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Article
Publication date: 29 July 2020

Rajdeep Kumar Raut, Rohit Kumar and Niladri Das

This study aims to explore and comprehend the reasons behind individual investors’ intention towards socially responsible investment (SRI) in the Indian stock market along…

Abstract

Purpose

This study aims to explore and comprehend the reasons behind individual investors’ intention towards socially responsible investment (SRI) in the Indian stock market along with examining the validity of the theory of reasoned action (TRA) model to predict such phenomenon in the Indian context.

Design/methodology/approach

The TRA has been used as an underlying framework and has been extended by adding four variables, namely, moral norms, environmental concern, financial literacy and financial performance. The study used a self-administered questionnaire and adopted a convenience sampling method for a survey to collect the data from the individual investors from the capital cities of three states of India. Further, the collected data have been analysed using two-step structural equation modelling.

Findings

Results of this study indicate a significant impact of attitude, subjective norms, moral norms, financial literacy and financial performance on investors’ intention towards SRI; however, no significant relation was found between environmental concern and investors’ SRI intention. The multiple squared correlation (R2) shows that the final model could explain 71% of the variance in investors’ intention towards SRI, which signifies a successful implementation of TRA model along with new additions to predict investors’ decision-making behaviour for SRI. Moreover, investors are found to be highly concerned primarily about their financial goals and then for their personal obligation towards society as far as SRI is concerned.

Practical implications

This study reports significant and prominent importance of subjective norms in SRI which could be a strategic theme for the government and the policymakers to influence investors through their opinion leaders to promote SRI. The government should also increase its efforts to facilitate financial literacy among citizens.

Originality/value

Using the TRA model and four variables, namely, moral norms, environmental concern, financial literacy and financial performance addition to its original variables, this study extends the understandings of SRI which is perhaps the novelty of this paper because such examination of SRI has not been conducted, especially in the case of developing countries such as India.

Details

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

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Article
Publication date: 2 November 2018

Namrata Chatterjee, Niladri Das and Nishit Kumar Srivastava

The present study aims to investigate the influence of key factors on the success of women micro-entrepreneurs in select states of India.

Abstract

Purpose

The present study aims to investigate the influence of key factors on the success of women micro-entrepreneurs in select states of India.

Design/methodology/approach

An empirical study is carried out to understand the influence of the psychological, socio-cultural, skill and resource-related factors on the success of women entrepreneurs. To achieve the set goal, a comprehensive questionnaire is developed for collecting data and is analyzed using the t-test, the chi-square test and structural equation modeling.

Findings

The proposed model is validated using structural equation modeling, and the fitness values indicate that the model is fit to explain the entrepreneurial success of women entrepreneurs in India.

Practical implications

The result advocates that the participation of women entrepreneurs may be increased to not only improve national growth but also empower women in India.

Originality/value

In the context of the women micro-entrepreneurs, no such study covering such a vast area of India has been carried out.

Details

Journal of Entrepreneurship in Emerging Economies, vol. 11 no. 1
Type: Research Article
ISSN: 2053-4604

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Article
Publication date: 12 February 2018

Varnita Srivastava, Niladri Das and Jamini Kanta Pattanayak

This paper aims to explore the relationship of corporate governance attributes with cost of capital and firm performance. This paper also tries to find some widely…

Abstract

Purpose

This paper aims to explore the relationship of corporate governance attributes with cost of capital and firm performance. This paper also tries to find some widely discussed corporate governance attributes that hold importance in Indian context.

Design/methodology/approach

This paper is based on literature survey of 241 research papers, both conceptual and empirical, which covers literature published over a period of three decades, ranging from 1986 to 2016. The literature includes those papers that studied the relation of corporate governance with cost of capital and firm performance, also it includes those research papers which discuss the evolution and development of corporate governance as a concept.

Findings

This study finds that the idea of corporate governance has shifted from the protection of shareholders’ rights to a firm’s need for survival. There is a dearth of literature studying the relation between corporate governance and cost of capital in India. It is observed that cost of capital is a better measure than Tobin’s q in Indian context.

Research limitations/implications

This paper mainly focuses on themes like cost of capital and firm performance therefore, some other firm-related measures which are also influenced by corporate governance may have been ignored.

