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Article
Publication date: 4 December 2020

Gagan Kukreja, Sanjay M. Gupta, Adel Mohammed Sarea and Sumathi Kumaraswamy

The increasing incidence of fraudulent financial reporting by firms in recent years raises concerns about investors' confidence in capital markets. Academicians and…

Abstract

Purpose

The increasing incidence of fraudulent financial reporting by firms in recent years raises concerns about investors' confidence in capital markets. Academicians and industry practitioners adopt diverse risk management techniques to detect fraudulent reporting of financial statements. This paper aims to determine the effectiveness of the Beneish M-score and Altman Z-score models for the early detection of material misstatements at Comscore, Inc., a media analytics firm in the United States of America.

Design/methodology/approach

The financial statements of Comscore Inc. from 2012 to 2018 were analyzed with the primary objective of early fraud detection by employing the Beneish M-score and the Altman Z-score.

Findings

The study’s outcomes indicate that the Beneish M-score is less predictable in fraud detection compared to the Altman Z-score. The study results did not confirm the efficacy of the Beneish model in predicting fraudulent financial statements. The study concludes that the choice of forensic tool greatly influences fraud detection outcomes.

Practical Implication

The research findings can guide the policy decision-making of investors, financial auditors, and forensic auditors as this study provides some evidence of the effectiveness of forensic tools in the detection of financial statement fraud in corporate entities.

Originality/value

This is the first study to apply these two widely used tools to the most recent big corporate scandal: Comscore, Inc.

Details

Journal of Investment Compliance, vol. 21 no. 4
Type: Research Article
ISSN: 1528-5812

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Article
Publication date: 17 March 2021

Aashish Garg, Ran Singh Dhaliwal and Sanjay Gupta

From the last few decades, environmental issues have become a global concern. Consumption activities are given much attention in the marketing literature, whenever the…

Abstract

Purpose

From the last few decades, environmental issues have become a global concern. Consumption activities are given much attention in the marketing literature, whenever the question about protecting the environment arises. The responsibility of the consumer toward the environment is a major concern and the purpose of this study is to prioritize factors responsible for determining environmental responsibility among young consumers. This research will provide valuable insights to the marketers in targeting those particular areas which according to young consumers are highly ranked/prioritized for being environmentally responsible.

Design/methodology/approach

In this study, data were collected from 400 young consumers from Punjab and Chandigarh. Fuzzy analytical hierarchy process (F-AHP) was applied to prioritize or rank the factors on the basis of significance for being environmentally responsible. The primary factors considered for further analysis were knowledge and awareness, attitude, green consumer value, emotional affinity toward nature, willingness to act and environment-related past behavior.

Findings

Results of the study depicted knowledge and awareness as the highest-ranked and prioritized factor for young consumers to become environmentally responsible, while environment-related past behavior emerged as the least important factor for consumers' environmental responsibility.

Research limitations/implications

Data were collected from the young consumers of Punjab and Chandigarh only and only a few factors of consumers' environmental responsibility were considered for further analysis which depicts the limitation of the study.

Practical implications

The research study is highly useful for the government and the business firms to target the highly prioritized factors of environmental responsibility which will promote green consumption practices and behavior among young consumers.

Originality/value

Previous researches have explored the factors of environmental responsibility and modeled their relationships. However, the present study has employed the multi-criteria decision-making technique to provide valuable insights for marketers, academicians and practitioners about the drivers of consumers' environmental responsibility which adds value to the existing knowledge base.

Details

International Journal of Social Economics, vol. 48 no. 7
Type: Research Article
ISSN: 0306-8293

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Article
Publication date: 16 February 2021

Hanumantha Rao Sama, Sanjay Gupta, Manoj Mathew and Swati Gupta

The main objective of this study is to compare the service quality of two retail chains of hypermarkets, namely, Big Bazaar and Spencer's, using the trapezoidal fuzzy approach.

Abstract

Purpose

The main objective of this study is to compare the service quality of two retail chains of hypermarkets, namely, Big Bazaar and Spencer's, using the trapezoidal fuzzy approach.

Design/methodology/approach

Customers from Big Bazaar and Spencer's of Andhra Pradesh, India, have been surveyed through a well-designed questionnaire. The study attempts to compare the service quality of two major retail giants (Spencer's and Big Bazaar) in Andhra Pradesh by using the trapezoidal fuzzy approach to prioritize the attributes of service quality of retail outlets.

Findings

The result of the study indicates that the expectations of Big Bazar customers are higher as compared to Spencer's. Further, the study reveals – that Spencer's need to improve in the dimension of tangibility while Big Bazar needs to focus more on responsiveness.

