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Article
Publication date: 24 February 2020

Varuna Kharbanda and Archana Singh

The purpose of this paper is to measure the effectiveness of the hedging with futures currency contracts. Measuring the effectiveness of hedging has become mandatory for…

Abstract

Purpose

The purpose of this paper is to measure the effectiveness of the hedging with futures currency contracts. Measuring the effectiveness of hedging has become mandatory for Indian companies as the new Indian accounting standards, Ind-AS, specify that the effectiveness of hedges taken by the companies should be evaluated using quantitative methods but leaves it to the company to choose a method of evaluation.

Design/methodology/approach

The paper compares three models for evaluating the effectiveness of hedge – ordinary least square (OLS), vector error correction model (VECM) and dynamic conditional correlation multivariate GARCH (DCC-MGARCH) model. The OLS and VECM are the static models, whereas DCC-MGARCH is a dynamic model.

Findings

The overall results of the study show that dynamic model (DCC-MGARCH) is a better model for calculating the hedge effectiveness as it outperforms OLS and VECM models.

Practical implications

The new Indian accounting standards (Ind-AS) mandates the calculation of hedge effectiveness. The results of this study are useful for the treasurers in identifying appropriate method for evaluation of hedge effectiveness. Similarly, policymakers and auditors are benefitted as the study provides clarity on different methods of evaluation of hedging effectiveness.

Originality/value

Many previous studies have evaluated the efficiency of the Indian currency futures market, but with rising importance of hedging in the Indian companies, Reserve Bank of India’s initiatives and encouragement for the use of futures for hedging the currency risk and now the mandatory accounting requirement for measuring hedging effectiveness, it has become more relevant to evaluate the effectiveness of hedge. To the authors’ best knowledge, this is one of the first few papers which evaluate the effectiveness of the currency future hedging.

Details

Journal of Asia Business Studies, vol. 14 no. 5
Type: Research Article
ISSN: 1558-7894

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Article
Publication date: 6 July 2021

Archana Singh and Anuj Sharma

The objective of this paper is to understand the benefits and utility of massive open online courses (MOOCs) as perceived by the student, vis-à-vis internship and…

Abstract

Purpose

The objective of this paper is to understand the benefits and utility of massive open online courses (MOOCs) as perceived by the student, vis-à-vis internship and determine the factors that influence student motivation and distraction in adoption of MOOCs.

Design/methodology/approach

An empirical study is conducted through a survey; data are collected through a structured questionnaire. The technology acceptance model (TAM) is used as the base framework. For data analysis, Statistical Product and Service Solutions–Analysis of Moment Structures (SPSS–AMOS) 24.0 is used.

Findings

The impact of context-specific distinctive features of MOOCs and characteristics of students on user satisfaction are examined through perceived ease of use and perceived usefulness. In the study, it is found that positive social influence and better facilitating conditions improve perceived ease of use and perceived usefulness leading to a better user satisfaction. Self-regulation positively influences self-efficacy among students while pursuing MOOCs. Contrary to the past researches, it is found that in the pandemic environment self-efficacy is not impacting perceived ease of use, perceived usefulness and satisfaction.

Practical implications

The findings of this study will benefit MOOCs developers and Higher Education Institutes (HEIs) in deeper understanding the significant factors affecting MOOC usage in higher education.

Originality/value

The study is ingrained to find the causes which will lead to user satisfaction of MOOCs by post-graduation students of B-schools in India. This is an original research and primary data has been collected for decision-making.

Details

International Journal of Educational Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0951-354X

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Article
Publication date: 3 April 2018

Ruchi Kansil and Archana Singh

There is lack of research on key governance issues (KGIs) to expedite the sustainability of corporate governance reforms in the Indian context. The purpose of this paper…

Abstract

Purpose

There is lack of research on key governance issues (KGIs) to expedite the sustainability of corporate governance reforms in the Indian context. The purpose of this paper is to formulate a list of KGIs that would help in sustainability enhancement of corporate governance regime in India vis-à-vis other global counterparts.

