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BRICS (Brazil, Russia, India, China, and South Africa) a group of five emerging nations that are expected to lead the global economy by the year 2050. The growth potential of these nations attracts investors from all over the world who are in search of maximizing the return on their investments and limiting the losses to the lowest possible level. The purpose of this research study is to determine whether or not Indian stock market investors can diversify their stock market portfolios into other BRICS economies.

A daily frequency of stock market closing data for the BRICS nations over a period of 2013–2021 has been considered and several econometric techniques have been applied. Starting with the Granger causality test for checking the direction of causality. The VAR technique is applied to find out whether the movement in the Indian stock market is influenced by its own past values or the past values of the other BRICS nations, and lastly, the DCC-MGARCH technique is applied to check the degree of integration or the volatility spillover from the Indian stock market to the stock markets of other BRICS nations.

The results of the study indicated that in both the short term and long term, stock market volatility is spilling over from the Indian stock market to the stock markets of other BRICS nations. Hence, the study suggests that BRICS nations cannot be a destination for portfolio diversification for Indian stock market investors.

The stock markets of emerging nations experience high volatility, which creates confusion for investors as to whether to invest or to abstain from portfolio diversification. At present, there is a gap in the existing literature to capture the stock market volatility of BRICS nations. This research study fills this research gap and confirms that BRICS nations cannot be a destination for portfolio diversification. Moreover, equity market experts, portfolio managers and researchers can all take advantage of this study.

For more than four decades, persistent economic activities and a focused growth strategy resulted in significant infrastructural and other favorable economic and institutional changes in the world's developing nations. High-quality growth is not just a function of sound economic policies but also implementing a broad range of social policies. The BRICS (Brazil, Russia, India, China and South Africa) nations have proven their testimony on both these factors. Following their path are some other emerging economies like N-11 (or Next Eleven propounded by Goldman Sachs (2005) Report), which this present study tries to examine as successors of BRICS.

Along with panel data regression modelling, the study has applied econometric procedures robust to heterogeneities across various nations and have been able to produce more reliable results that can be generalized for other similar groups of countries. 11 independent variables (both economic and institutional) have been used to meet the study's objective for a period of 34 years (1985–2018).

The findings of the study reveal that the governments of both the group of countries must work toward their macro-economic stability factors (external debt stocks), technological capabilities (mobile and fixed broadband subscriptions), human capital (health expenditure) and political conditions (mainly the rule of law) to enhance their sustainable economic growth.

This study enhances knowledge of the determinants of economic growth in emerging countries. Firms from BRICS and N-11 may better understand the factors influencing their internationalization process (both economic and institutional). The study is significant not just for the researchers but also for the policymakers of the BRICS and N-11 to understand in which areas their country is leading or lagging. The study is useful even for the policymakers of other emerging countries of the world who might take lessons from these nations (especially BRICS) and follow their success path. This study helps the governments of other groups of emerging countries such as PIN (Pakistan, Indonesia and Nigeria); MINT (Mexico, Indonesia, Nigeria and Turkey); CIVETS (Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa), etc. which can follow the path of BRICS economies in growth and formulate policies to increase their economic growth accordingly. At the enterprise level, it helps MNCs understand BRICS and N-11 markets and formulating entry and growth strategies in these most emerging countries of the world.

The present study is unique. It tries to investigate the projections of the Goldman Sachs report after 15 years of its release. It tries to determine the factors responsible for the economic development in the N-11 countries with advanced econometric techniques. Majorly, the focus is to comparatively analyze the growth trajectory for BRICS and N-11 nations and suggest whether N-11 has the potential to become successors of BRICS. A concentrated effort to examine the most significant drivers (both economic and institutional), which may lead to economic progression, has been made in this study.

The investment development path of emerging markets’ MNEs is significantly different from the developed (TRIAD) world’s MNEs; BRIC MNEs seem to have taken a different trajectory on account of various political and economic reasons, ranging from the ‘forms of entry’ to ‘country-specific advantages’ (Tulder, R. V. (2010). Toward a renewed stages theory for BRIC multinational enterprises? A home country bargaining approach. In K. P. Sauvant, G. McAllister, & W. A. Maschek (Eds.), Foreign direct investments from emerging markets: The challenges ahead (pp. 61–74). New York, NY: Palgrave Macmillan). Yet, some believe that in the long run the internationalization strategy of the developed world MNEs and BRIC MNEs will converge. Internationalization strategies as measured by OFDI depend on various macroeconomic determinants such as income, interest rate, openness of the economy, etc. The chapter intend to highlight, the significant difference between these two groups of countries on account of diverse political reforms towards internalization of firms, yet see if these different countries might converge.

