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Despite volumes of research on the efficient market hypothesis (EMH) over the last six decades, the results are inconclusive as some studies supported the hypothesis, and some studies rejected it. The study aims to examine the market efficiency of the Indian stock market.

For analysis, nine Bombay Stock Exchange (BSE) broad market indices were selected covering the study period from 01 January 2011 to 31 December 2020. The data collected for this study are daily open, high, low and closing prices of selected indices. The tools used in this study are: (1) unit root test to check the stationarity of time series, (2) descriptive statistics, (3) autocorrelation and (4) runs test.

The empirical findings of the study reveal that BSE broad market indices do not follow a random walk and Indian stock market is as weak-form inefficient.

The findings from this study provide several avenues for future research. One of the research implications is that anomalies in the statistical results by different academicians in the finance area need to be explained by future researchers.

Investment companies need to understand that extraordinary skills are required to beat the market to make abnormal returns. In an inefficient market where securities do not reflect the complete available information, it is challenging for the investment brokers to convince the customers about the portfolios they recommend to the public that the rate of return would be more than expected.

As economic growth is related to the growth in the financial sector, developing countries like India depend on the accuracy of the information. In the presence of asymmetric information, the fluctuations in the stock market would have serious harmful consequences on the economy.

Amid several controversies surrounding the EMH testing, this study is a modest attempt to provide evidence that the Indian stock market is in weak-form inefficient. However, it is essential to link investors' behaviour and trends observed in the financial sector to fully understand the implications of EMH.

The main purpose of this research study is to investigate the impact of quarterly earnings announcements on stock price movement of the firms constituting the SENSEX under two different market conditions – booming followed by recessionary. Analysis of price effect of quarterly earnings announcements during the five-year period prior to trading suspension, which is also characterized by a booming market condition have been made. Similar analysis during the five-year period following the trading suspension and marked by recessionary market condition has also been carried out side by side.

Event study methodology using daily returns and market model has been used for the purpose of analyzing the quarterly earnings announcement effects on the security prices of the firms. A sign test has also been used along with the event study.

The study reveals that quarterly earnings announcement does not have statistically significant effect on stock returns during the booming as well as the recessionary market conditions. The impact of quarterly earnings announcements on stock price movement of firms constituting the SENSEX has been similar for both periods undertaken in the study.

The study has been undertaken using the firms listed in BSE SENSEX. The effect of the quarterly earnings announcement with reference to firms listed in other indices, if covered, may provide different sets of results.

The paper identifies the informational value of quarterly earnings announcement of BSE-SENSEX.

The purpose of this paper is to investigate the impact of board composition on the level of corporate internet reporting (CIR) practices.

This study uses content analysis to examine the CIR practices of 140 Indian companies selected from the Bombay Stock Exchange 200 index for the year 2015. CIR was measured on a comprehensive internet disclosure index of 136 items capturing both content and presentation dimensions. Regression analysis was used to explore the impact of board composition (board size, board independence, frequency of board meetings, CEO duality and family members on the board) and audit committee characteristics on CIR while controlling the impact of variables firm size, leverage, profitability and industry type.

The findings reveal that larger boards, boards with less family members and audit committees that meet more frequently are more likely to engage in CIR practices. In addition, larger firms and firms that make less use of debt tend to disclose more information on their websites.

The focus of the study has been on one aspect of corporate governance mechanisms i.e. board characteristics. Future studies can explore the impact of ownership structure on CIR practices.

This study extends the prior CIR research by demonstrating the effectiveness of corporate governance mechanisms in particular board characteristics in adopting internet reporting practices for Indian companies. The examination of the relationship between corporate reporting on the internet and corporate governance aids regulators in evaluating and enhancing the effectiveness of the boards.

The academic research into underpricing of initial public offerings (IPOs) offers many explanations, i.e. signalling, financial and market hypothesis. However, another set of information, namely, “Qualitative Factors” (along with financial and others), are largely reported by the issuing firms in the prospectus. However, to the best of the authors’ knowledge no such systematic study has been carried out on how firms’ qualitative factors impact the IPO valuation. This paper aims to addresses this gap.

