four alternative asset classes, including commodities, real estate, private equity and hedge funds during extreme negative stock market movements.

Design/methodology/approach

Using dynamic conditional correlation and quantile regression, the authors analyze a data set of 12 indices comprising listed infrastructure and traditional asset classes from 2010 to 2019.

Findings

Overall, the findings indicate that listed infrastructure acts as an effective diversifier but not as a strong safe haven or hedge when considered in a multiasset context. With minor exceptions, listed infrastructure cannot be concluded as a safe haven against other asset classes under investigation.

Practical implications

The present study has implications for institutional investors looking to incorporate infrastructure in their multiasset portfolios for increased portfolio diversification benefits.

Originality/value

Despite the increased influence of infrastructure as an asset class, to the best of the authors’ knowledge, this is the first study to investigate the hedge, safe haven and diversifying properties of infrastructure in a multi-asset context.

Details

Studies in Economics and Finance, vol. 40 no. 2
Type: Research Article
ISSN: 1086-7376

Keywords

Article
Publication date: 2 August 2013

Dipasha Sharma, Anil K. Sharma and Mukesh K. Barua

The purpose of this paper is to discuss a comprehensive literature survey of studies focusing on the efficiency and productivity of the banking sector using parametric and…

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Abstract

Purpose

The purpose of this paper is to discuss a comprehensive literature survey of studies focusing on the efficiency and productivity of the banking sector using parametric and non‐parametric frontier techniques.

Design/methodology/approach

Critically reviewing 106 studies published across the world from 1994 to 2011, a conceptual framework is developed for the studies assessing the efficiency and productivity of the banking industry using non‐parametric DEA frontier approach.

Findings

Both the frontier approaches, parametric and non‐parametric, are gaining an edge over the traditional financial performance measures. In the non‐parametric approach, data envelopment analysis (DEA) is widely applied to measure a bank's efficiency and productivity. Studies conducted in developed countries such as the USA, the UK and Europe are now emerging with the new concepts of banking efficiency.

Research limitations/implications

These findings are based only on the critical review of 106 studies. This study suggests the direction for future research and identifies the gap in existing literature with the development of a conceptual model.

Originality/value

This study is original in nature and included literature published in recent issues of 2011.

Details

Qualitative Research in Financial Markets, vol. 5 no. 2
Type: Research Article
ISSN: 1755-4179

Keywords

Article
Publication date: 5 May 2015

Saurabh Chadha and Anil K. Sharma

The purpose of this paper is to study the key determinants of capital structure for Indian manufacturing firms and which theory implications, i.e. trade off vs pecking order are…

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Abstract

Purpose

The purpose of this paper is to study the key determinants of capital structure for Indian manufacturing firms and which theory implications, i.e. trade off vs pecking order are more applicable in current Indian manufacturing sector scenario.

Design/methodology/approach

A sample size of 422 listed Indian manufacturing companies on Bombay Stock Exchange has been considered to do the empirical evaluation. A ten year period from 2003-2004 to 2012-2013 and annual financial standalone data have been considered for study. Ratio analysis and panel data approach have been applied to perform the empirical evaluation. Total debt to total capital and total debt to total assets are used as the proxy for firm financial leverage.

Findings

It was empirically found that size, age, asset tangibility, growth, profitability, non-debt tax shield, business risk, uniqueness and ownership structure are significantly correlated with the firm financial leverage or key determinants of capital structure in Indian manufacturing sector. Also, other variables like dividend payout, liquidity, interest coverage ratio, cash flow coverage ratio (CFCR), India inflation and GDP growth rate are empirically found to be insignificant to determine the capital structure of Indian manufacturing sector. There is no single theory implications, i.e. trade off vs pecking order which can explain the capital structure nature of Indian manufacturing sector and rather it is a mix of both the theories.

Originality/value

The findings of the study would enhance the literature on capital structure and is significant for the Indian manufacturing firm’s decisions as it includes the most recent data and covers the period of both pre- and post-recession of 2008-2009.

