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1 – 10 of 275
Article
Publication date: 24 June 2024

Satinder Kaur, Sidharath Seth and Jaspal Singh

The objective of the study is to shed light on the notion of quality investing in the Indian stock market. The study also attempts to combine the value and quality metrics to test…

Abstract

Purpose

The objective of the study is to shed light on the notion of quality investing in the Indian stock market. The study also attempts to combine the value and quality metrics to test their ability to generate a higher risk-adjusted return.

Design/methodology/approach

The paper employs asset pricing models to examine the excess risk-adjusted returns and panel regression model (random estimates) to determine the price of quality in the cross-section of Bombay Stock Exchange (BSE) listed stocks from 2003 to 2020.

Findings

The results indicate that the quality-only strategy failed to produce substantial risk-adjusted returns in the Indian stock market. The returns to long/short hedging strategy quality-minus-junk (QMJ) are significantly positive with the majority of the returns attributable to the short leg of the stock portfolio. The findings further discovered that the explanatory effect of quality on prices is limited. In particular, a strategy that combines value and quality investing generated positive and significant alphas as well as a higher Sharpe ratio.

Practical implications

The study provides investors and portfolio managers with valuable insights for navigating undervalued high-quality equities in the Indian stock market.

Originality/value

This is the first research of its kind to examine the performance of quality (Q score indicator) combined with value investing in the Indian stock market. As majority of research have concentrated on developed economies, this study offers out-of-sample evidence to validate the strategy’s success in an emerging market.

Details

Managerial Finance, vol. 50 no. 9
Type: Research Article
ISSN: 0307-4358

Keywords

Article
Publication date: 21 August 2024

Simran and Anil K. Sharma

This study aims to explore the intricate relationship between uncertainty indicators and volatility of commodity futures, with a specific focus on agriculture and energy sectors.

Abstract

Purpose

This study aims to explore the intricate relationship between uncertainty indicators and volatility of commodity futures, with a specific focus on agriculture and energy sectors.

Design/methodology/approach

The authors analyse the volatility of Indian agriculture and energy futures using the GARCH-MIDAS model, taking into account different types of uncertainty factors. The evaluation of out-sample predictive capability involves the application of out-sample R-squared test and computation of various loss functions.

Findings

The research outcomes underscore the significant impact of diverse uncertainty factors such as domestic economic policy uncertainty (EPU), global EPU (GEPU), US EPU and geopolitical risk (GPR) on long-run volatility of Indian energy and agriculture (agri) futures. Additionally, the study demonstrates that GPR exhibits superior predictive capability for crude oil futures volatility, while domestic EPU stands out as an effective predictor for agri futures, particularly castor seed and guar gum.

Practical implications

The study offers practical implications for market participants and policymakers to adopt a comprehensive perspective, incorporating diverse uncertainty factors, for informed decision-making and effective risk management in commodity markets.

Originality/value

The research makes an inaugural attempt to examine the impact of domestic and global uncertainty indicators on modelling and predicting volatility in energy and agri futures. The distinctive feature of considering an emerging market also adds a novel dimension to the research landscape.

Details

Journal of Financial Economic Policy, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1757-6385

Keywords

Article
Publication date: 1 May 2024

Volkan Karaca and Mehmet Bağış

This study aims to investigate the relationships between managers’ cognitive styles, dynamic managerial capabilities and firms’ perceived international performance. The study is…

Abstract

Purpose

This study aims to investigate the relationships between managers’ cognitive styles, dynamic managerial capabilities and firms’ perceived international performance. The study is based on cognitive-experiential self-theory, dynamic managerial capabilities and international entrepreneurship.

Design/methodology/approach

Data were collected from 283 managers of small medium enterprises (SMEs) in Türkiye, an emerging economy. The research was conducted using quantitative methods, and Smart partial least squares (PLS) 4 software was used for data analysis. The data were examined through structural equation modelling and mediation analyses.

Findings

Findings indicate that rational cognitive styles positively influence managerial human capital, managerial social capital, managerial cognition and perceived international performance. However, the effect of intuitive cognitive styles was confirmed only on managerial cognition. Additionally, it was found that managerial cognition positively affects perceived international performance, whereas managerial social capital has a negative impact. However, the effects of managerial human capital could not be confirmed. Moreover, a full mediation relationship of managerial cognition between intuitive cognitive styles and perceived international performance was identified.