Originality/value

This study enhances the literature on corporate governance especially in Indian context. Empirically testing the framework developed in this study will help in identifying the significance of various corporate governance attributes in Indian context.

Details

International Journal of Law and Management, vol. 60 no. 1
Type: Research Article
ISSN: 1754-243X

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Article
Publication date: 10 April 2018

Varnita Srivastava, Niladri Das and Jamini Kanta Pattanayak

The purpose of this paper is to examine the significance of gender diversity on corporate boards in India in the light of recent regulatory reform introduced in the…

Abstract

Purpose

The purpose of this paper is to examine the significance of gender diversity on corporate boards in India in the light of recent regulatory reform introduced in the Companies’ Act, 2013 which mandated the presence of at least one woman on the corporate boards of all the listed firms.

Design/methodology/approach

Based on a panel of 300 firm-year observations for 15 years from 2001 to 2015, regression analysis has been conducted to analyze the relation between gender-related variables of corporate boards with firm-specific financial characteristic, cost of equity (COE) and return on assets (ROA) of firms listed in CNX Nifty, a major financial market index of India.

Findings

The analysis indicates that boards with gender diversity explain a slightly more than 5.5 percent change in a firm’s COE and have a much higher impact of 45 percent on a firm’s ROA. The presence of female directors on the boards and their independence have a negative association with the COE, whereas the level of involvement of female directors on different committees has a positive association with the ROA.

Practical implications

The findings may help theorists in defining the right mix of female on the corporate boards in an emerging economy. Also, by taking input from the findings, regulators and industry can formulate policies to foster gender diversity on corporate boards in India.

Originality/value

This study considers the recent regulatory norm introduced in India. This issue has still not been discussed and analyzed by researchers in India. It attempts to explain the impact a gender diverse board can make on a firm’s performance. It also makes valuable recommendations to improve the norms intended to more effectively foster gender diversity on corporate boards in India.

Details

Management Decision, vol. 56 no. 8
Type: Research Article
ISSN: 0025-1747

Keywords

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Article
Publication date: 1 December 2017

Fatima Akhtar, K.S. Thyagaraj and Niladri Das

The purpose of this paper is to clarify the relationship between an individual investor’s personality trait and his perceived investment performance. It proposes a novel…

Abstract

Purpose

The purpose of this paper is to clarify the relationship between an individual investor’s personality trait and his perceived investment performance. It proposes a novel conceptual framework that integrates social influence (as a moderating construct) and outlines the role of personality in determining the perceived investment performance during the investment decision-making process.

Design/methodology/approach

A questionnaire-based survey was conducted to collect responses from 396 individual investors through stratified and quota sampling approach. The collected data were then analysed using both hierarchical regression analysis and structural equation modelling to evaluate the strength of the relationship between the constructs, namely, personality trait, perceived investment performance and social influence.

Findings

This study suggests that social influence positively moderates the relationship between extraversion-perceived investment performance, whereas it negatively moderates the relationship between agreeability-perceived investment performance.

Research limitations/implications

This study has certain limitations. First, this work follows a modelling approach which is more centred towards the prediction of relationships. Second, because of choosing a research approach (since the study has been conducted in one country, i.e. India), the results of the study may lack generalisability. Therefore, further studies could be encouraged to test the proposed hypotheses.

Practical implications

Insights from this study suggest that investors should look in for their personality traits while making an investment decision. In fact, psychologically modified portfolios should be developed as per the personality traits of the investors.

Originality/value

The study, perhaps, is the only study to apply social influence in a framework using Big Five personality traits as a possible factor to understand the individual differences in terms of perceived investment performance.

Details

International Journal of Managerial Finance, vol. 14 no. 1
Type: Research Article
ISSN: 1743-9132

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Article
Publication date: 9 January 2019

Varnita Srivastava, Niladri Das and Jamini Kanta Pattanayak

The purpose of this study is to construct a comprehensive Indian corporate governance index in light of the recently introduced Companies Act, 2013, which is further…

Abstract

Purpose

The purpose of this study is to construct a comprehensive Indian corporate governance index in light of the recently introduced Companies Act, 2013, which is further validated by analyzing its impact on the cost of equity of a firm.