Research limitations/implications

As the data taken for the study are primary in nature, chances of bias may arise on the part of respondents, which may affect the validity of results. Further, the study is confined to two retail stores in Andhra Pradesh, India only, which may not reflect the broader picture.

Practical implications

Retailers may provide more importance to two major service quality dimensions, i.e. tangibility and responsiveness while preparing for their service and marketing strategies.

Originality/value

As the study relates to the comparative analysis of service quality of Big Bazar and Spencer's, the findings will be of additional value to these specific retailers. Therefore, it is expected that this study will fill the gap in the literature by prioritizing the expectations and perceptions of customers of Big Bazar and Spencer's.

Details

International Journal of Quality & Reliability Management, vol. 38 no. 10
Type: Research Article
ISSN: 0265-671X

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Article
Publication date: 8 June 2021

Anchal Arora, Nishu Rani, Chandrika Devi and Sanjay Gupta

Organic food market has grown rapidly on a global level and so is the interest of customers. The present paper ranks the factors and sub-criteria which are taken into…

Abstract

Purpose

Organic food market has grown rapidly on a global level and so is the interest of customers. The present paper ranks the factors and sub-criteria which are taken into consideration while making organic purchase decisions resulting in understanding the behaviour of consumers.

Design/methodology/approach

The present paper considered a sample of 550 respondents in the area of Punjab. Fuzzy AHP technique was applied to understand the key factors and sub-criteria which play a major role in organic food purchase decisions. The paper is empirical and descriptive in nature. The factors considered for the study include price, consumer knowledge, trust, attitude, behavioural intentions, subjective norms, perceived personal relevance and perceived consumer effectiveness.

Findings

The three major influential factors include price, trust and attitude ranked in the same order of preference which majorly affects the purchase decisions and talking about sub-criteria the three major criteria to purchase organic food include: “Price plays a significant role in purchase decisions (P2)”, “Organic food keeps me fit and healthy (A1)” and “Organic food intake makes me feel energetic (A2)”.

Research limitations/implications

The present paper is limited to the area of Punjab and majorly eight factors have been taken into consideration. Further research can be explored on broader geographical and cultural areas with new dimensions in criteria and sub-criteria.

Practical implications

The findings of this paper will surely help the marketers to understand the behavioural intentions and preferences of the customers. Accordingly, they will strategize the policies to convert organic food market into a niche market with a high growth rate.

Originality/value

The existing literature explored various key factors. However, the present study comes up with ranking to the factors according to their priority in purchase decisions. This will definitely help marketers, business houses, practitioners and academicians about the key factors which affect purchase decisions, and it will surely add incredible knowledge into the existing database.

Details

International Journal of Quality & Reliability Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0265-671X

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Article
Publication date: 23 November 2020

Swati Gupta, Sanjay Gupta, Manoj Mathew and Hanumantha Rao Sama

The primary objective of this study is to prioritize the main intentions behind investment in cryptocurrency, in spite of its volatile nature and no regulatory framework.

Abstract

Purpose

The primary objective of this study is to prioritize the main intentions behind investment in cryptocurrency, in spite of its volatile nature and no regulatory framework.

Design/methodology/approach

This research paper has worked on collective constructs of the unified theory of acceptance and use of technology (UTAUT), the technology acceptance model (TAM) and social support theory with an added construct of financial literacy. A fuzzy analytical framework has been applied to prioritize the intentions of investors.

Findings

The result indicates that “Social Influence (SI)” is the most influencing factor, while “Effort Expectancy (EE)” is the least influencing factor considered by investors. The subdimensions ranked in the top priority by investors are as follows: “I want to invest in cryptocurrencies because I have a good level of financial knowledge (FL1)”; “The people who are important to me will think that I should use cryptocurrencies (SI2)”; “I have the necessary resources to use cryptocurrencies (FC2).” The least importance is given to “It will be easy for me to become an expert in the use of cryptocurrencies (EE3).”

Research limitations/implications

Few of the constructs of the UTAUT, the TAM and social support theory have been considered while prioritizing intentions. Different other intentions also prevail under different theories that need to be researched further.

Practical implications

Unlike previous studies, this research adds the archetype of social commerce, social support and utility theories to analyze and prioritize the behavioral perspective of using cryptocurrencies in digital transactions.

Originality/value

This paper fills the gap in the research study, along with assisting the regulators and cryptocurrency practitioners to widen their knowledge base and to recognize the prioritized intentions.