Design/methodology/approach

First, governance issues have been identified after a thorough literature review and after taking opinion and suggestions of experts. Second, data have been collected through the questionnaire survey. Lastly, a model based on fuzzy set theory has been designed to identify the KGIs for the sustainability enhancement of corporate governance regime in the Indian context.

Findings

Five KGIs have been identified in this study based on fuzzy set theory, namely, ownership structure of the companies, code of best practices of corporate governance, regulatory framework including monitoring institutions of the country, untrue independence of independent directors in decision-making and judiciary system of the country.

Research limitations/implications

The KGIs identified for the Indian economy in this study can be a useful reference for the regulators and policymakers to fill the present quality gap and devise measures to curb noncompliance and or implementation of laws on the ground level.

Practical implications

The KGIs identified for the Indian economy in this study can be a useful reference for the regulators and policymakers to fill the present quality gap and devise measures to curb noncompliance and/or implementation of laws on the ground level.

Originality/value

The novelty of this study stems from the fact that very few studies have assessed the perception of stakeholder’s about the current corporate regime in India. No study has identified KGIs.

Details

World Journal of Science, Technology and Sustainable Development, vol. 15 no. 2
Type: Research Article
ISSN: 2042-5945

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Article
Publication date: 23 August 2017

Varuna Kharbanda and Archana Singh

The purpose of this paper is to study the lead-lag relationship between the futures and spot foreign exchange (FX) market in India to understand the price discovery…

Abstract

Purpose

The purpose of this paper is to study the lead-lag relationship between the futures and spot foreign exchange (FX) market in India to understand the price discovery mechanism and the relationship between these two markets.

Design/methodology/approach

The estimation of lead-lag relationship is realized in three steps. First unit root and stationarity tests (Augmented Dickey-Fuller, Phillips-Perron, and Kwiatkowski-Phillips-Schmidt-Shin) are applied to check the stationarity of the data. Second, cointegration tests (Engle and Granger’s residual based approach and Johansen’s cointegration test) are applied to determine long run relationship between the markets. Third, error correction estimation is carried out by applying Vector Error Correction Model (VECM) to determine the leading market.

Findings

The study finds that there is a long run relationship between the futures and spot market where the futures market has emerged as the leading market for the four currencies studied in the paper.

Originality/value

Majorly, the studies on Indian FX market limit themselves to identifying the efficiency of the market and the studies which talk about the lead-lag relationship focus on the Indian stock market. This paper enhances the existing literature on Indian FX market by exploring the less explored subject of the lead-lag relationship between futures and spot FX market in India.

Details

International Journal of Managerial Finance, vol. 13 no. 5
Type: Research Article
ISSN: 1743-9132

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Article
Publication date: 29 November 2018

Varuna Kharbanda and Archana Singh

Corporate treasurers manage the currency risk of their organization by hedging through futures contracts. The purpose of this paper is to evaluate the effectiveness of…

Abstract

Purpose

Corporate treasurers manage the currency risk of their organization by hedging through futures contracts. The purpose of this paper is to evaluate the effectiveness of hedging by US currency futures contracts by taking into account the efficiency of the currency market.

Design/methodology/approach

The static models for calculating hedge ratio are as popular as dynamic models. But the main disadvantage with the static models is that they do not consider important properties of time series like autocorrelation and heteroskedasticity of the residuals and also ignore the cointegration of the market variables which indicate short-run market disequilibrium. The present study, therefore, measures the hedging effectiveness in the US currency futures market using two dynamic models – constant conditional correlation multivariate generalized ARCH (CCC-MGARCH) and dynamic conditional correlation multivariate GARCH (DCC-MGARCH).

Findings

The study finds that both the dynamic models used in the study provide similar results. The relative comparison of CCC-MGARCH and DCC-MGARCH models shows that CCC-MGARCH provides better hedging effectiveness result, and thus, should be preferred over the other model.

