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Article
Publication date: 17 June 2021

Divya Aggarwal, Uday Damodaran, Pitabas Mohanty and D. Israel

This study examines individual ambiguity attitudes alone and in groups by leveraging the descriptive model of anchoring and adjustment on decision-making under ambiguity…

Abstract

Purpose

This study examines individual ambiguity attitudes alone and in groups by leveraging the descriptive model of anchoring and adjustment on decision-making under ambiguity. The study extends Ellsberg's probability ambiguity to outcome ambiguity and examines decisions made under both ambiguities, at different likelihood levels and under the domain of gains and losses.

Design/methodology/approach

The methodology selected for this study is a two-stage within-subject lab experiment, with participants from different Indian universities. Each participant made 12 lottery decisions at the individual level and at individuals in the group level.

Findings

The results show that ambiguity attitudes are not universal in nature. Ambiguity seeking as a dominant choice was observed at both the individual level and at individual in the group level. However, the magnitude of ambiguity seeking or ambiguity aversion contingent upon the domain of gains and losses differed widely across the individual level and at individuals in the group level.

Research limitations/implications

The study enables to contribute toward giving a robust descriptive explanation for individual behavior in real-world applications of finance. It aims to provide direction for theoretical normative models to accommodate heterogeneity of ambiguity attitudes.

Originality/value

The study is novel as it examines a two-dimensional approach by representing ambiguity in probability and in outcomes. It also analyzes whether decisions under ambiguity vary when individuals make decisions alone and when they make it in groups.

Details

Review of Behavioral Finance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1940-5979

Keywords

Case study
Publication date: 13 September 2019

Varun Elembilassery, Kalyan Bhaskar and Divya Aggarwal

The case will enable students to understand and ponder on how an organization goes about identifying and launching social impact products, how social impact products…

Abstract

Learning outcomes

The case will enable students to understand and ponder on how an organization goes about identifying and launching social impact products, how social impact products should be promoted, what the opportunities and challenges in executing a social impact strategy of developing a new product line by a leading industry player are, what is the type of social investment that will generate both social and financial returns and how a sustainable social impact strategy should be aligned with the corporate strategy of the firm.

Case overview/synopsis

Listed in 1991 on the National Stock Exchange in India, Nilkamal Limited is the largest manufacturer of moulded plastic furniture in the world. In line with their tradition, Nilkamal has now introduced a new range of products, under “social impact products” category, to cater to some of the pressing needs of the society. For this purpose, they have entered into an agreement with a US-based organization, Wello, to manufacture and market their iconic product, the Water Wheel. The euphoria surrounding the new social impact product, Water Wheel, has been immense but its commercial viability is yet to materialize. The case provokes the students to analyse the decision of venturing into social impact products and the challenges associated with it. The case grapples with the issues faced by a business firm that looks to incorporate social impact products as part of regular commercial operations. The key question to be addressed is “How far can social impact products be a good strategy to bring corporate sustainability and what should be the approach in this case?”

Complexity academic level

Study level: MBA students’ applicability: corporate responsibility and corporate sustainability, social impact strategy

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 11: Strategy

Details

Emerald Emerging Markets Case Studies, vol. 9 no. 2
Type: Case Study
ISSN: 2045-0621

Keywords

Article
Publication date: 31 October 2018

Divya Aggarwal and Pitabas Mohanty

The purpose of this paper is to analyse the impact of Indian investor sentiments on contemporaneous stock returns of Bombay Stock Exchange, National Stock Exchange and…

Abstract

Purpose

The purpose of this paper is to analyse the impact of Indian investor sentiments on contemporaneous stock returns of Bombay Stock Exchange, National Stock Exchange and various sectoral indices in India by developing a sentiment index.

Design/methodology/approach

The study uses principal component analysis to develop a sentiment index as a proxy for Indian stock market sentiments over a time frame from April 1996 to January 2017. It uses an exploratory approach to identify relevant proxies in building a sentiment index using indirect market measures and macro variables of Indian and US markets.

Findings

The study finds that there is a significant positive correlation between the sentiment index and stock index returns. Sectors which are more dependent on institutional fund flows show a significant impact of the change in sentiments on their respective sectoral indices.

Research limitations/implications

The study has used data at a monthly frequency. Analysing higher frequency data can explain short-term temporal dynamics between sentiments and returns better. Further studies can be done to explore whether sentiments can be used to predict stock returns.