Originality/value

This research carves out a unique niche by synergizing cognitive-experiential self-theory with dynamic managerial capabilities to investigate their conjoined effect on firms’ international performance, an area previously underexplored. Unveiling insights from burgeoning economies like Türkiye enriches the existing body of knowledge, offering substantial contributions to the field of international business.

Details

Management Research Review, vol. 47 no. 9
Type: Research Article
ISSN: 2040-8269

Keywords

Open Access
Article
Publication date: 17 July 2024

Sophie Giordano-Spring, Carlos Larrinaga and Géraldine Rivière-Giordano

Since the withdrawal of IFRIC 3 in 2005, there has been a regulatory freeze in accounting for emission rights that contrasts with the international momentum of climate-related…

Abstract

Purpose

Since the withdrawal of IFRIC 3 in 2005, there has been a regulatory freeze in accounting for emission rights that contrasts with the international momentum of climate-related financial disclosures. This paper explores how different narratives and institutional dynamics explain the failure to produce guidance on accounting for emission rights.

Design/methodology/approach

This paper mobilises the notion of field-configuring events to examine a sequence of six events between 2003 and 2016, including four public consultations and two dialogues between standard setters. The paper presents a qualitative analysis of documents produced in this space that investigates how different practices and narratives configured the field's positions, agenda, and meaning systems.

Findings

Accounting for emission rights was gradually decoupled from climate change and carbon markets, relegated to the research pipeline, and forgotten. The obstacles that the IASB and EFRAG found in presenting themselves as central in the recurring events, the excess of representations, and the increasingly technical and abstract debates eroded the 2003 momentum for regulation, making the different initiatives to revitalise the project vulnerable and open to scrutiny. Lukes (2021) refers to nondecision-making to express that some issues are suffocated before they are expressed.

Originality/value

The regulation of accounting for emission rights, an area that has received scant attention in the literature, provides some insights into the different narrative mechanisms that, materialising in specific times and spaces, draw regulatory attention to particular accounting issues, which are problematised and, eventually, forgotten. This study also illustrates that identifying interests is problematic as actors shift from alternative positions over a long period. The case examined also raises some doubts about the previous effectiveness of international standard setters in dealing with matters of connectivity between the environment and finance, as is the case for accounting for emissions rights.

Details

Accounting, Auditing & Accountability Journal, vol. 37 no. 9
Type: Research Article
ISSN: 0951-3574

Keywords

Open Access
Article
Publication date: 19 September 2024

Srivatsa Maddodi and Srinivasa Rao Kunte

The Indian stock market can be tricky when there's trouble in the world, like wars or big conflicts. It's like trying to read a secret message. We want to figure out what makes…

Abstract

Purpose

The Indian stock market can be tricky when there's trouble in the world, like wars or big conflicts. It's like trying to read a secret message. We want to figure out what makes investors nervous or happy, because their feelings often affect how they buy and sell stocks. We're building a tool to make prediction that uses both numbers and people's opinions.

Design/methodology/approach

Hybrid approach leverages Twitter sentiment, market data, volatility index (VIX) and momentum indicators like moving average convergence divergence (MACD) and relative strength index (RSI) to deliver accurate market insights for informed investment decisions during uncertainty.

Findings

Our study reveals that geopolitical tensions' impact on stock markets is fleeting and confined to the short term. Capitalizing on this insight, we built a ground-breaking predictive model with an impressive 98.47% accuracy in forecasting stock market values during such events.

Originality/value

To the best of the authors' knowledge, this model's originality lies in its focus on short-term impact, novel data fusion and high accuracy. Focus on short-term impact: Our model uniquely identifies and quantifies the fleeting effects of geopolitical tensions on market behavior, a previously under-researched area. Novel data fusion: Combining sentiment analysis with established market indicators like VIX and momentum offers a comprehensive and dynamic approach to predicting market movements during volatile periods. Advanced predictive accuracy: Achieving the prediction accuracy (98.47%) sets this model apart from existing solutions, making it a valuable tool for informed decision-making.