Practical implications

The findings of the study are important for the company treasurers since the new updated Indian accounting standards (Ind-AS), applicable from the financial year 2016–2017, make it mandatory for the companies to evaluate the effectiveness of hedges. These standards do not specify a quantitative method of evaluation but provide the flexibility to the companies in choosing an appropriate method which justifies their risk management objective. These results are also useful for the policy makers as they can specify and list the appropriate methods for evaluating the hedge effectiveness in the currency market.

Originality/value

Majorly, the studies on Indian financial market limit themselves to either examining the efficiency of that market or to evaluate the effectiveness of the hedges undertaken. Moreover, most of such works focus on the stock market or the commodity market in India. This is one of the first studies which bring together the concepts of efficiency of the market and effectiveness of the hedges in the Indian currency futures market.

Details

International Journal of Emerging Markets, vol. 13 no. 6
Type: Research Article
ISSN: 1746-8809

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Article
Publication date: 26 February 2021

Manisha Paliwal and Archana Singh

Coronavirus (COVID-19) outbreak has utterly disrupted the worldwide education system and compelled an emergency immersion of unplanned and rapid online teaching-learning…

Abstract

Purpose

Coronavirus (COVID-19) outbreak has utterly disrupted the worldwide education system and compelled an emergency immersion of unplanned and rapid online teaching-learning. The online teaching readiness would highly depend on the competencies of teachers and skills to adapt the pedagogy and new roles by the teachers. In this context, this study aims to assess higher education institutions (HEIs) teachers’ readiness to handle online education based on the online teaching readiness competencies model.

Design/methodology/approach

A structured questionnaire has been adopted to survey and collect data from 296 teachers of HEIs across India. The questionnaire consisted of 29 constructs. The constructs in this section were measured using a five-point Likert scale ranging. In the first step first-order confirmatory factor analysis (CFA) is carried out, by using the software IBM AMOS-26. The initial model is generated for five constructs and outcomes are used to analyze the model’s goodness of fit and construct validity. In the second step structural equation modeling (SEM) is carried out to do the path analysis of the proposed model.

Findings

The findings connote that the level of course design competencies, communication competencies, time management competencies are not sufficient among the teachers of HEI of India, whereas the technical competencies possessed by the teachers meet the requirements for readiness to handle online education. The research is an attempt to provide possible explanations for establishing relationships between the constructs and discusses the usage of information, which can be further used to enhance the online teaching readiness competencies for the teachers of HEIs of India.

Practical implications

The research is an attempt to provide possible explanations for establishing relationships between the constructs and discusses the usage of information, which can be further used to enhance the online teaching readiness competencies for the teachers of HEIs of India.

Originality/value

Teachers’ competencies are a vital part of teaching online which has become the need of the hour in this COVID-19 outbreak. Because of the need for emergency response and strategies to minimize learning disruption at higher education, the study identifies the online teaching readiness competencies possessed by the online teaching communities and provides guidelines to enhance their capacity to build up the longer-term resilience of education systems. The study will be a ready reckoner for online training competencies which can be used as training need analysis to make each teacher highly competent to impart knowledge using online teaching platforms.

Details

Interactive Technology and Smart Education, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1741-5659

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Article
Publication date: 3 December 2020

Sarika Sharma, D.P. Goyal and Archana Singh

Sustainable entrepreneurship education (SEE) is a field, which mingles two imperative fields of research, sustainable entrepreneurship and entrepreneurship education. This…

Abstract

Purpose

Sustainable entrepreneurship education (SEE) is a field, which mingles two imperative fields of research, sustainable entrepreneurship and entrepreneurship education. This emerging area has gained momentum in recent years, and various quantitative and qualitative studies are carried upon to explore its diverse dimensions, literature remains scattered. This paper aims to explore the holistic picture of SEE by compiling the research articles, through a systematic literature review of prior research studies.

