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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

Keywords

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. 35 no. 6
Type: Research Article
ISSN: 0951-354X

Keywords

Article
Publication date: 12 November 2021

Prashant Chaudhary, Archana Singh and Sarika Sharma

The purpose of this study is to understand the antecedents of omni-channel shopping with reference to the intention to purchase fashion products by millennials and their…

Abstract

Purpose

The purpose of this study is to understand the antecedents of omni-channel shopping with reference to the intention to purchase fashion products by millennials and their perspective towards the omni-channel method of shopping.

Design/methodology/approach

The research is based on a quantitative research technique comprising of 302 respondents. A structured questionnaire has been adopted for the survey and to collect data from millennials from India. The questionnaire consisted of 27 constructs, which were measured using a five-point Likert’s scale. 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 analyse the model’s goodness of fit and construct validity. In the second step, the conceptual model is tested through path analysis using structural equation modelling.

Findings

The findings indicate that perceived usefulness (PU) significantly affects the continuance intention of usage towards omni-channels. Perceived ease of use does not significantly affect continuance intention of towards usage of omni-channels, and it does not seem to have a significant effect on PU. Cost effectiveness and customer engagement of omni-channel have a significant effect on the continuance intention of its use. Finally, continuance intention towards usage of omni-channel does significantly affects the actual use of omni-channel.

Originality/value

The research on omni-channel for purchasing fashion products is meagre and this particular study with the usage of Technology Acceptance Model including millennials is adding value towards the knowledge base of marketing. This research develops a theoretical framework building on the technology adoption model and empirically tested it.

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

Keywords

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

Keywords

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

Keywords

Article
Publication date: 21 November 2022

Sakshi Kukreja, Girish C. Maheshwari and Archana Singh

The study aims to evaluate and compare the mergers and acquisitions (M&As) performance utilising a sample of deals originating from Brazil, Russia, India, China and South…

Abstract

Purpose

The study aims to evaluate and compare the mergers and acquisitions (M&As) performance utilising a sample of deals originating from Brazil, Russia, India, China and South Africa (BRICS). In addition to nation-wise performance analysis, a further sub-sample analysis is conducted based on the target location (domestic and cross-border), development status (developed and emerging) and the acquired ownership stakes (majority and minority).

Design/methodology/approach

The final sample of the study includes 7,105 deals announced between 2000 and 2019. M&A performance is proxied by the abnormal returns earned over the select event windows. Multiple parametric and non-parametric tests are employed for testing the robustness.

Findings

The results indicate significant performance differences across BRICS markets, with the highest and lowest abnormal returns reported for Chinese and Russian acquirers, respectively. The disaggregated analysis also affirms the performance differences for the select sub-samples.

Research limitations/implications

The study highlights the need for acknowledging and expounding the differences in M&As across emerging markets. Further, the results of the study provide a possible explanation of the disagreement over the M&A performance results reported in the previous literature.

Practical implications

Acknowledging and understanding the potential performance differences based on location, ownership strategies and development status can aid executives in sharpening decision-making and also help general investors.

Originality/value

The study contributes by examining a comprehensive sample of deals across five major emerging economies, as against the majority of previous studies which have their results based on either single nation samples or have utilised only a sub-sample of domestic or foreign acquisitions.

Details

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

Keywords

Article
Publication date: 21 April 2022

Anurag Chaturvedi and Archana Singh

The paper models the financial interconnectedness and systemic risk of shadow banks using Granger-causal network-based measures and takes the Indian shadow bank crisis of…

Abstract

Purpose

The paper models the financial interconnectedness and systemic risk of shadow banks using Granger-causal network-based measures and takes the Indian shadow bank crisis of 2018–2019 as a systemic event.

Design/methodology/approach

The paper employs pairwise linear Granger-causality tests adjusted for heteroskedasticity and return autocorrelation on a rolling window of weekly returns data of 52 financial institutions from 2016 to 2019 to construct network-based measures and calculate network centrality. The Granger-causal network-based measure ranking of financial institutions in the pre-crisis period (explanatory variable) is rank-regressed with the ranking of financial institutions based on maximum percentage loss suffered by them during the crises period (dependent variable).

Findings

The empirical result demonstrated that the shadow bank complex network during the crisis is denser, more interconnected and more correlated than the tranquil period. The closeness, eigenvector, and PageRank centrality established the systemic risk transmitter and receiver roles of institutions. The financial institutions that are more central and hold prestigious positions due to their incoming links suffered maximum loss. The shadow bank network also showed small-world phenomena similar to social networks. Granger-causal network-based measures have out-of-sample predictive properties and can predict the systemic risk of financial institutions.

Research limitations/implications

The study considers only the publicly listed financial institutions. Also, the proposed measures are susceptible to the size of the rolling window, frequency of return and significance level of Granger-causality tests.

Practical implications

Supervisors and financial regulators can use the proposed measures to monitor the development of systemic risk and swiftly identify and isolate contagious financial institutions in the event of a crisis. Also, it is helpful to policymakers and researchers of an emerging economy where bilateral exposures' data between financial institutions are often not present in the public domain, plus there is a gap or delay in financial reporting.

Originality/value

The paper is one of the first to study systemic risk of shadow banks using a financial network comprising of commercial banks and mutual funds. It is also the first one to study systemic risk of Indian shadow banks.

Details

Kybernetes, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0368-492X

Keywords

Content available
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…

4430

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.

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…

1089

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.

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