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Article
Publication date: 17 January 2020

Dinesh Jaisinghani, Muskan Kaur and Mohd Merajuddin Inamdar

The purpose of this paper is to analyze different seasonal anomalies for the Israeli securities markets for the pre- and post-global financial crisis periods.

Abstract

Purpose

The purpose of this paper is to analyze different seasonal anomalies for the Israeli securities markets for the pre- and post-global financial crisis periods.

Design/methodology/approach

The closing values of six indices of the Tel Aviv Stock Exchange (TASE) of Israel have been considered. The time frame ranges from 2000 to 2018. Further, the overall time frame has been segregated into pre- and post-financial crisis periods. The study employs dummy variable regression technique for assessing different calendar anomalies.

Findings

The results show evidence pertaining to different seasonal anomalies for the Israeli markets. The results specifically show that the anomalies change considerably across the pre- and post-financial crisis periods. The results are more apparent for three anomalies including the day of the week effect, the month of the year effect and the holiday effect. However, anomalies including the Halloween effect and the trading month effect are found to be insignificant across both pre- and post-financial crisis periods.

Originality/value

The study is first of its kind that analyzes different seasonal anomalies across pre- and post-financial crisis periods for the Israeli markets. The study provides newer insights about the overall return patterns observed in different indices of the TASE.

Details

Managerial Finance, vol. 46 no. 3
Type: Research Article
ISSN: 0307-4358

Keywords

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Article
Publication date: 9 November 2020

Dinesh Jaisinghani and Amritjot Kaur Sekhon

The purpose of the present study is to analyze the impact of corporate social responsibility (CSR) disclosures on firms' profitability and its persistence.

Abstract

Purpose

The purpose of the present study is to analyze the impact of corporate social responsibility (CSR) disclosures on firms' profitability and its persistence.

Design/methodology/approach

The study has been conducted for listed firms operating in India from 2008 to 2017. Content analysis has been utilized to estimate the CSR disclosures score. Further, dynamic panel regression has been utilized to estimate the relationship between CSR disclosures and profit persistence.

Findings

The results confirm positive profit persistence for Indian companies. The results further show that different dimensions of CSR disclosure have differential impact on firms' profitability. CSR dimensions concerning total community development and product-related disclosures have a positive relationship, whereas dimensions related to environmental and customer-related disclosures have a negative relationship with financial performance. The results also indicate that CSR disclosures are significantly related to profit persistence.

Originality/value

The study is first of its kind that analyzes the impact of CSR disclosure on profit persistence for Indian companies. The results can provide useful implications for managers and regulators in terms of formulation of overall CSR policies.

Details

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

Keywords

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Case study
Publication date: 17 November 2015

Dinesh Jaisinghani and Deepak Tandon

Subject Area: Strategy – dealing with a particular type of strategic alliance (Public Private Partnership) as a strategy to enter a new business segment.

Abstract

Structured abstract

Subject Area: Strategy – dealing with a particular type of strategic alliance (Public Private Partnership) as a strategy to enter a new business segment.

Study level/applicability

MBA and other similar programs at the postgraduation level.

Case overview

The current case deals with Yes Bank, one of the largest private sector banks in India. The main objective of the case is to help the students to understand the banking industry, and the structure and implementation of Public–Private Partnership (PPP) at a large Indian Bank. The case also intends to highlight the cost and revenue drivers for a particular industry. Yes Bank is contemplating entering into the Indian Agricultural financing sector that has huge potential. The case describes how to analyze the sector using Porter's five force model. Also, there are several modes of entering the sector, including joint-ventures, mergers, direct investments and PPPs. The case describes the benefits and issues associated with each of the mentioned strategies. Further, the case also describes the challenges and benefits of PPPs as a mode of generating growth opportunities.

Expected learning outcomes

The case can be a part of a banking course as well as a strategy course. The current case allows the students to make decisions while dealing with situations pertaining to sustainable development and implementation of PPPs. The major expected learning outcomes of the current case are: to be able to understand industry structure, using the banking sector as an example; to be able to list down the revenue and cost drivers for Indian banks; to be able to identify investment drivers for a particular industry, such as agriculture; to be able to analyze the agricultural financing industry using the Porter's five force model; to be able to analyze different modes of entering a new sector and the challenges associated with each one of them; and to be able to comprehend the role of PPPs in entering new areas of business.

Supplementary materials

Teaching Notes are available for educators only. Please contact your library to gain login details or email support@emeraldinsight.com to request teaching notes.

Details

Emerald Emerging Markets Case Studies, vol. 5 no. 7
Type: Case Study
ISSN: 2045-0621

Keywords

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Case study
Publication date: 5 June 2017

Neena Rohit Jain and Dinesh Jaisinghani

Human Resources and Organizational Behavior – dealing with the HR issues in mergers and acquisitions (M&As).

Abstract

Subject area

Human Resources and Organizational Behavior – dealing with the HR issues in mergers and acquisitions (M&As).

Study level/applicability

MBA and other similar programs at the post-graduation level.