Practical implications

The results imply that one can develop profitable trading strategies by investing in sectors like metals and capital goods, which are more susceptible to generate positive returns when the sentiment index is high.

Originality/value

The study supplements the existing literature on the impact of investor sentiments on contemporaneous stock returns in the context of a developing market. It identifies relevant proxies of investor sentiments for the Indian stock market.

Details

South Asian Journal of Business Studies, vol. 7 no. 3
Type: Research Article
ISSN: 2398-628X

Keywords

Article
Publication date: 17 May 2019

Divya Aggarwal

The purpose of this paper is to review and discuss the literature focusing on defining and measuring sentiments so as to understand their role in stock market behavior.

Abstract

Purpose

The purpose of this paper is to review and discuss the literature focusing on defining and measuring sentiments so as to understand their role in stock market behavior.

Design/methodology/approach

Critical review of the literature by analyzing myriad scholarly articles. The study is based on an analysis of 81 scholarly articles to critically analyze the approach toward defining and measuring market sentiments. The articles have been examined to identify and critique different classification of sentiment measures. A discussion is built to scrutinize the sentiment measures under the purview of theoretical underpinnings of the investor sentiment theory as well.

Findings

With more than five decades of research, the sentiment construct in finance literature is still ill-defined. Myriad empirical proxies of sentiment measures have led to conflicting results. The sentiment construct defined in financial theories needs to be revisited from the lens of sentiments defined in psychology.

Research limitations/implications

The study is limited to analyzing the role of individual and institutional sentiments in equity markets. There is a need to explore sentiments with respect to different investment styles and strategies along with the type of investors.

Practical implications

Developing a suitable sentiment proxy can result in devising profitable trading strategies for investors. Understanding factors driving investor sentiments will help regulators to become more proactive and frame better policies.

Originality/value

This paper has leveraged psychology literature to highlight the limitations in development of sentiment construct in finance literature. By identifying stylized facts from reviewing the empirical literature, it highlights areas for future research.

Details

Qualitative Research in Financial Markets, vol. 14 no. 2
Type: Research Article
ISSN: 1755-4179

Keywords

Article
Publication date: 1 May 2008

Purva Kansal and Divya Aggarwal

As globalization becomes ever more prominent, the role of media and advertising is increasing. Ideally for large multinationals that have the resources to take advantage…

Abstract

As globalization becomes ever more prominent, the role of media and advertising is increasing. Ideally for large multinationals that have the resources to take advantage of globalization there exists a larger “market” to which products can be sold. To create and sustain their market, these multinationals companies use aggressive advertising strategies. Television is a aggressive advertising media for these companies. In India television advertising has been expanding throughout the 1990s. Close on the heels of multinationals, domestic companies are also using television as a media to reach the Indian masses. As a result, the number of television commercials is increasing. With this the frequency and time of advertising pods, in a program, are also increasing. This competition between the program content and advertising pods is known as “clutter”. This advertising clutter and has led to companies questioning the efficiency of the medium of communication, in terms of reducing the competitive rivalry and creating a brand impression. This paper aims at understanding this relationship between advertising clutter and multiple activities a viewer might be involved in i.e. polychronic use of time: as proposed by Kaufman and Lane (1994). The study concludes that Indian youth exhibit mental nomadship rather than channel or physical nomadship, at current levels of advertising. Furthermore, channel nomadship has a significant relationship with the person who has control over the remote and the time for which the television is being watched. Physical nomadship has a significant relationship with age, gender and education level. Finally, mental nomadship was related to gender and education level. The study also has important implications for managers.

Details

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

Keywords

Case study
Publication date: 5 April 2022

Harvinder Singh, Rashmi Kumar Aggarwal and Bikramjit Rishi

Leraning outcomes are as follows: demonstrating how companies in the Indian market are using competitive advertising; giving participants an overview of the regulatory…

Abstract

Learning outcomes

Leraning outcomes are as follows: demonstrating how companies in the Indian market are using competitive advertising; giving participants an overview of the regulatory framework for advertising in India; highlighting the complexities arising out of the multiplicity of advertising regulations and institutions in India; appreciating the legal and ethical perspectives of advertisements and self-regulation; and evaluating the stance taken by both the parties in this particular case to develop multi-stakeholder perspective.