Using a sample of 82 IPOs issued from 2014 to 2020, we investigate the issuing firm’s pattern of reporting qualitative factors. These qualitative factors are subjected to factor analysis. The authors classify all reported factors across firms into a few categories using principal component analysis. The authors also investigate the impact of these factors on IPO underpricing using OLS regression.

The authors find that the qualitative information relating to market leadership, established brand image and modern scalable information technology infrastructure significantly influences underpricing. The authors also document that market leadership and brand image are the influential reported quality factors that reduce underpricing. Moreover, location advantage, good customer relationship, established relationship with a client, track record of growth and profitability, experienced promoter and management team failed to influence underpricing.

The outcome of this piece of research offers additional signalling as an attestation of quality for the issue. The authors further argue that the amount of qualitative information disclosed by the managers in the prospectus to support the pricing should not be ignored.

Utilising the resource dependency theory, this study investigates the impact of board interlocks (CEOs' interlocks, women board interlocks, independent board interlocks and total board interlocks) on carbon emissions performance in India.

This research applies varieties of regression methods comprising robust least squares, generalised method of moments and Heckman's regression on a final sample of 63 of India's top 200 Bombay Stock Exchange (BSE) listed companies that voluntarily participate in the Carbon Disclosure Project's (CDP) Climate Change Program and disclose their climate change data for years 2013–2020.

We provide strong evidence for a strong negative association between CEOs' interlocks and women board interlocks on carbon emissions performance. Independent and total board interlocks are not found to significantly affect carbon emissions performance.

Our sample is restricted to the proportion of the top 200 BSE firms that voluntarily submit their carbon emissions data to CDP. Also, the study's focus is India, limiting the generalisation of our findings to other emerging economies.

The study's findings provide valuable insight for regulators and corporate board of directors on the important role of CEOs and women board who interlock with other firms in steering the carbon emissions reduction. Specifically, the corporate board of directors should encourage CEOs to build more networks through outside board memberships. The regulators should revisit the Companies Act, 2013 and the Securities Exchange Board of India (SEBI) regulation to increase the number of multiple directorships of CEOs and women board of directors.

This study responds to the dearth of literature on the efficacy of board interlocks on carbon emissions performance in emerging economies.

The purpose of this paper is to understand current practices in capital budgeting (including real options) in Indian companies and provide a normative framework (guidelines) for practitioners (based on our findings and literature reviewed).

A questionnaire survey was administered to 166 non‐financial companies of the BSE 200 index. Secondary data were also collated from 2001‐2011.

Trends towards sophisticated techniques and sound capital budgeting decisions have continued in India. All sample respondent firms used discounted cash flow (DCF) techniques in conjunction with non‐DCF techniques. Internal rate of return (IRR), used by more than three quarters of the sample companies, is favored over net present value (NPV), used by half of the sample companies. Real options are used by half of the sample companies. Permanent (long‐term) capital has been used to finance fixed assets (net) and working capital (net).

The limitations of the study are that it is country specific and a detailed sectoral analysis of the constituent sectors of the sample companies could have perhaps provided deeper insight into the subject.

The findings of this research, decades of teaching experience of the authors and the literature reviewed have been utilized to evaluate current practices and suggest possible improvements in decision making (through a normative framework).

The findings show that there still remains a theory‐practice gap in the usage of IRR over NPV. The usage of permanent (long‐term) capital to fund fixed assets (net) and permanent working capital requirements, although sound, could be an indication of surplus funds which could be used to repay long‐term debt or finance more asset building.

The main purpose of the study is to investigate the impact of gender diversity both at the board and workforce level on firm performance (FP) in the Indian context.