Regression analysis examines the significance of the role of home government by testing the effect of governance indicators; that is voice and accountability, on OFDI. It further, tests for convergence of internationalization strategies of the two historically divergent groups, also, it tests convergence amongst the BRIC nations. Along with forecasting, time series analysis is also employed to examine convergence using univariate sigma convergence techniques.

Impact of voice and accountability is significant but it hinders OFDI for BRIC nations, while it promotes OFDI for TRIAD & ALL. Moreover, the analysis found the existence of convergence, that is BRIC will catch up with TRIAD, but though convergence exists amongst BRIC if we take a long span of time (45 years), it is absent in short span of time (19 years), as lately BRIC have shown divergent tendency.

Small sample size in multivariate regression analysis. Also, the governance indicator, that is voice and accountability, is perception based, and missing gaps in data for governance indicator is filled using interpolation.

Empirically testing the convergence of BRIC nations with the developed world. A univariate time series analysis is undertaken to understand each country’s heterogeneous FDI outflows and to address the research gap in existing forecasting literature. In addition, the comparison specifically between the Emerging Market Economies, that is the BRIC nations and the developed world gives some useful insights. This chapter ascertains the impact of governance indicator on OFDI; empirical literature shows such analysis for IFDI & FDI, but OFDI is rarely been dealt with.

The presence of economic power of BRICS nations could be felt from the late of nineteenth and beginning of twentieth century and during this period inflow of FDI also began to go up and spread across all the sectors. FDI has not only looked to capture the huge market of these economies, but while doing so, it has helped these nations in their economics progress. Our main contribution in this paper consists of analyzing both short-run and long-run interactions between status of knowledge and FDI in the form of inflow of FDI and proportion of GDP used for R&D activities accounting for possible development of knowledge in BRICS nations. For this purpose, our work is based on a sample of these five nations during the period 2006–2017. By the help of panel data analysis and having performed all the necessary tests, we have introduced both dynamic OLS and fully modified OLS to get the efficient long-run impact of FDI on knowledge. Our empirical results support long-run and short-run causality running from FDI to knowledge in all BRICS nations. Our policy recommendation includes encouragement of more FDI in development of knowledge-related activities as well as increase in proportion of GDP spent on R&D in BRICS nations.

This paper aims to analyze the pattern of public debt in Brazil, Russian Federation, India, China and South Africa (BRICS) in a comparative perspective. Besides, an attempt is made to verify the existence of debt overhang as suggested by Krugman (1988) among BRICS nations.

Annual panel data for BRICS for the period 1980-2016 has been used for the analysis. Percentage ratio method has been used to analyze the pattern of debt. Panel covariate augmented Dickey–Fuller (pCADF) test has been used to verify the time series properties of the variable, while panel cointegration test of Pedroni (1999) is used to check the existence of any co-integrating vector among the variables. Panel Granger causality test is used to check the causality between the variables.

Co-integration result suggests that there exists a strong long-run equilibrium relationship between debt service, domestic savings, capital formation and economic growth of BRICS nations. From Granger causality test, it is observed that domestic savings and capital formation are Granger caused by debt servicing. The coefficients from fully modified ordinary least squares measure a negative impact of debt service on gross capital formation and gross domestic saving. This suggests that the payment for debt service affects capital formation and gross domestic savings adversely. Thus, it gives primary signals for debt overhang effect in BRICS nations.

Allowing debt service to negatively affect the investment and potential investment will result in slowdown or stagnation in economic growth in the long run, so strategies need to be taken in BRICS nations to check the adverse effects of rising level of debt-service-payment-to-gross national income ratio on domestic savings and capital formation. BRICS nations need to reduce their debt service payment by undertaking appropriate strategy of debt overhaul and fiscal management so that domestic savings and capital formation in the country will not be adversely affected. Besides, BRICS nations need to take measures to augment its domestic savings and capital formations.

To the best of the authors’ knowledge, no published works have analyzed the pattern of public debt for BRICS (major developing nations). Debt servicing is also not checked for BRICS in recent papers, considering overhang approach.

The purpose of this paper is to investigate the relationship between infrastructure development, rural–urban income inequality and poverty for BRICS economies.

Pedroni’s panel co-integration test and panel dynamic ordinary least squares (PDOLS) have been used to carry out the analysis.

The empirical findings confirm a long-run relationship among infrastructure development, poverty and rural–urban inequality. The PDOLS results suggest that both infrastructure development and economic growth lead to poverty reduction in BRICS. However, rural–urban income inequality aggravates poverty in these nations. The paper advocates for adopting policies aimed at strengthening infrastructure and achieving economic growth to reduce the current levels of poverty prevailing in the BRICS nations.