Case overview/Synopsis

A recent advertisement by international conglomerate Hindustan Unilever Limited was severely criticized for insulting Indian values by Baba Ramdev, promoter of India's largest Ayurvedic Company selling Indian indigenous and natural alternate medicinal products. It was in a complete reversal of the scenario between 2015 and 2018 when other Indian consumer goods companies complained against advertisements released by Patanjali. Indian fast moving consumer goods sector is witnessing a trend of competitive advertising in which companies are downplaying and criticizing the competitors. Though quite old, this trend caught momentum when Patanjali Ayurved Limited, a new player in the market, started advertising aggressively in 2015–2016. It resulted in many complaints by the aggrieved parties in the industry bodies and different courts of law in India. A part of the confusion comes from the diversity of advertising regulations across different Indian platforms and the absence of a clearly defined institutional framework for resolving such disputes. Consequently, most such disputes land up in the court of law in India. The case study builds an understanding of the legal framework within which companies are governed for brand promotions and creates a contextual ethical dilemma to drive the discourse on advertising through self-regulation in India.

Complexity academic level

This case is meant to benefit students pursuing a graduate or upper-level undergraduate degree in management or law/business law.

Supplementary materials

Teaching notes are available for educators only.

Subject code

CSS 8: Marketing.

Details

Emerald Emerging Markets Case Studies, vol. 12 no. 2
Type: Case Study
ISSN: 2045-0621

Keywords

Article
Publication date: 13 August 2021

Tarsem Lal

The purpose of this paper is to check the impact of financial inclusion on economic development of marginalized communities through the mediation of socio-economic empowerment.

Abstract

Purpose

The purpose of this paper is to check the impact of financial inclusion on economic development of marginalized communities through the mediation of socio-economic empowerment.

Design/methodology/approach

In order to fulfil the objectives of the study, primary data were collected from 382 bank customers belonging to marginalized communities breathing in Jammu district of J and K by using purposive sampling technique. The data were collected during the month of April–August 2020. Multivariate statistical techniques such as EFA, CFA and SEM were used for data analysis and scale purification.

Findings

The study’s results reveal that financial inclusion has a direct and significant impact on economic development of marginalized communities through the mediation of social and economic empowerment. The study highlights that despite various initiatives taken by the government towards financial inclusion, there is a denial from the financial institutions to extend the credit to the marginalized communities due to lack of education, illiteracy, lack of awareness, attitude of bankers and policy directions to the banking sector, which confine these communities to feel proud, dignified, confident and self-reliant to face any financial crisis.

Research limitations/implications

First the in-depth analysis of the study is restricted to Jammu district only that restricts the generalization of the results to the whole population of J and K. Second, the data were collected from respondents belonging to marginalized communities only. Third, comparative study of marginalized households who are covered under the financial inclusion drive and those who are still financially excluded has not been done yet. Fourth, the questionnaire approach was the only way to gather primary data and thus, the results might have a common-method bias.

Originality/value

The study makes contribution in the direction of financial inclusion narrative relating to socio-economic empowerment and economic development of marginalized communities. It looks into how for the socio-economic aspects of marginalized communities influence their exclusion from the financial system of the country. The study also provides valuable insights for the policymakers, researchers and academicians both at the countrywide and intercontinental level to devise and put into practice programmes that will widen right to use financial products and services leading to cutback of poverty incidence, income parity, social and economic empowerment, economic development and reduction in caste and gender based discrimination.

Details

International Journal of Social Economics, vol. 48 no. 12
Type: Research Article
ISSN: 0306-8293

Keywords

Article
Publication date: 25 August 2020

Divya Madnani, Semila Fernandes and Nidhi Madnani

The outbreak of COVID-19 saw a robust increase in viewership of over-the-top (OTT) media platforms. This study aims to investigate the impact of COVID-19 on OTT platforms…

1010

Abstract

Purpose

The outbreak of COVID-19 saw a robust increase in viewership of over-the-top (OTT) media platforms. This study aims to investigate the impact of COVID-19 on OTT platforms in India, as it has led to reshaping consumer content preferences.