Design/methodology/approach

Based on the hand-collected data from firms listed on S&P BSE 500 from 2001 to 2016, this index comprises seven equally weighted sub-indices, comprising a total of 43 corporate governance attributes. This index and the sub-indices have further been regressed with the cost of equity of a firm.

Findings

The results suggest a negative significant relationship between the overall corporate governance and the cost of equity. The study also suggests that among all the sub-indices, board composition predicts the cost of equity to a greater extent. Other than this, the audit committee sub-index has a negative significant association with the cost of equity. The findings imply that a well-governed firm enjoys ease of access to equity finance from the market.

Originality/value

The corporate governance index is based on the recent regulatory reforms introduced in India. The index, with certain changes suitable to the local context, can be applied to similar emerging economies as well. The causal relationship tested using this method is the first one done in India. This study adds to the domain of corporate governance literature with special focus on the construction of an index for an emerging economy.

Details

Managerial Auditing Journal, vol. 34 no. 2
Type: Research Article
ISSN: 0268-6902

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Article
Publication date: 29 April 2021

Neha Smriti and Niladri Das

The purpose of this paper is to investigate the significance of board gender diversity (BGD) on the firm's intellectual capital (IC) performance of 272 Indian firms listed…

Abstract

Purpose

The purpose of this paper is to investigate the significance of board gender diversity (BGD) on the firm's intellectual capital (IC) performance of 272 Indian firms listed on the National Stock Exchange during 2007–2019. Considering the recent regulatory amendment by the Indian regulatory system (Security Exchange Board of India, 2018) which mandates at least one female independent directors on boards of all listed companies.

Design/methodology/approach

Based on theories and literature reviews, hypotheses were developed. This paper uses the proportion of female director on board and proportion of female independent directors to measure BGD and modified value-added intellectual coefficient (MVAIC) methodology to measure firms' IC performance. Two-step system-generalised method of moment panel data regression analysis has been employed to identify the variables that significantly affect IC performance.

Findings

This paper finds female representation on boards has a significant impact on MVAIC; capital employed efficiency shows the strongest association with female directors on board, followed by structural capital efficiency and human capital efficiency, while relational capital efficiency shows no significant effect. The results further demonstrate that female independent director has a significant but negative impact on IC.

Research limitations/implications

As the study is limited to the listed firms of an emerging economy with a mandatory female quota for boards. Thus to increase the generalizability of findings, future research can be extended to include all listed and non-listed firms from another emerging economy with a mandatory female quota.

Practical implications

From the practical perspective, this study bridges the gap between theory and practice in terms of providing a deeper understanding to the policymakers and Indian regulatory bodies like the Ministry of Corporate Affairs and Securities Exchange Board on the importance of including female members on board as a vital contributing factor for leveraging firm's intangible performance.

Originality/value

Using resource dependency theory and agency, this study extends the literature on IC efficiency and female representation on boards by presenting the research outcome for Indian listed firms. This paper, addressing the recent changes introduced by Indian regulators and using the female independent directors on board, is amongst the first attempts to assess the relevance of BGD and IC performance. This issue has still not been discussed and analysed by researchers in India.

Details

Journal of Intellectual Capital, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1469-1930

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Article
Publication date: 15 August 2018

Neha Smriti and Niladri Das

The purpose of this paper is to examine the effect of intellectual capital (IC) on financial performance (FP) for Indian companies listed on the Centre for Monitoring…

Abstract

Purpose

The purpose of this paper is to examine the effect of intellectual capital (IC) on financial performance (FP) for Indian companies listed on the Centre for Monitoring Indian Economy Overall Share Price Index (COSPI).

Design/methodology/approach

Hypotheses were developed according to theories and literature review. Secondary data were collected from Indian companies listed on the COSPI between 2001 and 2016, and the value-added intellectual coefficient (VAIC) of Pulic (2000) was used to measure IC and its components. A dynamic system generalized method of moments (SGMM) estimator was employed to identify the variables that significantly contribute to firm performance.

Findings

Indian listed firms appear to be performing well and efficiently utilizing their IC. Overall, human capital had a major impact on firm productivity during the study period. Furthermore, the empirical analysis showed that structural capital efficiency and capital employed efficiency were equally important contributors to firm’s sales growth and market value. The growing importance of the contribution of IC to value creation was consistently reflected in the FP of these Indian companies.