Details

Journal of Advances in Management Research, vol. 12 no. 1
Type: Research Article
ISSN: 0972-7981

Keywords

Article
Publication date: 4 September 2007

Anil K. Sharma and Balvir Talwar

The purpose of this paper is to evolve the Universal Business Excellence Model (UBEM) with the integration of common features of business excellence models (BEMs) with universal

2091

Abstract

Purpose

The purpose of this paper is to evolve the Universal Business Excellence Model (UBEM) with the integration of common features of business excellence models (BEMs) with universal laws of nature to facilitate multi‐dimensional business growth.

Design/methodology/approach

Business has focused on accumulation of wealth at the cost of society for decades. It has resulted in socio‐economic, political and environmental problems and led to the evolution of quality, environmental, HSE systems and BEMs, etc. Vedic philosophy emphasizes that a core function of business is to create wealth for “Well being of society”. To evolve UBEM, synthesis of BEM, e.g. the Malcolm Baldrige National Quality Award (MBNQA), the European Quality Award (EQA) and the Deming Prize has been undertaken to identify the common and unique issues. In addition, certain issues not adequately addressed in BEM but emphasized in Vedic hymns have been empirically tested to check their applicability in the current business scenario.

Findings

The paper finds that UBEM stresses that profit is not the ultimate objective of the business, but a means to achieve the sustainable success. Interestingly, professionals of various age groups, different countries and backgrounds have overwhelmingly supported the concept in empirical study.

Research limitations/implications

Hymn from Rig‐Veda explains that physical as well as moral laws govern the entire universe. Vedic philosophy derives infinite creativity, actions and power from the universal laws of Nature. This paper is an attempt to integrate philosophy of the East with modern practices of the West. It is an example for researchers to explore several new areas to integrate the best of the both (East and West) and provide a new direction to the mankind.

Practical implications

The use of the UBEM will make it easier for practicing managers to reach the right decisions for sustainable success.

Originality/value

The UBEM identifies the “values and process flow” and measurement of “multiple bottom‐lines” as the key to success. Integration of “organization vision” with “universal wellbeing” leads to sustainable success and provides an access to the infinite power of “cosmic energy” to ensure multi‐dimensional growth.

Details

Measuring Business Excellence, vol. 11 no. 3
Type: Research Article
ISSN: 1368-3047

Keywords

Article
Publication date: 6 March 2007

Anil K. Sharma and Ashutosh Vashishtha

This article aims to examine the state of risk management in agriculture and power sector of India, evaluate the effectiveness of weather derivatives as alternative risk…

5516

Abstract

Purpose

This article aims to examine the state of risk management in agriculture and power sector of India, evaluate the effectiveness of weather derivatives as alternative risk management tools and basic framework required to implement them.

Design/methodology/approach

Applications of traditional risk‐hedging tools and techniques in Indian agricultural and power sectors have proved to be costly, inadequate, and more importantly, a drag on the country's fiscal system. Mostly they offer a hedge against only the price risk. The volume related risk, which is rather more serious and highly weather‐dependent, remains practically unhedged. This study has used existing literature and empirical evidences for analyzing the various issues related to risk management in agriculture and power sector. Traditional derivative strategies have been used to construct weather derivatives contracts with different underlying weather indices.

Findings

The article suggests that how an appropriate weather‐based derivative contract system may be a more flexible, economical and sustainable way of managing the volume‐related weather risk in an economy, like India, having predominant agricultural and power sectors.

Originality/value

The article will be of value to all those who have some stakes in agricultural and power sectors of an economy and would like to mange the volume related risk in these sectors.

Details

The Journal of Risk Finance, vol. 8 no. 2
Type: Research Article
ISSN: 1526-5943

Keywords

Article
Publication date: 6 April 2012

Anil Sharma and Neha Seth

The purpose of this paper is to organize and take stock of the present situation of research on stock market integration by reviewing the available literature, to provide quick…

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Abstract

Purpose

The purpose of this paper is to organize and take stock of the present situation of research on stock market integration by reviewing the available literature, to provide quick and easy access for future researchers. Another objective of the present study is to classify the literature and to provide the comprehensive bibliography on stock market integration and to analyse the findings and results of the studies taken into consideration for review.