Details

Journal of Economic Studies, vol. 48 no. 8
Type: Research Article
ISSN: 0144-3585

Keywords

Open Access
Article
Publication date: 2 November 2021

Aashish Garg, Pankaj Misra, Sanjay Gupta, Pooja Goel and Mohd Saleem

Spiritual tourism is becoming a significant growth area of the Indian travel market, with more Indians opting to go on pilgrimage to popular religious cities. There are…

Abstract

Purpose

Spiritual tourism is becoming a significant growth area of the Indian travel market, with more Indians opting to go on pilgrimage to popular religious cities. There are many spiritual destinations where some of this life's essences can be sought to enjoy harmony and peace. The study aims to prioritize motivators driving the intentions of the tourists to visit the spiritual destination.

Design/methodology/approach

The current study applied the analytical hierarchical process, a multi-criteria decision-making technique, on the sample of visitors from all the six spiritual destinations to rank the motivational factors that drive the intentions of the tourist to visit a spiritual destination.

Findings

The study's results postulated that spiritual fulfillment motives and destination atmosphere are the top prioritized motivations, while destination attributes and secular motives emerged as the least prioritized.

Practical implications

The research study provides valuable insights to the spiritual tourism industry stakeholders to target the tourists' highly prioritized motivations to augment the visits to a particular spiritual destination.

Originality/value

Previous research has explored the motivations and modeled their relationships with tourists' satisfaction and intentions. But, the present study has applied a multi-criteria decision-making technique to add value to the existing knowledge base.

Details

Journal of Tourism Futures, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2055-5911

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Article
Publication date: 6 September 2021

Muskan Sachdeva, Ritu Lehal, Sanjay Gupta and Aashish Garg

In recent years, significant research has focused on the question of whether severe market periods are accompanied by herding behavior. As herding behavior is a…

Abstract

Purpose

In recent years, significant research has focused on the question of whether severe market periods are accompanied by herding behavior. As herding behavior is a considerable cause of the speculative bubble and leads to stock market deviations from their basic values it is necessary to examine the motivators which led to herding behavior among investors. The paper aims to discuss this issue.

Design/methodology/approach

In this study, the authors performed a two-phase analysis to address the research questions of the study. In the first phase, for text analysis NVivo software was used to identify the factors driving herding behavior among Indian stock investors. The analysis of a text was performed using word frequency analysis. While in the second phase, the Fuzzy-AHP analysis techniques were employed to examine the relative importance of all the factors determined and assign priorities to the factors extracted.

Findings

Results of the study depicted Investor Cognitive Psychology (ICP), Market Information (MI), Stock Characteristics (SC) as the top-ranked factors driving herding behavior, while Socio-Economic Factors (SEF) emerged as the least important factor driving herding behavior.

Research limitations/implications

The current study was undertaken among stock investors from North India only. Moreover, numerous factors are not part of the study but might significantly influence the investors' herding behaviors.

Practical implications

Comprehending the influences of the different factors discussed in the study would enable stock investors to be more aware of their investment choices and not resort to herd behavior. This research enables decision-makers to understand the reasons for herd activity and helps them act accordingly to improve the stock market's performance.

Originality/value

The current study will provide an inclusive overview of herding behavior motivators among Indian stock investors. This study's results can be extremely useful for both academics and policymakers to gain some insight into the functioning of the Indian stock market.

Details

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

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Article
Publication date: 19 November 2020

Anchal Arora, Jinesh Jain, Sanjay Gupta and Ajay Sharma

In today's competitive environment, sustainability is talked out in every sphere of life. Sustainability is a key to stability and for that roots are being focused by…

Abstract

Purpose

In today's competitive environment, sustainability is talked out in every sphere of life. Sustainability is a key to stability and for that roots are being focused by incorporating sustainability in higher education. The basic purpose of this paper is to prioritize the sustainability drivers in the higher education system. This research will provide fruitful insight into the sustainability drivers in the higher education system to the education industry and policymakers.

Design/methodology/approach

The present research is conducted on the 400 students studying in four major universities in the state of Punjab. Fuzzy analytical hierarchy process was applied to prioritize the sustainability drivers in the higher education system. The primary factors considered for the present study include social-people (social responsibility), environmental-planet (sustainable environmental practices) and financial-profit (economic value created).

Findings

The most influential criteria were environmental-planet (sustainable environmental practices) and social-people (social responsibility). The five most influential subcriteria were “Student engagement in eco co-curricular activities (C21)”, Energy efficiency measures (C23)”, “The HEI as a job driver in the city (C11)”, “Total direct energy consumption (C31)” and “Support from the HEI for local initiatives and help in growing the sustainability of the community or region (C12)”.

Research limitations/implications

Although the sample survey conducted in this study was focused on a small sample selected from the state of Punjab which genuinely represented the total population, it is still considered as a limitation for the present study.

Practical implications

The outcome of this research provides policymakers with a better understanding of the sustainability drivers in higher education. This will further help them toward achieving the aim of sustainability.