Case overview

The current case deals with human resource (HR) issues in the merger of Kotak Mahindra Bank (KMB) and ING Vysya Bank (IVB). The case discusses various aspects of the merger process and focuses on the key challenges that firms face while integrating the employees of the merged entities. The case also highlights the steps taken by KMB to ensure that the merger process is smooth and employees are adequately motivated. The case also discusses the process adopted by the merged entity to efficiently integrate the employees.

Expected learning outcomes

The case can be a part of an organizational behavior course and a banking course. The current case allows students to make decisions while dealing with situations pertaining to employees’ integration in an M&A deal. The major expected learning outcomes of the current case include being able to: understand industry structure using the Indian banking industry as a case in point; identify the major challenges in any M&A deal; list down key HR issues in any merger activity; analyse strategies that can be adopted to deal with HR challenges; and construct a plan of action for integrating employees in a merged entity.

Supplementary materials

Teaching Notes are available for educators only. Please contact your library to gain login details or email support@emeraldinsight.com to request teaching notes.

Subject code

CSS: 6: Human Resource Management.

Details

Emerald Emerging Markets Case Studies, vol. 7 no. 2
Type: Case Study
ISSN: 2045-0621

Keywords

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Article
Publication date: 12 November 2019

Dinesh Jaisinghani, Harwinder Kaur, Jatin Goyal and Mahesh Joshi

The purpose of this paper is to examine the degree of persistence of firm performance for publicly listed firms in Indonesia. The study also explores the impact of…

Abstract

Purpose

The purpose of this paper is to examine the degree of persistence of firm performance for publicly listed firms in Indonesia. The study also explores the impact of marketing expenditure on firm’s performance.

Design/methodology/approach

The data comprise 165 listed firms operating in Indonesia over the period 2007–2016. Dynamic panel regression estimations using Arellano and Bond (1991) and Blundell and Bond (1998) techniques have been deployed to generate the results.

Findings

The findings show the existence of positive persistence and sub-optimal level of competition in the performance of Indonesian firms. The results highlight that marketing intensity has a positive and significant impact on firm performance. The positive persistence hints at creation of substantial entry and exit barriers by the Indonesian firms and also indicate that Indonesian firms are able to create behavioral inertia among their consumers by properly directing their marketing efforts.

Practical implications

There is a need on the part of management to strengthen the short-term profit capabilities to nurture long-term benefits of profit maximization. On the regulators part, the authorities should frame the policies to foster long-run competition.

Originality/value

The current study contributes to the sparse literature on persistence of firm performance in the context of emerging economies like Indonesia. This is the first study on persistence of firm performance for publicly listed firms in Indonesia.

Details

International Journal of Productivity and Performance Management, vol. 69 no. 6
Type: Research Article
ISSN: 1741-0401

Keywords

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Article
Publication date: 3 May 2016

Dinesh Jaisinghani

The purpose of the current paper is to examine the nature of profit persistence and to estimate the dynamic relationship between research and development (R&D) intensity…

Abstract

Purpose

The purpose of the current paper is to examine the nature of profit persistence and to estimate the dynamic relationship between research and development (R&D) intensity and firm profitability in the Indian pharmaceutical industry.

Design/methodology/approach

A dynamic panel data model with generalized methods of moments (GMMs) technique has been deployed to estimate the relationship between R&D intensity and performance. Arellano and Bond (1991) estimation methodology has been used to generate the estimates. A sample of 55 publicly listed firms operating in the Indian pharmaceutical industry for the period 2005-2014 has been considered.

Findings

The study finds moderate to heavy profit persistence in the Indian pharmaceutical industry. The study also finds that there exists a positive relationship between R&D intensity and performance for the Indian pharmaceutical Industry. The results hold even after considering two separate measures of profitability – return on assets and return on sales. The results also hint at a possible non-linear relationship between R&D intensity and profitability.

Research limitations/implications

The results highlight positive profit persistence among pharmaceutical firms. The results also highlight the need for a sustained investment in R&D, as its benefits are driven in the long run. Thus, managers should devise proper policies R&D investments. Also, prospective entrants should properly study the existing entry barriers before deciding upon the mode and timing of entry.

Originality/value

The degree of profit persistence and the dynamic nature of relationship between R&D intensity and firm performance in the Indian pharmaceutical sector has not been studied. Thus, this paper fills this gap and also highlights the impact of certain firm- and industry-specific variables on profitability.

Details

Journal of Asia Business Studies, vol. 10 no. 2
Type: Research Article
ISSN: 1558-7894

Keywords

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Case study
Publication date: 29 March 2020

Abhishek Kumar, Dinesh Jaisinghani and Shailesh Tiwari

The case highlights the initiatives that can be taken by the management of a large organization to bring more objectivity in promotion policies and to make the process of…

Abstract

Learning outcomes

The case highlights the initiatives that can be taken by the management of a large organization to bring more objectivity in promotion policies and to make the process of succession management more scientific. After completing the case, the following teaching objectives should be achieved. Students should be able to comprehend the industrial structure and the key challenges faced by oil and gas industry in an emerging economy – India; students should understand how a large organization can bring objectivity and transparency in its promotion policy by focussing on merit; students can analyse the challenges faced by a large organization in implementing changes in its promotion policy; and students should be able to understand the mechanism of alignment of assessment centres with the promotion policy.