Design/methodology/approach

Two prominent databases are considered, and these databases then are searched with appropriately designed search strings. Based on an exclusion and inclusion criteria developed by the authors, 59 research papers are selected for further investigation. These research papers are then studied rigorously for review and qualitative content analysis.

Findings

A conceptual framework comprising of the areas of these research contributions is proposed as an outcome. This framework provides insights about the existing state and areas of SEE research namely: (1) Institutional framework, (2) Teaching/learning approaches and (3) External interactions and provides further direction for research.

Research limitations/implications

The present study makes a significant contribution both in theoretical and in practical sense. (1) Compiled the extant literature on sustainable entrepreneurship education; (2) Developed a protocol to conduct the systematic review of literature on sustainable entrepreneurship education; (3) Reported the status of research on sustainable entrepreneurship education, and proposed a framework on existing work; (4) Presented the emerging topics, issues and challenges that need to be addressed in future research.

Originality/value

This article seeks to present a systematic literature review of the research field on sustainable entrepreneurship education. A review of existing literature in this field would certainly help to advance future research efforts as it presents a comprehensive picture of the status quo of this research field.

Details

World Journal of Entrepreneurship, Management and Sustainable Development, vol. 17 no. 3
Type: Research Article
ISSN: 2042-5961

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Article
Publication date: 10 September 2020

Archana Singh, Sarika Sharma and Manisha Paliwal

Covid-19 outbreak has compelled the world-wide education system to use the digital collaboration platform (DCP) for online learning, for robust inclusive sustainable…

Abstract

Purpose

Covid-19 outbreak has compelled the world-wide education system to use the digital collaboration platform (DCP) for online learning, for robust inclusive sustainable education. The purpose of this paper is to understand the adoption intention and effectiveness of DCP using technology acceptance model (TAM) for online learning among students studying in higher education institutes (HEIs) in India.

Design/methodology/approach

A structured questionnaire has been adopted to survey and collect data from 324 students studying in HEI of Maharashtra state in India. The questionnaire consisted of 28 constructs. The constructs in this section were measured using a five-point Likert scale ranging. In the first step, first-order confirmatory factor analysis is carried out by using the software IBM AMOS-20. The initial model is generated for six constructs, and outcomes are used to analyze the model’s goodness of fit and construct validity. In second step, structural equation modelling is carried out to do the path analysis of the proposed model.

Findings

The findings connote that the interactivity, cost-effectiveness and the core TAM constructs as perceived usefulness form positive attitude towards usage of DCP and intention to adopt it in near future by the students of HEI of India. The research is an attempt to provide possible explanations for the epochal relationships between the constructs and discusses the usage of information, which can be further used to enhance the acceptance of DCP among students in urban as well as rural India.

Research limitations/implications

The results and findings will provide a direction to the various stakeholders such as educators, management, learners and the parents on the adoption intention of digital collaborative platform from a learner’s point of view. This will lead to the knowledge which will help in practical implementations of these technologies.

Practical implications

The results and findings will provide a direction to the various stakeholders such as educators, management, learners and the parents on the adoption intention of DCP from learner’s point of view. This will lead to the knowledge which will help in practical implementations of these technologies. The findings imply that the interactivity, cost-effectiveness and the core constructs of TAM such as perceived usefulness form positive attitude towards usage of DCP and intention to adopt it in near future by the students of HEI of India. This research provides possible explanations for the significant relationships between the constructs and discusses how this information can be used to enhance the acceptance of DCP among students in urban as well as rural India.

Social implications

This research provides possible explanations for the significant relationships between the constructs and discusses how this information can be used to enhance the acceptance of DCP among students in urban as well as rural India, which is the need of hour for sustainable education.

Originality/value

There are tremendous studies on online learning and use of digital platforms including the constructs of TAM but in the times of Covid-19, where it has become mandatory for all educational institutes to use the digital collaborative platform for continuance of education. The study is original and is an attempt to understand students’ perspective towards usage of DCP and its effectiveness in learning in the rural parts of Maharashtra from where the students hail to study in HEI in Pune and Mumbai.