Design/methodology/approach

The authors have conducted primary research by doing a survey and focus group discussion. The first study has focused on the impact of various factors such as time, content, convenience, satisfaction and work from home (WFH) on OTT platforms during the COVID-19 crisis and the second study has focused on change in behavior of people before and during lockdown using visual representation.

Findings

The findings of this study show that lockdown has played a major role in the increase in viewership of OTT platforms, as people working from home are also using OTT platforms more. The average hours spent on OTT have increased from 0–2 to 2–5 h and average spending that users are willing to make on OTT platforms is Rs 100–300 (per month). The satisfaction level of customers is directly related to space to watch with family, time to use OTT platforms, the quality of content on OTT platforms and preference of OTT platform over television. Also, factors such as age group, occupation, city and income groups also determine the usage of the OTT platform.

Originality/value

The main contribution of this paper is to analyze the customer needs that impact their satisfaction level.

Details

International Journal of Pervasive Computing and Communications, vol. 16 no. 5
Type: Research Article
ISSN: 1742-7371

Keywords

Article
Publication date: 9 July 2021

Oluwasikemi Janet Taiwo, Babatunde Ayodeji Owowlabi, Yemisi Adedokun and Grace Ogundajo

This study aims to examine the effect of sustainability reporting on market value growth (MVG) of quoted companies in Nigeria. The corporate reporting system has evolved…

Abstract

Purpose

This study aims to examine the effect of sustainability reporting on market value growth (MVG) of quoted companies in Nigeria. The corporate reporting system has evolved, and this study examined how it influences the perception of investors.

Design/methodology/approach

This study adopted an ex post facto research design with 167 listed firms as the population. A total of 28 quoted firms were chosen with the use of purposive sampling. Data from 2009 to 2018 were obtained from secondary sources. Content analysis was used as a tool to analyse the disclosures in sustainability reports. The model was estimated using pooled ordinary least square (multivariate regression). Company age and financial leverage were used as control variables.

Findings

This study found that the compliance level of the sampled firms with sustainability reporting requirements for the four dimensions are below average, and sustainability reporting does not have a significant effect on MVG with Prob. (F-stat) of 0.7212 > 0.05. Therefore, this study recommends that management should intensify efforts in ensuring maximum compliance with the sustainability reporting guideline of Global Reporting Initiative to reflect in their market value and ensure its growth.

Originality/value

To the best of the authors’ knowledge, this study is the original idea of the authors, although references were made to previous related study but it is a unique research work of its own. The work contained in this paper (in full and part) has not been previously submitted to any other journal for publication.

Details

Journal of Financial Reporting and Accounting, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1985-2517

Keywords

Article
Publication date: 26 November 2020

N.V. Brindha and V.S. Meenakshi

Any node in a mobile ad hoc network (MANET) can act as a host or router at any time and so, the nodes in the MANET are vulnerable to many types of attacks. Sybil attack is…

Abstract

Purpose

Any node in a mobile ad hoc network (MANET) can act as a host or router at any time and so, the nodes in the MANET are vulnerable to many types of attacks. Sybil attack is one of the harmful attacks in the MANET, which produces fake identities similar to legitimate nodes in the network. It is a serious threat to the MANET when a malicious node uses the fake identities to enter the network illegally.

Design/methodology/approach

A MANET is an independent collection of mobile nodes that form a temporary or arbitrary network without any fixed infrastructure. The nodes in the MANET lack centralized administration to manage the network and change their links to other devices frequently.

Findings

So for securing a MANET, an approach based on biometric authentication can be used. The multimodal biometric technology has been providing some more potential solutions for the user to be able to devise an authentication in MANETs of high security.

Research limitations/implications

The Sybil detection approach, which is based on the received signal strength indicator (RSSI) variations, permits the node to be able to verify the authenticity of communicating nodes in accordance with their localizations.

Practical implications

As the MANET node suffers from a low level of memory and power of computation, there is a novel technique of feature extraction that is proposed for the multimodal biometrics that makes use of palm prints that are based on a charge-coupled device and fingerprints, along with the features that are fused.

Social implications

This paper proposes an RSSI-based multimodal biometric solution to detect Sybil attack in MANETs.

Originality/value

The results of the experiment have indicated that this method has achieved a performance which is better compared to that of the other methods.

Details

International Journal of Intelligent Unmanned Systems, vol. 10 no. 1
Type: Research Article
ISSN: 2049-6427

Keywords

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