Design/methodology/approach

A range of sources were searched to review the past literature on stock market integration and out of thousands of papers, 100 research papers form the sample for the present study. These 100 research papers are classified on the basis of various variables to know the status of research on the same topic.

Findings

This paper classifies the past literature on stock markets integration and finds that the research work on the same area has been increased during the recent time period, especially from 2005 to 2010 and coverage of stock market integration across emerging economies has increased in recent years. The study revealed many other findings also.

Originality/value

The present paper provides the collection, classification and comprehensive bibliography on stock market integration, which may be helpful for academicians, practitioners and future researchers when studying the existing research work, as well as for considering future researches on the same subject area.

Details

Qualitative Research in Financial Markets, vol. 4 no. 1
Type: Research Article
ISSN: 1755-4179

Keywords

Article
Publication date: 2 March 2021

Changjun Yi, Yun Zhan, Jipeng Zhang and Xiaoyang Zhao

This study investigates the effect of ownership structure – ownership concentration and firm ownership – on outward foreign direct investment (OFDI) by emerging market…

Abstract

Purpose

This study investigates the effect of ownership structure – ownership concentration and firm ownership – on outward foreign direct investment (OFDI) by emerging market multinational enterprises (EMNEs), and further explores the moderating effects of international experience and migrant networks on this relationship.

Design/methodology/approach

Data of Chinese MNEs listed on Shenzhen and Shanghai stock exchanges between 2005 and 2016 are used. The empirical analysis is based on the negative binomial regression model.

Findings

The empirical results reveal a significant inverted-U relationship between ownership concentration and OFDI by EMNEs. State ownership is found to have a positive effect on OFDI by EMNEs. Both international experience and migrant networks strengthen the inverted-U relationship between ownership concentration and OFDI as well as the positive effect of state ownership on OFDI by EMNEs.

Practical implications

EMNEs need to maintain a moderate ownership concentration when conducting OFDI, and they are supposed to make full use of their own international experience and focus on migrant networks of the host country. Policy-makers in emerging economies need to better create a fair business environment for enterprises.

Originality/value

Combining agency theory and the resource-based view, this study integrates ownership structure, firm-level heterogeneous resources – international experience and country-level heterogeneous resources – migration networks into a framework to study OFDI by EMNEs, which expands the scope of research in international business.

Article
Publication date: 9 January 2009

A.K. Sharma and Ekta Vohra

This study aims to examine the current status of road infrastructure in India, working out the gap in the availability of required length and the quality of roads besides the…

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Abstract

Purpose

This study aims to examine the current status of road infrastructure in India, working out the gap in the availability of required length and the quality of roads besides the comparison with other economies. It also seeks to analyse the socio‐economic‐political environment in India to assess the country's attractiveness towards private sector participation in road infrastructure development.

Design/methodology/approach

The targets for the road sector development set by the Government of India and the current road status of China are taken as benchmarks to enumerate the existing gap in road development in the country. Growth trends of the road sector and their impact on the manufacturing sector have been worked out to assess the development of road infrastructure and its impact on the industry in the country.

Findings

The study advocates that the present pace of road infrastructure development is inadequate in India vis‐à‐vis other developing economies. The quality of roads compared with China is far below expectations and this poor hinterland connectivity is affecting the trade growth in the country.

Originality/value

The paper significantly contributes in assessing the state of road infrastructure in India and highlighting the weaknesses while comparing it with other developing and developed economies. The key issues identified are of immense help to the policy makers in the country for having detailed insight and correcting the road infrastructure development programmes.

Details

Engineering, Construction and Architectural Management, vol. 16 no. 1
Type: Research Article
ISSN: 0969-9988

Keywords

Article
Publication date: 29 November 2022

Anil Kumar Dixit, Smita Sirohi, K.M. Ravishankar, A.G. Adeeth Cariappa, Shiv Kumar, Gunjan Bhandari, Adesh K. Sharma, Amit Thakur, Gaganpreet Kaur Bhullar and Arti Thakur

The purpose of the study is to identify the factors affecting the entrepreneur's choice of the dairy value chain and evaluate the impact of the value chain on farm performance…

Abstract

Purpose

The purpose of the study is to identify the factors affecting the entrepreneur's choice of the dairy value chain and evaluate the impact of the value chain on farm performance (profit).

