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Article
Publication date: 21 March 2008

V. Valasamudram, S.S. Mohamed Nazirudeen, P. Chandramohan and K.P. Thenmozhi

The main purpose of this paper is to produce high‐nitrogen martensitic stainless steels (HNMSS) using a conventional induction furnace with better mechanical properties…

Abstract

Purpose

The main purpose of this paper is to produce high‐nitrogen martensitic stainless steels (HNMSS) using a conventional induction furnace with better mechanical properties and to improve the properties by thermo‐mechanical treatment (TMT).

Design/methodology/approach

Production of two types of HNMSS alloys with Chromium – 8.22 and 15.84 wt% was carried out using a conventional melting furnace. The theoretical nitrogen solubility of the produced alloys was calculated and compared with the actual nitrogen solubility of the alloys. The produced alloys were subjected to TMT, characterized by hardness measurement, tensile testing micro examinations in the as cast, hardened, TMT treated and TMT hardened and tempered conditions.

Findings

The actual nitrogen solubility achieved in the HNMSS specimens was in agreement with the calculated theoretical nitrogen solubility using thermodynamic relationships. Thermo‐mechanically treated specimens exhibited the break‐up and refinement of the original coarse cast structure by repeated recrystallization as fine grain size in the austenitic condition and reduced proportion of residual deformed δ ferrite. Thermo‐mechanically treated, hardened and tempered specimens showed higher hardness up to 525 VHN, with strength and toughness.

Research limitations/limitations

In the conventional melting process, purging nitrogen into the melt and increasing the percentage of nitrogen is the primary limitation and retaining the same into the solution during thermo‐mechanical treatment is the secondary limitation.

Originality/value

Work on melting of nitrogenated steels using controlled atmospheric conditions with special equipment was carried out earlier. This practice cannot be adopted on a commercial basis, where mass production is the prime requirement. Therefore, the uniqueness of this paper lies in communicating the melting practice of HNMSS using a conventional induction furnace followed by the optimum TMT. This takes the production and TMT of HNMSS into the commercial casting industry for mass production.

Details

Anti-Corrosion Methods and Materials, vol. 55 no. 2
Type: Research Article
ISSN: 0003-5599

Keywords

Book part
Publication date: 22 July 2021

Hsiu-Chen Fan Chiang, Pei-Xuan Jiang and Chia-Chien Chang

We empirically investigate the forecasting ability of USD-INR exchange rate volatility models by considering Google Trends data. Within a multiple regression framework, we…

Abstract

We empirically investigate the forecasting ability of USD-INR exchange rate volatility models by considering Google Trends data. Within a multiple regression framework, we use historical volatility and liquidity measures to build our benchmark volatility model (Chandra & Thenmozhi, 2014). Moreover, we extend Bulut (2018) to incorporate indexes for 15 keywords (price-related, income-related, and liquidity-related) from Google Trends data into our benchmark volatility model to evaluate the forecasting ability of the models. Our results indicate that Google Trends data can improve volatility prediction and that among the groups of keywords that we consider, the price-related keywords have the best forecasting ability. Incorporating data on searches for “prices” into the model produces the highest reduction in the forecasting error: a 22.75% decrease compared to the level in the benchmark model. Hence, these empirical findings indicate that Google Trends data contain information that influences exchange rate movements.

Details

Advances in Pacific Basin Business, Economics and Finance
Type: Book
ISBN: 978-1-80043-870-5

Keywords

Article
Publication date: 14 March 2022

Prashant Kumar Gupta and Seema Sharma

This paper aims to identify specific corporate governance determinants of asset quality in the Indian banking system and suggest a future course of action for research in…

Abstract

Purpose

This paper aims to identify specific corporate governance determinants of asset quality in the Indian banking system and suggest a future course of action for research in the Indian banking industry. The results will guide other developing nations to handle poor asset quality in banks. Nations with economic interest in India can take cognisance from the results.

Design/methodology/approach

The authors identify the determinants of asset quality for the Indian banks using novel data from 2010 to 2019 through a dynamic panel data approach. The authors analyse 45 public and private sector banks using general method of moments.

Findings

The results indicate that intensity of board activities, board functioning and ownership concentration are significant determinants of asset quality. Furthermore, the study hypotheses on board independence and board size are rejected as they do not significantly impact the asset quality. The authors also call for further research on the qualitative aspects of gender diversity, board independence and special committee activity for better insights.

