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Article
Publication date: 24 March 2023

Nidhi Agarwala, Ritu Pareek and Tarak Nath Sahu

Amidst the growing awareness regarding the social accountability of corporates, the study has attempted to investigate how firm characteristics like size and performance influence…

Abstract

Purpose

Amidst the growing awareness regarding the social accountability of corporates, the study has attempted to investigate how firm characteristics like size and performance influence corporate social responsibility (CSR) activities in India.

Design/methodology/approach

236 Indian firms listed on the National Stock Exchange (Nifty 500 index) have been selected for the empirical analysis. The independent variable firm size has been defined through total assets, operation scale and resource access. Another important factor, firm's performance, is also considered as the independent variable. CSR, the dependent variable, has been measured using Bloomberg's Environmental, Social and Governance (ESG) disclosure scores.

Findings

Findings of the dynamic panel data analysis have revealed an inversed U-shape relationship between companies' size and CSR, i.e. CSR participation is positively related with small-sized firms, but as the firms become larger in size, their relationship with CSR becomes negative. A negative relationship has also been found between firm performance and CSR, while the age of the firm exhibits a positive association with CSR participation.

Originality/value

Poor performance of the larger firms suggests that government regulatory bodies need to take strict steps to enhance supervision. Clear regulations are required to be framed and enforced upon large companies to promote consistent participation in CSR. The present study has endeavoured to offer a distinct viewpoint by considering firm size and CSR to be related in a non-linear manner and has brought forward relevant information from the perspective of an emerging economy like India.

Details

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

Keywords

Open Access
Article
Publication date: 28 November 2019

Varuna Agarwala and Nidhi Agarwala

The level of non-performing assets (NPAs) best indicates the soundness of the banking sector of a country. The purpose of this study is an effort to look into the contribution of…

46495

Abstract

Purpose

The level of non-performing assets (NPAs) best indicates the soundness of the banking sector of a country. The purpose of this study is an effort to look into the contribution of the different banks individually to the NPA in the industry by looking into its growth pattern during the period 2010-2017. Further, the study is made to look into the effect of different groups of banks, namely, State Bank of India (SBI) and its associates, nationalised banks and private sector banks on the banking industry in this regard.

Design/methodology/approach

The individual private sector banks, nationalised banks and SBI and its associates have been considered for the purpose of the study. The analysis is based on secondary data collected from the Reserve Bank of India website for the period 2010-2017. The geometric mean has been used as a statistical tool for arriving at the mean growth rate of gross NPAs. Further, refinement of the result is done by comparing the growth of gross NPAs of individual banks with that of the average growth rate.

Findings

The assessment of private sector banks reveals that the growth rate of NPAs is low as compared to the nationalised banks, as well as the SBI and its associates. The nationalised banks and the associate banks of SBI failed to handle the issue of poor loans effectively due to which the growth in such loans has been phenomenally high.

Originality/value

The research is interesting as the study period follows the financial crisis. There is no such previous study that has looked at the perspective of banking from this angle. The research is valuable from two angles. Firstly, it brings to light the situation of the different categories of banks with regard to NPAs. Secondly, the information can be useful for investors as the issue of poor loans is a relevant one for them because it has an impact on the profitability of banks and thereby the future prospects.

Details

Rajagiri Management Journal, vol. 13 no. 2
Type: Research Article
ISSN: 0972-9968

Keywords

Article
Publication date: 30 June 2022

Nidhi Agarwala, Ritu Pareek and Tarak Nath Sahu

The study aims to explore and establish the relationship that exists between board independence and corporate social responsibility (CSR) practices of Indian firms.

1147

Abstract

Purpose

The study aims to explore and establish the relationship that exists between board independence and corporate social responsibility (CSR) practices of Indian firms.

Design/methodology/approach

A sample of 76 non-financial companies listed on the National Stock Exchange has been considered for a period of seven years (from 2013 to 2019). The study has used several statistical tools such as the static panel data model and the Arellano–Bond dynamic panel data model based on generalized method of moments approach.

Findings

The results of the analysis have indicated board independence to have a significant positive relationship with the firms’ CSR performance. However, board size and number of board meetings have been found to have a negative relationship with CSR. Further, outcomes have also revealed that variables such as companies’ size and liquidity have a positive effect on the extent of CSR activities performed.

Practical implications

The firms which have the intention to engage in impactful CSR activities should support the independent directors’ participation in companies’ boards. The study’s findings suggest the companies to appoint independent directors strategically, keeping in mind the requirements of their board. Also, the independent directors selected should be independent in true sense, i.e. they should not be acquaintances of the company’s chief executive officer. This would ensure unbiased decision-making and would enhance the company’s CSR performance.

