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The purpose of this paper is to assess how much difference it makes for US firms to use the two‐factor ICAPM to estimate their cost of equity instead of a single‐factor CAPM.

For a large sample of US companies, the authors compare the empirical cost of equity estimates of a two‐factor international CAPM with those of the single‐factor domestic CAPM and the single‐factor global CAPM.

The authors find that the cost of equity estimates of the two‐factor ICAPM are reasonably close to those of either single‐factor model for US firms with low‐to‐moderate foreign exchange exposure; and second, perhaps surprisingly, for US firms with extreme foreign exchange exposure, that the cost of equity estimates of the two‐factor ICAPM tend to be very close to those of the domestic CAPM, and even closer than to those of the single‐factor global CAPM.

The paper's findings might prove useful to academic researchers wanting to resolve the seemingly contradictory empirical results on the pricing of FX risk.

The findings will hopefully help managers decide whether they should go to the trouble of estimating a US firm's cost of equity with the two‐factor international CAPM instead of a traditional single‐factor CAPM.

The paper extends the existing literature by focusing on the two‐factor ICAPM, and finds some new and surprising empirical results.

The purpose of this paper is to examine the impact of US dollar exchange rate risk on the value of Canadian non‐financial firms.

The sample, from the Compustat database, includes all non‐financial Canadian firms with sales over $100 million. The study segregates firms into hedging and non‐hedging groups and applies statistical techniques to test if hedging enhances value.

The results demonstrate that Canadian firms that have higher levels of US$ sales tend to use derivatives more frequently through higher levels of US$ exposure. Firms that have both US sales and assets appear less likely to use hedging. Firms with an American subsidiary and use financial instruments to hedge have higher values. When operational hedging is used with financial hedging, it is a value enhancing activity increasing their market‐to‐book by 14 per cent and market value‐to‐sales by 40 per cent. Incremental impact of these two hedging strategies is to enhance value by 7 per cent.

The sample from Compustat captures large capitalization Canadian firms but ignores about 75 per cent of Canadian firms. There is a bias towards larger firms. Some hedging items are not disclosed on financial statements. A survey would enhance and complement these results.

The paper finds that it is important for Canadian firms that have exports denominated in US dollars to hedge their exposure. The full value of hedging is reaped by using both operational and financial hedges.

This study is the first that examines US dollar risk management by Canadian firms.

We examine the market valuation of targets with multiple large shareholders (MLS) and single large shareholder (SLS) structures, in an international sample of M&A announcement in 19 countries outside North America. We find that the presence and power of MLS in these firms are negatively associated with abnormal returns and first-bid-to-merger-completion returns, suggesting that MLS mitigate agency problems in the target, and hence their acquisition is perceived as “a loss of good governance.” The negative association between MLS targets and returns is stronger in widely held firms suggesting that MLS indeed curb expropriation of minority shareholders. By contrast, when the second largest shareholder in the MLS structure of the target is a family, we find positive cumulative abnormal returns at the merger announcement, suggesting exacerbated agency problems in these firms that should benefit from the “acquisition of good governance.” Our evidence is robust to a battery of tests and to addressing potential endogeneity.

This study aims to examine the pattern of corporate social responsibility expenditure (CSRE) incurred by Indian companies after the inception of Companies Act 2013. It also highlights the resultant change brought in the corporate social responsibility (CSR) spends of the companies because of COVID-19 pandemic.

The CSR index provided by the Ministry of Corporate Affairs under Companies (CSR Policy) Rules 2014, is adopted to measure the extent of CSRE made by top 30 Indian companies listed on Bombay Stock Exchange. To study the pattern of CSRE in various domains mentioned in the CSR index, the study is conducted over four points of time. Three alternative years since the commencement of the Companies Act 2013 i.e. 2014–2015, 2016–2017 and 2018–2019 have been taken up. Additionally, the financial year 2019–2020 is included as it marks the inception of the COVID-19 pandemic.

The findings show that the CSRE made by companies is increasing every year over all points of time taken in the study. In addition to this, Indian companies have voluntarily contributed a substantial amount towards COVID-19 relief over and above the required mandatory limits.

The gradual increase in CSR contributions even above the mandated amount and voluntary contribution towards COVID-19 relief by Indian companies implies that the nature of CSR in India is still philanthropic.

The study contributes to the CSR literature after the implementation of the mandatory CSR provisions in India and in the wake of the global pandemic caused by COVID-19 as so far there is no such study available in the extant literature.

To use distinct element simulation (PFC2D) to investigate the relationships between microparameters and macroproperties of the specimens that are modeled by bonded particles. To determine quantitative relationships between particle level parameters and mechanical properties of the specimens.

A combined theoretical and numerical approach is used to achieve the objectives. First, theoretical formulations are proposed for the relationships between microparameters and macroproperties. Then numerical simulations are conducted to quantify the relationships.

The Young's modulus is mainly determined by particle contact modulus and affected by particle stiffness ratio and slightly affected by particle size. The Poisson's ratio is mainly determined by particle stiffness ratio and slightly affected by particle size. The compressive strength can be scaled by either the bond shear strength or the bond normal strength depending on the ratio of the two quantities.