Originality/value

This is the first study to identify specific corporate governance determinants of asset quality for the Indian banking system using a dynamic panel data approach with data spanning over ten years from 45 banks. Unlike all other studies, the authors have used both bank-specific and macroeconomic variables as control variables, making the results accurate and reliable. The authors also recognise the persistent nature of asset quality.

Details

Journal of Advances in Management Research, vol. 19 no. 4
Type: Research Article
ISSN: 0972-7981

Keywords

Article
Publication date: 13 May 2020

Thenmozhi M. and Aghila Sasidharan

This study aims to examine the effectiveness of governance in state-owned enterprises (SOEs) and explores if board independence enhances the firm value of SOEs in India…

Abstract

Purpose

This study aims to examine the effectiveness of governance in state-owned enterprises (SOEs) and explores if board independence enhances the firm value of SOEs in India and China. The study further explores the moderation impact of promoter ownership in enhancing firm value.

Design/methodology/approach

The study is confined to government-owned enterprises in India and China and is based on a sample of 53 central government-owned firms listed in National Stock Exchange of India and 110 state-owned firms listed in Shanghai Stock Exchange of China for the period 2010–2017. A fixed-effect panel regression analysis has been used to examine the effect of board independence on firm value.

Findings

The study found that board independence adds value to the SOEs in India and China and the presence of independent directors (IDs) in the board of SOEs act as better monitors of performance to protect the interest of minority shareholders. Probably, they minimize agency conflict and provide resources to the firm and management. The greater the government shareholdings, the board independence further enhances value of SOEs in India and China.

Practical implications

Compliance with guidelines on IDs in SOEs serves as an effective corporate governance mechanism and the presence of IDs can signal better firm performance. The government promoters align with the IDs in better monitoring of SOE performance.

Originality/value

The study is unique and contributes to the literature by examining the impact of board independence on firm value in the context of SOEs in India and China and also provides insight on the effect of promoter ownership on the effectiveness on board independence.

Details

European Business Review, vol. 32 no. 5
Type: Research Article
ISSN: 0955-534X

Keywords

Article
Publication date: 6 December 2018

Senthil Arasu Balasubramanian, Thenmozhi Kuppusamy and Thamaraiselvan Natarajan

The purpose of this paper is to empirically examine the influence of women’s land ownership status on their inclusion in developing economies.

Abstract

Purpose

The purpose of this paper is to empirically examine the influence of women’s land ownership status on their inclusion in developing economies.

Design/methodology/approach

The study adopted a cross-sectional analysis. Data were taken from Global Findex data of World Bank and Indices of social development. Data were analysed using limited information maximum likelihood to establish the relationship between usage of basic financial services and women’s land ownership status variables. The study considers different demographic, social and economic factors as control variables. Socio-economic gender equality index and land ownership status of men are considered as instrumental variables in the estimations for controlling endogeneity problem.

Findings

The study proves that there is a significant influence of women’s land ownership status on their demand and usage of basic financial services. The results show that women who own land alone have a significant relationship for formal account ownership and formal savings but are deprived of formal and informal credit. The results find that women are more likely to avail of formal credit when they are backed by someone else in the family especially men. Irrespective of the wealth quintile to which women belong, they are deprived of credit if they do not own any land. The findings also show that women in higher wealth quintiles are more active in availing credit.

Research limitations/implications

The study is limited to the extent of influence of women’s land ownership status on their demand for basic financial services.

Practical implications

The study recommends appropriate economic and financial policies to encourage women to own, possess and use their land for personal as well as entrepreneurial activities. The study also suggests for policies to encourage women for joint ownership of land for better credit availability.

Social implications

Formal institutions must be more favourable for women in providing credit facilities because women play an essential role in economic development in developing economies.

Originality/value

This study is the first of its type in providing empirical evidence that women’s land ownership status influences their demand for basic financial services in developing countries.

Details

International Journal of Development Issues, vol. 18 no. 1
Type: Research Article
ISSN: 1446-8956

Keywords

Article
Publication date: 28 December 2020

Senthil Arasu Balasubramanian and Thenmozhi Kuppusamy

The purpose of this paper is to analyse the impact of female labour force participation (FLFP) in the access and usage of formal financial services by women.

Abstract

Purpose

The purpose of this paper is to analyse the impact of female labour force participation (FLFP) in the access and usage of formal financial services by women.