Originality/value

The present research is based on the available literature on sustainability and the results of the study would add value to the existing knowledge base.

Details

Higher Education, Skills and Work-Based Learning, vol. 11 no. 4
Type: Research Article
ISSN: 2042-3896

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Article
Publication date: 5 November 2019

Jinesh Jain, Nidhi Walia and Sanjay Gupta

Research in the area of behavioral finance has demonstrated that investors exhibit irrational behavior while making investment decisions. Investor behavior usually…

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Abstract

Purpose

Research in the area of behavioral finance has demonstrated that investors exhibit irrational behavior while making investment decisions. Investor behavior usually deviates from logic and reason, and consequently, investors exhibit various behavioral biases which impact their investment decisions. The purpose of this paper is to rank the behavioral biases influencing the investment decision making of individual equity investors from the state of Punjab, India. This research would provide valuable insight into the different behavioral biases to investors and other participants of the capital market and help them in improving investment decisions.

Design/methodology/approach

The research is conducted on the individual equity investors of Punjab, India. Fuzzy analytic hierarchy process was applied to rank the factors influencing the decision making of individual equity investors of Punjab. The primary factors considered for the study are overconfidence bias, representative bias, anchoring bias, availability bias, regret aversion bias, loss aversion bias, mental accounting bias and herding bias.

Findings

The three most influential criteria were herding bias, loss aversion bias and overconfidence bias. The five most influential sub-criteria were “I readily sell shares that have increased in value (C61),” “News about the company (Newspapers, TV and magazines) affects my investment decision (C84),” “I invest each element of my investment portfolio separately (C71)” and “I usually hold loosing stock for long time, expecting trend reversal (C52).”

Research limitations/implications

Although sample survey conducted in the present study was based on a limited sample selected from a particular area that truly represented the total population, it is considered as the limitation of this study.

Practical implications

The outcome of this research provides investors with a better understanding of behavioral biases that influence their decision making. This study provides them a guideline on different behavioral biases that they should consider while making investment decisions.

Originality/value

The research model is based on the available literature on behavioral finance and the research results and findings would add value to the existing knowledge base.

Details

Review of Behavioral Finance, vol. 12 no. 3
Type: Research Article
ISSN: 1940-5979

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Article
Publication date: 28 December 2021

Manpreet Kaur and Sanjay Gupta

Small and medium enterprises (SMEs) have been reported as a credit-constrained sector in the earlier literature. Amidst the available external financing options, SMEs are…

Abstract

Purpose

Small and medium enterprises (SMEs) have been reported as a credit-constrained sector in the earlier literature. Amidst the available external financing options, SMEs are dependent upon banks for their financial needs, hence they offer an important profitable segment for banks. Commercial banks need to develop effective targeting strategies for this segment and ranking the priorities of SMEs in selecting commercial banks will be of great help to them. The purpose of this paper is to implement a fuzzy analytic hierarchy process (FAHP) multi-criteria decision model for commercial bank’s selection by SMEs.

Design/methodology/approach

The research process was carried out in two phases. In Phase I, a self-structured scale was developed to measure bank selection criteria of SMEs after an extensive review of the literature of relevant studies on the topic. A sample of 600 SMEs was selected through non-proportionate quota sampling and only 313 valid responses were received. Phase II was conducted to prioritize the extracted factors through FAHP, a multi-criteria decision-making technique. For this purpose, another questionnaire was designed in the form of pair-wise evaluation and the response was taken on the same from those 313 SMEs again.

Findings

The results showed that SMEs bank selection criteria can be categorized under six heads, namely, bank attributes, accommodation of credit needs (AC), bank personnel, financial factors (FF), service quality (SQ) and business knowledge. The research study produced a reliable and valid instrument for studying the bank selection criteria of SMEs. The results further revealed that AC is the most important factor considered by SMEs followed by FF and SQ. Going further, global weights were also calculated through the FAHP which revealed that the most important consideration (variable) viewed upon by SMEs is willingness to accommodate credit needs followed by flexible collateral requirements and absence of hidden charges.

Research limitations/implications

The results of the present study offer significant insights as to the factors SMEs consider while making a bank selection decision. It is of utmost importance for banks to identify true determinant factors used by SMEs while making bank choice decisions as they offer ample profit and revenue opportunities to banks. The results of the study provide a practical approach to banks that would help them in framing strategies for SMEs customers.

Originality/value

This is the first study of its kind which has not only focused on the hierarchy of factors measuring bank selection criteria of SMEs rather on the hierarchy of single variables also through the calculation of global weights. As banks cannot focus on all the dimensions of the criteria, they can focus on the spirit of that particular criteria.

Details

Journal of Science and Technology Policy Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2053-4620

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