This study is based on annual data of 200 companies listed on Bombay Stock Exchange (BSE) for the period 2012–2019. The authors have used the fixed-effects (FE) regression and system generalized method of moments to estimate the impact of board gender diversity and workforce gender diversity (WGD) on FP. The authors have used Blau's Index (BI) and Shannon's Index (SI) to measure gender diversity. Further, the authors have used return on assets and Tobin's Q (TBQ) to measure FP.

The authors' panel regression results suggest that board gender diversity and WGD have a positive and statistically significant impact on FP. The authors' findings are robust across different methods of estimation and alternative measures of FP.

This paper examines the impact of gender diversity both at the board and workforce level on FP of 200 companies listed on BSE. The authors' study contributes to the literature that is sparse in the Indian context and provides new insights on the impact of board and WGD on FP. The findings have useful policy implications. To achieve better performance, it is imperative to appreciate gender diversity at the governance and workforce level in a fast-growing economy like India.

The purpose of this study is to determine and compare the performance of small and medium enterprises (SME) and manufacturing company stock portfolios in the Indonesian, Chinese and Indian capital markets by the Sharpe Index and the significance of differences in average performance in the capital market.

This is comparative research that compared the performances of SME and manufacturing company stock portfolios in Indonesian, Chinese and Indian capital markets. The hypothesis examination of comparative test used one-way ANOVA technique on the performance of SME and manufacturing company stock portfolios in Indonesian, Chinese and Indian capital markets. One-way ANOVA test was used in the analysis to test the average difference of performance indices of SME and manufacturing company stock portfolios is in Indonesian, Chinese and Indian capital markets.

The performance of SME and manufacturing company stock portfolios in Indonesian capital market was not better than the performances of IHSG and LQ45 Index, the performance of SME and manufacturing company stock portfolios in Chinese capital market (SZSE) was better than the performance of Shenzhen Composite Index and the performance of Shenzhen A-Share Stock Price Index. The comparison of the performances of SME and manufacturing company stock portfolios in Indonesian, Chinese and Indian capital markets showed that the performance of SME and manufacturing company stock portfolios in Chinese capital market was the best and the performance of SME and manufacturing company stock portfolios in Indonesian capital market was the lowest.

The implication of this study was that SME and manufacturing company stock portfolios had relatively better performances in China and India, so investors should consider investing in SME and manufacturing company stocks. The performance of SME and manufacturing company stock portfolios in Indonesia was not able to exceed market and LQ45 portfolios, so the authority in Indonesia financial market should consider developing a special market for SME and manufacturing company to support the development of SME and manufacturing company in Indonesia and solve the problem of lack of funding source for SME and manufacturing company.

The originality of the present study is in the measurement of the performance of SME and manufacturing company stock portfolio by risk-adjusted return which returns per risk unit measured by Sharpe Index as a more beneficial measurement in measuring stock portfolio performance than average return. Comparative study of the stock portfolio performances of small medium enterprises and manufacturing company In Indonesian, Chinese and Indian stock markets, and object studies conducted in Indonesia, China and India.

This paper aims to examine the relationship between sustainability reporting by companies and selected corporate specific attributes. It also highlights that the scope of sustainability reporting differs from company to company and industry to industry.

Methodology is based on content analysis of 158 Indian companies selected from BSE 200. It uses multiple regression analysis to identify significant corporate attributes.

The analysis in this study reveals that companies with large size, older age, having multinational operations and belonging to Software, IT and ITES and Oil and Gas industry have significant sustainability disclosure. However, company’s profits, leverage, growth and advertising intensity are negatively related with the extent of sustainability disclosure. Other variables are found to be insignificant.

As content analysis technique has been used for gathering sustainability information, subjective judgment involved in identifying and classifying the nature of reported sustainability information cannot be ruled out.

This study adds to the growing literature on international sustainability disclosure practices and their determinants. Hence, it has its implications for a number of interested groups as investors, accounting bodies, regulatory authorities, companies, government, stock exchanges, general public, academicians and researchers.

As an emerging trend, there are few empirical studies exploring the determinants of sustainability reporting. To the best of the authors’ knowledge, this paper covers the impact of large number of corporate attributes in wholesome.