Design/methodology/approach

The study uses cross-country data from 107 countries. The study uses multivariate regression (OLS) to explain the impact of FLFP on the financial inclusion variables. The study also accounted for different groups of country-level control variables. Instrumental variables regression is also used in the study to consider for endogeneity issues.

Findings

The results show that FLFP has significant influence on all of the financial inclusion variables used in the study. The role of financial literacy is prominent in determining women's access to sophisticated financial services such as debit card and credit card. Improving financial infrastructure of an economy facilitates greater access to formal account by women

Practical implications

From policymakers’ perspective, women should be motivated to enter labour market for better financial inclusion.

Social implications

More opportunities for women to enter formal employment encourages female participation in labour market and benefits women and the economy.

Originality/value

This paper is the first of its kind to study the influence of FLFP on indicators of financial inclusion of women. The study extended the scope of access to financial services by considering access to bank account, debit card and credit card. The study also analysed use of financial services through digital platforms by women.

Details

Journal of Economic and Administrative Sciences, vol. 37 no. 4
Type: Research Article
ISSN: 1026-4116

Keywords

Article
Publication date: 15 March 2022

Vanita Tripathi and Aakanksha Sethi

The purpose of this study is to ascertain how foreign and domestic Exchange Traded Funds (ETFs) investing in Indian equities affect their return volatility and pricing…

Abstract

Purpose

The purpose of this study is to ascertain how foreign and domestic Exchange Traded Funds (ETFs) investing in Indian equities affect their return volatility and pricing efficiency. Further, we investigate how the difference in market timings affect the impact of ETFs on their constituents. Lastly, we examine how these effects vary during tranquil and turmoil periods in the ETF markets.

Design/methodology/approach

The study is based on quarterly data for stocks comprising the CNX Nifty 50 Index from 2009Q1 to 2019Q3. The data on holdings of 45 domestic and 196 foreign ETFs in the sample stocks were obtained from Thomson Reuters' Eikon. The paper employs a panel-regression methodology with stock and time fixed effects and robust standard errors.

Findings

Foreign ETFs from North America and the Asia Pacific largely have an adverse impact on stocks' return volatility. In times of turmoil, stocks with higher coverage of European, North American and Domestic funds are susceptible to volatility shocks emanating from these regions. European and Asia Pacific ETFs are associated with improved price discovery while North American funds impound a mean-reverting component in stock prices. However, in turbulent markets, both positive and negative impacts of ETFs on pricing efficiency coexist.

Originality/value

To the best of the authors' knowledge, this is the first study that examines the impact of domestic as well as foreign ETFs on the equities of an emerging market. Furthermore, the study is unique as we investigate how the effects of ETFs vary in turbulent and tranquil markets. Moreover, the paper examines the role of asynchronous market timings in determining the ETF impact. The paper adds to the growing literature on the unintended consequences of index-linked products.

Details

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

Keywords

Article
Publication date: 17 April 2020

Houda Chakiri, Mohammed El Mohajir and Nasser Assem

Most local governance assessment tools are entirely or partially based on stakeholders’ surveys, focus groups and benchmarks of different local governments in the world…

Abstract

Purpose

Most local governance assessment tools are entirely or partially based on stakeholders’ surveys, focus groups and benchmarks of different local governments in the world. These tools remain a subjective way of local governance evaluation. To measure the performance of local good-governance using an unbiased assessment technique, the authors have developed a framework to help automate the design process of a data warehouse (DW), which provides local and central decision-makers with factual, measurable and accurate local government data to help assess the performance of local government. The purpose of this paper is to propose the extraction of the DW schema based on a mixed approach that adopts both i* framework for requirements-based representation and domain ontologies for data source representation, to extract the multi-dimensional (MD) elements. The data was collected from various sources and information systems (ISs) deployed in different municipalities.

Design/methodology/approach

The authors present a framework for the design and implementation of a DW for local good-governance assessment. The extraction of facts and dimensions of the DW’s MD schema is done using a hybrid approach, where the extraction of requirement-based DW schema and source-based DW schema are done in parallel followed by the reconciliation of the obtained schemas to obtain the good-governance assessment DW final design.

Findings

The authors developed a novel framework to design and implement a DW for local good-governance assessment. The framework enables the extraction of the DW MD schema by using domain ontologies to help capture semantic artifacts and minimize misconceptions and misunderstandings between different stakeholders. The introduction and use of domain ontologies during the design process serves the generalization and automation purpose of the framework.