Originality/value

In India, CSR has gained great importance. So much so that it was made mandatory by the Companies Act, 2013. However, research studies that may assist in understanding the influence of board independence on Indian firms’ CSR performance are still scarce. The present study would foster value to the existing set of limited literature. Besides, the study has considered the dynamic nature of the relationship and has also controlled the endogeneity bias which has been examined by few studies in the past.

Details

Social Responsibility Journal, vol. 19 no. 6
Type: Research Article
ISSN: 1747-1117

Keywords

Article
Publication date: 24 November 2023

Nidhi Singh

The study assesses impact of individual cultural values on investment choices (aggressive or conservative), of 450 investors with behavioural biases and risk propensity in serial…

Abstract

Purpose

The study assesses impact of individual cultural values on investment choices (aggressive or conservative), of 450 investors with behavioural biases and risk propensity in serial as mediators in the relationship.

Design/methodology/approach

The study used serial mediation analysis using Hayes model 6 for creating six models.

Findings

Findings of the study indicated that individualism traits are inclined to aggressive investment choices due to presence of overconfidence biases. Uncertainty avoidance and longtermism traits of investors resulted in aggressive investment choices due to presence of herd mentality bias. The moderating impact of past investing experiences was found significant.

Originality/value

The study indicates the importance of cultural values and past investing experiences of investors that may develop biases to assess investment choices and decisions of investors.

Details

Journal of Advances in Management Research, vol. 21 no. 1
Type: Research Article
ISSN: 0972-7981

Keywords

Article
Publication date: 27 September 2023

Susovon Jana and Tarak Nath Sahu

This study aims to investigate the possibilities of cryptocurrencies as hedges and diversifiers in the Indian stock market before and during financial crisis due to the pandemic…

Abstract

Purpose

This study aims to investigate the possibilities of cryptocurrencies as hedges and diversifiers in the Indian stock market before and during financial crisis due to the pandemic and the Russia–Ukraine war.

Design/methodology/approach

Researchers have used daily data on cryptocurrencies and Indian stock prices from March 10, 2015 to August 26, 2022. The researchers have used the dynamic conditional correlations (DCC)-GARCH model to determine the volatility spillover and dynamic correlation between stocks and digital currencies. Further, researchers have explored hedge ratio, portfolio weight and hedging effectiveness using the estimates of the DCC-GARCH model.

Findings

The findings indicate a negative conditional correlation between equities and cryptocurrencies before the crisis and a positive conditional correlation except for Tether during the crisis. Which implies that cryptocurrencies serve as a hedging asset in the stock market before a crisis but are not more than a diversifier during the crisis, except for Tether. Notably, Tether serves as a safe haven during times of crisis. Finally, the study suggests that Bitcoin, Ethereum, Binance Coin and Ripple are the most effective diversifiers for Indian stocks during the crisis.

Originality/value

This study makes several contributions to the existing literature. First, it compares the hedge and diversification roles of cryptocurrencies in the Indian stock market before and during crisis. Second, the study findings provide insights on risk hedging and can serve as a guide for investors. Third, it may help rational investors avoid underestimating risk while constructing portfolios, particularly in times of financial turmoil.

Details

Journal of Financial Economic Policy, vol. 15 no. 6
Type: Research Article
ISSN: 1757-6385

Keywords

Article
Publication date: 28 March 2023

Léo-Paul Dana, Meghna Chhabra and Monika Agarwal

This paper seeks to add a historical perspective to the contemporary debate concerning women’s entrepreneurship in India. This study aims to explore the quantitative and…

Abstract

Purpose

This paper seeks to add a historical perspective to the contemporary debate concerning women’s entrepreneurship in India. This study aims to explore the quantitative and qualitative research map of the research field of women’s entrepreneurship. Through this exploration, the authors aim to portray the historical and contemporary factors related to women’s entrepreneurship development in India, the problems and the opportunities. Future research opportunities are also identified based on the keyword analysis.

Design/methodology/approach

The study uses a systematic literature review to analyze the historical and theoretical perspectives of women’s entrepreneurship in India. The bibliometric analysis portrays the publication landscape, including the most popular journals, authors and countries, citation analysis and keyword analysis. The content analysis reveals the thematic clusters of the research field.

Findings

The content analysis of the management literature on women’s entrepreneurship reveals four primary clusters from the research: contextual embeddedness in women’s entrepreneurship, reasons for starting a business, microfinance interventions and empowerment of women entrepreneurs and marginalization dynamics for women entrepreneurs in India’s informal sector. The study also presents implications for policymakers and a women entrepreneurs’ development framework.

Originality/value

To the best of the author’s knowledge, this study is the first to comprehensively analyze the management literature on women’s entrepreneurship in India from a historical perspective. The study combines bibliometric mapping and content analysis for a holistic presentation of the research field of women’s entrepreneurship in India and future research opportunities.

Details

Journal of Management History, vol. 30 no. 1
Type: Research Article
ISSN: 1751-1348

Keywords

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