Details

Journal of Capital Markets Studies, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2514-4774

Keywords

Article
Publication date: 17 September 2024

Arjun Hans, Farah S. Choudhary and Tapas Sudan

The study aims to identify and understand the underlying behavioral tendencies and motivations influencing investor sentiments and examines the relationship between these…

Abstract

Purpose

The study aims to identify and understand the underlying behavioral tendencies and motivations influencing investor sentiments and examines the relationship between these underlying factors and investment decisions during the COVID-19-induced financial risks.

Design/methodology/approach

The study uses the primary data and information collected from 300 Indian retail equity investors using a nonprobability sampling technique, specifically purposive and snowball sampling. This research uses the insights from Phuoc Luong and Thi Thu Ha (2011) and Shefrin (2002) to delineate behavioral factors influencing investment decisions. Structural equation modeling estimates the causal relationship between underlying behavioral factors and investment decisions during the COVID-19-induced financial risks.

Findings

The study establishes that the “Regret Aversion,” “Gambler’s Fallacy” and “Greed” significantly influence investment decisions, and provide a comprehensive understanding of how psychological motivations shape investor behavior. Notably, “Mental Accounting” and “Conservatism” exhibit insignificance, possibly influenced by the unique socioeconomic context of the pandemic. The research contributes to 35% of variance understanding and prompts the researchers and policymakers to tailor investment strategies aligned to these behavioral tendencies.

Research limitations/implications

The findings hold policy implications for investors and policymakers and provide tailored recommendations including investor education programs and regulatory measures to ensure a resilient and informed investment community in the context of India's evolving financial landscapes.

Originality/value

Theoretically, behavior tendencies and motivations have been strongly linked to investment decisions in the stock market. Yet, empirical evidence on this relationship is limited in developing countries where investors focus on risk management. To the best of the authors’ knowledge, this study is among the first to document the influence of underlying behavioral tendencies and motivation factors on investment decisions regarding retail equity in a developing country.

Details

International Journal of Accounting & Information Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1834-7649

Keywords

Article
Publication date: 17 September 2024

Narciso Antunes, Ana Simaens and Patrícia Costa

This research aims to investigate post-forest fire perceptions of businesses towards the environment as a stakeholder. Through interviews with affected businesses, the authors aim…

Abstract

Purpose

This research aims to investigate post-forest fire perceptions of businesses towards the environment as a stakeholder. Through interviews with affected businesses, the authors aim to understand whether disasters prompt sustainability prioritisation beyond legal or market demands, shedding light on potential shifts in environmental attitudes and decision-making processes.

Design/methodology/approach

The authors used qualitative methods to investigate post-disaster shifts in environmental perceptions. Using site visits, preparatory meetings and semi-structured interviews between October 2017 and April 2021, the authors gained insights into destruction, recovery efforts and stakeholder perspectives. Content analysis provided valuable decision-making insights, particularly in understanding the landscape dominated by SMEs reliant on short-term strategies.

Findings

Interviews revealed varied perspectives on stakeholder recognition, especially concerning the natural environment. Although some managers promptly acknowledged stakeholder groups, the recognition of the natural environment as one varied. Concerning the natural environment as a stakeholder, responses ranged from ecological acknowledgment to denying its stakeholder status. Despite differing views, many agreed on the forest's importance, especially for resource-reliant industries. The findings suggest that although many decision makers verbally acknowledge the natural environment as a stakeholder, their actions reveal the opposite.

Research limitations/implications

The limitations are the COVID-19 pandemic in the data research phase. The methodology applied (qualitative) can be a limitation in itself and the authors recommend further research, applying mixed or quantitative methods. The research covers one event in one country. It is relevant to test our questions and conclusions in other countries/after other natural disasters. Incorporating other stakeholders' views and exploring alternative theories could enhance understanding and challenge existing results.

Practical implications

This study holds practical implications for understanding the relationship between organisations and the natural environment, particularly in recognising it as a stakeholder. By acknowledging the environment as a stakeholder, organisations can mitigate the effects of future natural disasters, as well as reducing their environmental footprints. Implementing these insights can lead to more informed decision-making processes and contribute to more effective resources and stakeholder management.

Social implications

Recognizing the environment as a stakeholder fosters environmental consciousness and community engagement. Addressing the natural environment as such enhances the ownership and responsibility of the surrounding natural environment.

Originality/value

The study's originality lies in its exploration of organisational responses to natural disasters, particularly in recognizing the environment as a stakeholder. It offers unique insights into decision-making processes and attitudes towards environmental responsibility, contributing to advancing understanding and informing strategies for sustainable disaster management on a global scale.