Details

Interactive Technology and Smart Education, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1741-5659

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Article
Publication date: 4 September 2020

Shruti Malik, Girish Chandra Maheshwari and Archana Singh

Over the period, the role of finance has emerged significant in the socio-economic development of the women. There are two major types of finances, i.e. formal and…

Abstract

Purpose

Over the period, the role of finance has emerged significant in the socio-economic development of the women. There are two major types of finances, i.e. formal and informal ones. Thus, the purpose of this paper is to investigate first the determinants of the demand for credit and then the demand for these credit sources by women especially in urban slums.

Design/methodology/approach

In this study, a primary survey was conducted with the help of a structured questionnaire in slums of two major urban cities in India, i.e. Delhi and Mumbai. In total, 450 individuals were interviewed in each city.

Findings

This paper presents a range of significant socio-economic factors affecting the demand for credit and source of credit by women borrower in Delhi and Mumbai. Despite, the greater emphasis by the government to increase the formal credit utilization, the informal credit is still preferred.

Practical implications

The outcomes of the study are expectedly useful to various policymakers and banks in encouraging women to opt more for the formal credit. The government can follow the research outcomes to scale up the programmes and schemes targeted for women empowerment in urban slums.

Originality/value

The study is unique of its kind in doing a comparative analysis in slums of two differently located urban cities with large slum population.

Details

Gender in Management: An International Journal , vol. 36 no. 1
Type: Research Article
ISSN: 1754-2413

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Article
Publication date: 1 August 2016

Priya Gupta and Archana Singh

The purpose of this paper is to determine cause and effect relationship between foreign direct investment (FDI) and economic growth (gross domestic product (GDP) taken as…

Abstract

Purpose

The purpose of this paper is to determine cause and effect relationship between foreign direct investment (FDI) and economic growth (gross domestic product (GDP) taken as proxy) for Brazil, Russia, India, China and South Africa (BRICS nations) individually for the period 1992-2013. Also, the study tries to explore the reasons behind the linkage between FDI and GDP by estimating a linear regression model consisting of both macro-economic and institutional variables.

Design/methodology/approach

Johansen cointegration technique followed by vector error correction model (VECM) and standard Granger causality test are employed to investigate the causal linkage between FDI and GDP. To delve into the reasons behind this linkage, an ordinary least square (OLS) technique is also applied to test the linear regression model consisting of net FDI inflows as dependent variable and nine macro- economic and institutional variables. Residual diagnostics is also conducted using Breusch-Godfrey Lagrange Multiplier test for diagnosing the problem of serial correlation, Breusch-Pagan-Godfrey test for examining heteroskedasticity and Jarque Bera test for verifying the normality of residuals.

Findings

The Johansen cointegration result establishes a single cointegrating vector (long run relationship) between FDI and GDP for India, China and Brazil. After proving a cointegration, VECM results revealed that there exists unidirectional long run causality running from GDP to FDI in case of Brazil, India and China. Also, it is confirmed that there exists short run causality between FDI and GDP in China, i.e. the past lags of FDI jointly impact the value of GDP. However, for Russia and South Africa, where there is no cointegration in the long run, standard Granger causality test is conducted which reveals that in both the nations, FDI and GDP are independent of one another. The results of OLS technique reveal different country-specific factors causing this linkage between FDI inflows and economic growth.

Originality/value

Various researchers in the past have examined this issue of linkage between FDI and GDP in the context of various developing or developed nations. This reveals a gap in the existing literature pertaining to this causal linkage in the context of the BRICS. Thus, this study fills this gap by analyzing not just this causal nexus with the help of VECM and Granger causality techniques but also tries to explore further the reasons for such strong/weak/no link with the help of fitting a regression model which comprises of both macro-economic and institutional country-specific variables influencing this causation.

Details

Journal of Advances in Management Research, vol. 13 no. 2
Type: Research Article
ISSN: 0972-7981

Keywords

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