Case overview/synopsis

The case deals with bringing change in the competency planning in a large organization. The focus of the case is to explain how a large organization can bring about a radical change in promotion policy especially for employees at the senior positions. The key issue highlighted in the case relates to building competency and linking rewards with merit. The case also highlights the kind of resistance by the stakeholders while enforcing the changes in the organization.

Complexity academic level

MBA and other similar programmes at the post-graduation level.

Supplementary materials

Teaching Notes are available for educators only.

Subject code

CSS 6: Human resource management.

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Article
Publication date: 19 September 2019

Neeti Khetarpal Sanan, Dinesh Jaisinghani and Sangeeta Yadav

The purpose of this paper is to investigate whether, in emerging economies, the relationship between a firm’s corporate governance (CG) and its performance is associated…

Abstract

Purpose

The purpose of this paper is to investigate whether, in emerging economies, the relationship between a firm’s corporate governance (CG) and its performance is associated with firm’s affiliation to a business group.

Design/methodology/approach

A total of 209 publicly listed firms in India during a 10-year period from 2007 to 2016 were studied, and the random effects model was employed for analysis.

Findings

Empirical evidence showed that board size and institutional shareholding positively impacted firm performance, whereas the proportion of independent directors negatively impacted performance. In group-affiliated firms in emerging economies, chief executive officer duality negatively impacted, whereas institutional shareholding positively impacted performance. These results are consistent with the principal–principal agency theory. The study found no discernible impact of proportion of independent directors on firm performance in group-affiliated firms.

Originality/value

In analyzing the governance–performance relationship and its association with business groups, this study extends current understanding by connecting business group research in emerging economies with CG and firm performance research. In examining firms from several industries over a long period of time after controlling for firm size, capital structure and spends on research and development and marketing, the results of this study offer rich empirical evidence that contributes to the extant literature on the nature of the governance–performance relationship.

Details

Management Decision, vol. 59 no. 8
Type: Research Article
ISSN: 0025-1747

Keywords

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Article
Publication date: 7 March 2016

Dinesh Jaisinghani

– The purpose of this paper is to test prominent calendar anomalies for Indian securities markets those are commonly reported for advanced markets.

Abstract

Purpose

The purpose of this paper is to test prominent calendar anomalies for Indian securities markets those are commonly reported for advanced markets.

Design/methodology/approach

The study considers closing values of 11 different indices of National Stock Exchange India, for the period 1994-2014. By using dummy variable regression technique, five different calendar anomalies namely day of the week effect, month of the year effect, mid-year effect, Halloween effect, and trading-month effect are tested. Also, the evidence of volatility clustering has been tested through the application of generalized autoregressive conditional heteroscedasticity (GARCH)-M models.

Findings

The results display weak evidence in support of a positive Wednesday effect. The results also display weak evidence in support of a positive April and December effect. The results show strong evidence in support of a positive September effect. The Halloween effect was not found significant. The test of mid-year effect provides evidence that the returns obtained on the second-half or the year are considerably higher than those obtained during the first half. The test of interactions effects showed possible presence of interactions among various effects. The GARCH-based tests display strong evidence in support of volatility clustering.

Practical implications

The results have several implications for investors, regulators, and researchers. For investors, the trading strategies based on results obtained have been discussed. Similarly, certain key implications for regulators have been described.

Originality/value

The originality of the paper lies in the long time frame and multiple indices covered. Also, the study analyses five different calendar anomalies and the interactions among these effects. These analyses provide useful insights regarding returns predictability for the Indian securities markets.

Details

South Asian Journal of Global Business Research, vol. 5 no. 1
Type: Research Article
ISSN: 2045-4457

Keywords

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Article
Publication date: 16 November 2015

Richa Awasthy, Dinesh Jaisinghani and Rajen K Gupta

The purpose of the present paper is to examine the role of sensitivity training (ST) methods at higher education institutions as a service provider for future managers…

Abstract

Purpose

The purpose of the present paper is to examine the role of sensitivity training (ST) methods at higher education institutions as a service provider for future managers’ qualifications.

Design/methodology/approach

A qualitative content analysis of the narratives logs of participants of a ST was carried out.

Findings

The data collected reveal influential impact of ST on MBA students. It discusses the students’ journey from unknowing to knowing through self-discovery route. Specifically, there are five connecting points in ST: experience, trust, understand, learn and apply. At an abstraction level, overall this experience can be equated with feeling of being “self rejuvenated”.

Research limitations/implications

The study is confined to the participants of MBA-HR course. More insights can be obtained by replicating the study for participants from different programmes.

Originality/value

The original contribution of the study lies in revisiting the experiential learning (EL) process in ST. ST is a kind of EL, yet different in the process, as it mediates through trust building.

Details

Journal of Indian Business Research, vol. 7 no. 4
Type: Research Article
ISSN: 1755-4195

Keywords

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