Significant limitations exist in the literature in terms of not clearly defining the nature of relationship and interlinkages between infrastructure development, poverty and inequality, with regard to the BRICS nations. The available studies mainly focus on the relationship between infrastructure and growth, with the universal agreement being that these two are positively related. However, it is still not right to assume that economic growth attributable to infrastructure development will, therefore, subsequently lead to a reduction in inequality. This forms the basis for this study, that is, to critically examine the relationship between infrastructure development, inequality and poverty for BRICS nations.

To the best of our knowledge, no study has examined credit cycle synchronizations in the context of emerging economies. Studying the credit cycles synchronization across BRICS (Brazil, Russia, India, China and South Africa) countries is crucial given the magnitude of trade and financial integration among member counties. The enormity of the trade and financial linkages among BRICS countries and growth spillovers from emerging economies to advanced and low-income countries provide the rationale and motivation to study the synchronization of credit cycles across BRICS.

The study investigates the credit cycles coherence across BRICS economies from 1996Q2 to 2020Q4. The synchronization analysis is done using the noval wavelet approach. The analysis examines not only the coherence but also the extent of credit cycle synchronization that varies across frequencies and over time among different pairs of nations.

The authors find heterogeneity in the credit cycles' synchronization among the member nations. China and India are very much in sync with the other BRICS countries. China's high-frequency credit cycle mostly leads the other countries' credit cycles before the global financial crisis and shows a mix of lead/lag relationships post-financial crisis. Interestingly, most of the time, India's low-frequency credit cycles lead the member countries' credit cycles, and Brazil's low frequency credit cycle lag behind the other BRICS countries' credit cycles, except for Russia. The results are crucial from the macroprudential policymaker's perspective.

The empirical design is applicable to a similar set of countries and may not directly fit each emerging economy.

The findings will help understand the marked deepening of trade, technology, investment and financial interdependence across the world. BRICS acronym requires no introduction, but such analysis may help understand the interaction at the monetary policy level.

This is the first study that highlights the need to understand the credit variable interactions for BRICS nations.

There are many ways of viewing, interpreting and even conceptualizing Brazil, Russia, India, China and South Africa (BRICS) growth. This paper considers image regeneration and how this helps enhance place competitiveness. A focus on events and the spectacle they create also challenges to think about sustainable futures. This paper aims to supplement this focus on image regeneration and competitiveness, it is important to discuss and outline triple bottom line impacts as a framework to consider going forward.

Looking at the BRICS, the growing events, tourism and leisure industries transcend private and public business practices and can help align with more contemporary sustainable development practices and regeneration agendas. Such agendas can, in turn, help enhance destination competitiveness and image. While the authors need (and should) continue to assess and address economic impacts and development, it is just as important to consider environmental impacts and social impacts on a destination and its residents when considering competitiveness.

This conceptual paper frames insight from the literature to reflect on and consider research directions linked to triple bottom line impacts. The paper puts emphasis on the need to consider the social and environmental impacts of events.

This paper links conceptual discussions of image regeneration and competitiveness with triple bottom line impacts to look at directions for BRICS nations. It is useful for policymakers and planners who look at the “big picture” of event hosting and argues the need for more sustainable policy and planning agendas.

The aim of this study is to ponder over the issue of the combined political and economic importance of the BRIC(S) countries. The study highlights the performance of BRICS countries on the basis of various economic and social indicators, as well as patterns of trade and investment. The chapter examines the origin and the status of the BRICS Development Bank as a sign of the creation of a new political and economic block.

The present study adopts a descriptive method. It uses secondary data from several multilateral organisations.

The BRICS countries not only differ in their contribution to the global economy but also along major social indicators. BRICS Bank (New Development Bank) is an important step taken by BRICS countries, but its sustenance depends on the future policies and coordination of BRICS countries.

No econometric techniques are applied due to insufficiently available secondary data.

The purpose of this paper is to analyze the status of corporate social responsibility (CSR) communications in Brazil, Russia, India, and China (BRIC) nations. The four countries are among the biggest emerging markets, forecasted to have increasing influence in economic and political spheres. How these countries manage their corporate communication in regards to CSR is, thus, the focus of the investigation.

This paper compares the extent and content of corporate communication with respect to CSR from a sample of over 100 companies from the BRIC nations by investigating the nature of CSR motives, processes, and stakeholder.

The results of the analysis show that CSR activities differ among BRIC nations with respect to CSR motives, processes, and stakeholder issues. China seems to be least communicative on a number of CSR issues.

The research shows that great variations exist in the implementation of CSR in BRIC nations. Even though India's GDP per capita is lower than that of China, for example, its communication of CSR is more intensive. This suggests that economic development alone cannot fully explain the differences in CSR communication. A full understanding of differences in CSR communications across BRIC is, thus, needed.

The paper is original in providing across BRIC country analysis of corporate communication relating to CSR activities.