The quantitative relationships between microparameters and macroproperties for parallel‐bonded PFC2D specimens are empirical in nature. Some modifications may be needed to model a specific material. The effects of the particle distribution and bond strength distribution of a PFC2D specimen are very important aspects that deserve further investigation.

The results will provide guidance for people who use distinct element method, especially the PFC2D, to model brittle materials such as rocks and ceramics.

This paper offers some new quantitative relationships between microparameters and macroproperties of a synthetic specimen created using bonded particle model.

The research is geared towards studying the impact of “GDP per capita (GDP)”, “energy consumption (EC)”, “human capital (HC)” and “trade openness (TO)” on India's ecological footprint (EF) from 1997–1998 to 2019–2020.

The autoregressive distributed lag model (ARDL) bound test was used to look at the short-run and long-term coefficients and the cointegration of the variables.

The results depicted a long-run connection between the variables. The long-run results found a favourable relationship between GDP, EC and EF, indicating that economic growth through heavy reliance on fossil fuels contributes to environmental unsustainability. An inverse relationship between HC, TO and EF was also observed, indicating that education fosters pro-environmental behaviour and leads to adopting cleaner technology that contributes to environmental sustainability.

The research substantiates India's pressing requirement for sustainable development, ensuring a harmonious balance between economic performance and environmental preservation. A carefully designed policy needs to be formulated to mitigate emissions stemming from growth in India. Policymakers are urged to implement measures that promote ecologically friendly tools, utilities and transportation to curb long-term environmental degradation.

The study is novel, incorporating an exhaustive review using Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA). This study further examines how India's EF is affected by its HC; the preceding literature has yet to discuss much about the connection between HC and the environment. Finally, the study employed advanced econometric techniques, namely the cointegration technique and ARDL model, to find the relationship between EF, GDP, HC, EC and TO.

This study aims to calculate the corporate social responsibility (CSR) expenditure made by companies as per the provisions of Section 135 of Companies Act 2013 and check the status of compliance/non-compliance of these provisions in the mandatory regime of CSR.

Based on a sample of top 500 Indian companies listed on Bombay Stock Exchange, the study compares the CSR expenditure required to be incurred by companies with the actual CSR expenditure made by them over a time span of seven years and calculates the extent of surplus or deficit attained by them starting from the year of inception of CSR provisions, 2014–2015, till the most recent year, 2020–2021.

The findings indicate that the average CSR expenditure made by Indian corporate sector is less than the mandatory requirement. More than half of the companies do not comply with the CSR regulations of the country. Even the “Most Profitable” companies fail to contribute the minimum required amount towards social activities akin to their counterparts in the “Less” and “Least” profitable categories.

The disobedience towards the statutory provisions implies that Indian companies are non-compliant towards CSR guidelines despite the regulative institutional pressure that makes CSR a mandatory practice to legitimise it.

The study contributes to the CSR literature in the light of the transformed regulative institutional environment in India. It includes a comprehensive analysis of compliance of companies with the revised statutes over all the years since the inception of new mandatory guidelines on CSR till the most recent time period on a representative sample, thus, making the findings robust and generic with respect to India.

The COVID-19 pandemic era has severely hampered the economy over the globe. However, the manufacturing organizations across all the countries have struggled heavily, as they were among the least who worked on online mode. The organizations are adopting various innovative quality methodologies to improve their performance. In this regard, they are adopting the Sustainable Lean Six Sigma (SLSS) concept and Industry 4.0 technologies to develop products at a faster rate. The use of Industry 4.0 technologies may reduce material movement and supply chain disruptions with the help of smart intelligent systems. There is a strong synergy between SLSS and Industry 4.0 technologies, resulting in an integrated approach for adoption. This study aims to develop a framework that practitioners can use to adopt Industry 4.0-SLSS practices effectively.

This study portrays 31 Industry 4.0-SLSS practices and 22 performance metrics identified through a literature review to improve the manufacturing supply chain performance. To compute the weights of these practices, the Robust Best–Worst Method (RBWM) is used. The Pythagorean fuzzy combined compromise solution (PF-CoCoSo) method is used to rank performance metrics.

According to the RBWM results, “Process Development Practices (PDP)” are first among the major criteria, followed by “Organizational Management Practices (OMP)” at second, “Technology Adoption Practices (TAP)” at third, “Strategy Management Practices (SMP)” at fourth and “Executive Management Practices (EMP)” at fifth, whereas the PF-CoCoSo method resulted in the performance metric “On time product delivery” ranking first.

The identified practices have the potential to significantly improve the performance of the manufacturing supply chain. Practices that encourage a sustainable manufacturing supply chain and the usage of emerging technology will benefit organizational effectiveness. Managers can assess performance using prioritized performance metrics.

During the COVID-19 pandemic era, this is one of the unique attempts to provide a framework to improve the manufacturing supply chain performance. This study integrates and identifies Industry 4.0-SLSS practices and performance metrics for enhancing overall performance.