Details

Social Responsibility Journal, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1747-1117

Keywords

Book part
Publication date: 18 September 2024

Aishwarya Singh Raikwar and David T. Easow

Indian Ocean region (IOR) is a coveted maritime space in the international arena because of its unique positioning and importance. The third largest water body on the planet Earth…

Abstract

Indian Ocean region (IOR) is a coveted maritime space in the international arena because of its unique positioning and importance. The third largest water body on the planet Earth holds great economic significance and sustains the livelihood of its people. While the blue economy (BE) approach gains momentum worldwide, following this for the responsible consumption of ocean resources, India too pursues and has developed a draft policy on the BE. Maritime and coastal tourism is one of the prime areas contributing to this framework of BE. This study will explore the advances in BE prospects of Indian Tourism and highlight the elements of branding a BE Destination in the region. India being a key player and an emerging economy, situated at a transitional maritime position is strategic in nature. India as a country is a strong contestant for the title of tourism hotspot but with its highly regarded destinations, it surprisingly attracts fewer tourists. The paper examines secondary sources of data and attempts to review the untapped potential of the brand India in this vast maritime space. There is enough literature available on destination branding but this paper stands out with its unique and innovative approach that combines economic aspects with maritime sustainability and surely add value to this field of knowledge. This chapter presents the recommendations for BE-led repositioning of India tourism in the IOR. To achieve higher productivity and sustainability, a socioeconomic transformational shift is required in the segments of the tourism sector.

Details

The Emerald Handbook of Tourism Economics and Sustainable Development
Type: Book
ISBN: 978-1-83753-709-9

Keywords

Book part
Publication date: 4 October 2024

Peter Scholz

In recent years, investing with robo-advisors has gained momentum and is seen as a simplifying approach for individual investors to participate in financial markets. This chapter…

Abstract

In recent years, investing with robo-advisors has gained momentum and is seen as a simplifying approach for individual investors to participate in financial markets. This chapter contributes to a better understanding of the concept of a robo-advisory and its implications for private investors by discussing its past, present, and future. It explores key issues, like cost-efficiency, historical performance, and automation levels, based on research and industry insights. Moreover, this chapter examines a robo-advisor's benefits, limitations, and challenges, like behavioral biases, regulation, and risk profiling. Finally, the importance of the ongoing megatrends of AI and green investing is examined concerning a robo-advisory.

Details

The Emerald Handbook of Fintech
Type: Book
ISBN: 978-1-83753-609-2

Keywords

Open Access
Article
Publication date: 15 July 2024

Nidhi Jaswal, Dipanker Sharma, Bhawana Bhardwaj and Sascha Kraus

Our study aims to understand what is known about happiness at work (HAW) in terms of publication, citations, dimensions and characteristics, as well as how knowledge about HAW is…

2542

Abstract

Purpose

Our study aims to understand what is known about happiness at work (HAW) in terms of publication, citations, dimensions and characteristics, as well as how knowledge about HAW is generated regarding theoretical frameworks, context and methods. Additionally, it explores future directions for HAW research.

Design/methodology/approach

This paper conducts a systematic literature review of 56 empirical articles published between 2000 and 2022 to comprehensively explore HAW. It examines publication trends, citation patterns, dimensions, characteristics, theoretical frameworks, contextual factors and research methodologies employed in HAW studies.

Findings

Our findings suggest that while HAW research has gained momentum, there is still a need for exploration, particularly in developing countries. Various theoretical frameworks such as the job demand-resources model, social exchange theory and broaden-and-build theory are identified, with suggestions for the adoption of less popular theories like the positive emotion, engagement, relationships, meaning and accomplishment (PERMA) model and flow theory for future investigations. The review contributes to workplace happiness literature by offering a comprehensive analysis spanning two decades and provides valuable insights for guiding future research toward exploring factors influencing employee well-being.

Originality/value

Our article offers a structured analysis of HAW literature, emphasizing the necessity for more extensive research, especially in developing nations. It provides valuable insights into the theories and dimensions associated with HAW, guiding future research and assisting organizations in formulating strategies to enhance employee happiness and overall well-being.

Details

Management Decision, vol. 62 no. 13
Type: Research Article
ISSN: 0025-1747

Keywords

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