Research limitations/implications

The presently conducted research faced two main limitations as follows: the first is the full automation of the design process of the DW and the second, and most important, is access to local government data as it remains limited because of the lack of digitally stored data in municipalities, especially in developing countries in addition to the difficulty of accessing the data because of regulatory aspects and bureaucracy.

Practical implications

The local government environment is among the public administrations most subject to change-adverse cultures and where the authors can face high levels of resistance and significant difficulties during the implementation of decision support systems, despite the commitment/engagement of decision-makers. Access to data sources stored by different ISs might be challenging. While approaching the municipalities for data access, it was done in the framework of a research project within one of the most notorious universities in the country, which gave more credibility and trust to the research team. There is also a need for further testing of the framework to reveal its scalability and performance characteristics.

Originality/value

Compared to other local government assessment ad hoc tools that are partially or entirely based on subjectively collected data, the framework provides a basis for automated design of a comprehensive local government DW using e-government domain ontologies for data source representation coupled with the goal, rationale and business process diagrams for user requirements representations, thus enabling the extraction of the final DW MD schema.

Details

Transforming Government: People, Process and Policy, vol. 14 no. 2
Type: Research Article
ISSN: 1750-6166

Keywords

Article
Publication date: 10 March 2020

Saif Siddiqui and Preeti Roy

The study investigates the amplitude and direction of the movement of information between spot and futures indices. The study progresses to account for the investor's…

Abstract

Purpose

The study investigates the amplitude and direction of the movement of information between spot and futures indices. The study progresses to account for the investor's heterogeneity and compare the evolving structure of investors in emerging and developed economies. Further, the structural linkages in terms of returns and variance have been explored for the futures indices to contribute to meteor shower literature as explained by Engle et al. (1990); Yarovaya et al. (2017).

Design/methodology/approach

To facilitate the purpose, the Indian and Chinese markets were selected to represent emerging economies and the United States for developed one. The bivariate wavelet cum BEKK-GARCH (1,1) model was estimated.

Findings

For the developed markets, like the United States, the spot market improves its information transmission role with time horizon while exactly opposite holds for the Chinese market. A bidirectional overnight information spillover was found for all three pairs. The Indian futures market was vulnerable to bad news from the other two markets. Evidence suggesting the dominance of institutional investors in the Chinese futures market and retail investors in the Indian futures market is found.

Originality/value

The spot–futures relation has been studied on both the time and frequency domains considering different investment horizons. Due consideration has been taken to account for the overlapping trading hours.

Details

Journal of Advances in Management Research, vol. 17 no. 3
Type: Research Article
ISSN: 0972-7981

Keywords

Article
Publication date: 26 October 2021

Sohil Idnani, Masudul Hasan Adil, Hoshiar Mal and Ashutosh Kolte

This paper aims to understand the effect of a change in Economic Policy Uncertainty (EPU) of India and the USA on investors' sentiment in the Indian context, consisting of…

Abstract

Purpose

This paper aims to understand the effect of a change in Economic Policy Uncertainty (EPU) of India and the USA on investors' sentiment in the Indian context, consisting of Sensex returns and volatility index (Vix).

Design/methodology/approach

The authors employ bounds testing approach to cointegration to capture the short-and long-run effects of EPU on investors' sentiment, along with impulse response functions and variance decompositions to check the effect of a shock on Sensex and Vix.

Findings

The study concludes the existence of a cointegrating relationship for both models, that is, Vix and Sensex. In the long-run, changes in EPU_India affect Vix and Sensex positively and negatively, respectively. On the other hand, EPU_USA affects Vix and Sensex positively. Furthermore, Gregory and Hansen (1996) cointegration with endogenous structural break reveals a long-run cointegrating relationship for both models.

Research limitations/implications

The effect of EPUs on investors' sentiment reveals that when there is an uncertain event that adversely affects the stock prices, investors should not make haste to take a decision as the impact on stock prices perturbation might be temporary. Therefore, one should persevere for the dip in prices to hit the desired target.

Originality/value

Various studies look at the effect of cross-country EPU on the home country, However, there is no such study in the Indian context. The present study examines the impact of India's EPU on investors' sentiments after controlling the USA's EPU, one of India's largest trading partners and a key determinant of global economic policy.

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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