Practical implications

This study has robust theoretical grounds and employs a validated methodology. The present study extends knowledge of IC among academicians and managers and highlights its contribution to value creation. The findings may help stakeholders and policymakers in developing countries properly reallocate intellectual resources.

Originality/value

This study is the first study to evaluate IC and its relationship with traditional measures of firm performance among Indian listed firms using dynamic SGMM and VAIC models.

Details

Journal of Intellectual Capital, vol. 19 no. 5
Type: Research Article
ISSN: 1469-1930

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Article
Publication date: 13 September 2018

Fatima Akhtar and Niladri Das

The purpose of this paper is to understand investment intention of prospective individual investors in a developing country (i.e. India) by using the “Theory of Planned…

Abstract

Purpose

The purpose of this paper is to understand investment intention of prospective individual investors in a developing country (i.e. India) by using the “Theory of Planned Behaviour” (TPB) (where perceived behavioural control has been replaced with financial self-efficacy, FSE) and two additional constructs, i.e. financial knowledge and personality traits (i.e. risk-taking propensity and preference for innovation) have been introduced.

Design/methodology/approach

The study uses quantitative and cross-sectional approach wherein questionnaire based survey was done to collect responses from prospective individual investors (920 usable responses). AMOS and SPSS have been used to establish the hypothesised relationship between the constructs.

Findings

The results of the study suggested that attitude was responsible for partial mediation between the relationship of financial knowledge and investment intention, whereas financial self-efficacy was exerting a dual role on the relationship between personality traits and investment intention. Subjective norms, on the other hand, exerted a weak positive effect on investment intention.

Research limitations/implications

This study is limited to measure the investment intention in financial markets in case of prospective individual investors; it does not incorporate the actual investment behaviour, the study also fails to include demographic factors which play a vital role in investment decision making. Furthermore, the study has only considered objective dimension of financial knowledge.

Practical implications

The findings will be useful for financial service providers who need to enhance the FSE and financial knowledge and design a “behavioural portfolio” according the personality traits of their clients.

Social implications

The up-liftment of financial confidence among individuals in order to motivate them to participate in financial markets and enjoy “short-cuts” towards financial success.

Originality/value

This study is one of the initial attempts in the context of the Indian Stock Market to introduce FSE as a dual (both mediating and moderating) construct between personality traits and investment intention using TPB, moreover, this study also provides the necessary impetus to analyse the relationship between financial knowledge and investment intention with attitude as the mediating variable.

Details

International Journal of Bank Marketing, vol. 37 no. 1
Type: Research Article
ISSN: 0265-2323

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Article
Publication date: 7 September 2015

Rashmi Ranjan and Niladri Das

The purpose of this paper is to integrate drivers of economic performance with environmental management aspects and core managerial functions of the Indian coal mining industry.

Abstract

Purpose

The purpose of this paper is to integrate drivers of economic performance with environmental management aspects and core managerial functions of the Indian coal mining industry.

Design/methodology/approach

For this research paper, primary and secondary data have been used. The primary data were collected through a questionnaire survey which was distributed in the four subsidiaries of Coal India Limited. The validity and reliability of the questionnaire were tested by appropriate statistical techniques. Further, one-sample t-test and multiple linear regression analysis have been used for data analysis.

Findings

Testing of hypotheses reveals that there is a high level of integration of environmental management aspects with the seven core managerial functions, namely, production process, distribution process, beneficiation process, quality issues, stakeholders’ interest, health and safety and corporate strategy. Further, the paper identified that there is a positive association between integration of environmental aspects with core functions and the four drivers of economic performance and it is strongly associated with societal-related and risk-related drivers of economic performance. But it is less strongly associated with image-related and efficiency-related drivers of economic performance.

Research limitations/implications

This paper focuses on integrating the environmental management and core functions with key drivers of economic performance in coal mining industry which is one of the most polluting industries of the world. The limitation of the paper is that it is very specific and limited to the coal mining industry.

Originality/value

The paper contributes to the existing work by designing a framework which identifies the key drivers of economic performance and integrating it with the environmental management system of the organisation.

Details

International Journal of Energy Sector Management, vol. 9 no. 3
Type: Research Article
ISSN: 1750-6220

Keywords

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