Design/methodology/approach

Primary data were collected from dairy entrepreneurs in India, covering nine states. A multinomial treatment effect model (controlling for selection bias and endogeneity) was used to evaluate the impact of the choice of the value chain on entrepreneurs' profit.

Findings

Dairy entrepreneurs operating in any recognized value chain other than the value chain driven by the consumer household realize a comparatively lesser profit. Dairy farmers have established direct linkages with customers in urban areas – who could pay premium prices for safe and quality milk. Food safety compliance is positively associated with profit and entrepreneurs (who have undergone formal training in dairying) preferred partnerships with a formal value chain. The prospects of starting a dairy enterprise are slightly higher in villages compared to urban areas.

Research limitations/implications

Dairy entrepreneurs can make a shift in accordance with the study's findings and boost their profitability. It aids in comprehending how trainees (who obtained advice and training for raising dairy animals from R&D organizations) and non-trainee dairy farmers make value chain selections, which ultimately affect profitability. However, purposive sampling and a small sample size limit the universal implications of the study.

Social implications

Developing entrepreneurial behavior and startup culture is at the center of policymaking in India. The findings imply that the emerging value chain not only enhances the profit of dairy farmers by resolving consumer concerns about food safety and the quality of milk and milk products but also builds consumer trust.

Originality/value

This paper offers insight into how the benefits of dairy entrepreneurs vary with their participation in the different value chains. The impact of skill development/training programs on value chain selection and farm profitability has not yet been fully understood. Here is an attempt to fill this gap. This paper through light on how trained and educated dairy entrepreneurs are able to establish a territorial market by approaching premium customers – this is an addition to the existing literature.

Details

Journal of Agribusiness in Developing and Emerging Economies, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2044-0839

Keywords

Article
Publication date: 1 August 2010

Wafaa Saleh, Ravindra Kumar and Añil Sharma

Driving cycle is an essential requirement to evaluate the exhaust emissions of various types of vehicles on the chassis dynamometer test. This study presents a real world…

Abstract

Driving cycle is an essential requirement to evaluate the exhaust emissions of various types of vehicles on the chassis dynamometer test. This study presents a real world comparison of the driving cycles of Edinburgh motorcycles in two world cities; Edinburgh in Scotland and Delhi in India. The two driving cycles (EMDC & DMDC) driving cycle (EMDC) that were was developed through the analysis of experimental data. This data was collected from trips on a number of routes in each city. In Edinburgh, five different routes between the home addresses in the surrounding areas and place of work at Edinburgh Napier University in Edinburgh were selected. In Delhi data were collected in East Delhi (Geeta Calony) to Central Delhi (Raisena Road). The data collected data was divided into two categories of urban and rural roads in the case of Edinburgh while it was only the urban route in Delhi.. Forty four trips were made on the five designated routes in both urban and rural areas and 12 trips were made in Delhi. The aims of the study were to assess the various parameters (i.e. motorcycle speed, cruise, accelerations and decelerations and percentage time spent in idling) and their statistical validity over total trip lengths for producing a real world EMDC in each of the two cities. The results show that EMDC in Edinburgh, the EMDC has a cycle length of 770 and 656 seconds for urban and rural trips, respectively, which was found more than ECE cycle length. Time spent in acceleration and deceleration modes were found to be significantly higher than any other driving cycle reported to date for motorcycles, reflecting a typical characteristic of the driving cycle in Edinburgh; this was presumably due to diverse driving conditions of motorcycles in the city. In Delhi on the other hand, the DMDC has a cycle length of 847.5 seconds for the urban trips, which higher than that of the EMDC length. The overall percentage time spent in acceleration in Delhi was higher than that of Edinburgh while the time spent in deceleration was lower in Delhi. The overall average speed in the case of Delhi was slightly higher than that of Edinburgh.

Details

World Journal of Science, Technology and Sustainable Development, vol. 7 no. 3
Type: Research Article
ISSN: 2042-5945

Keywords

1 – 10 of 246