Magnetic impurities in the honeycomb Kitaev model

We study the effect of coupling magnetic impurities to the honeycomb lattice spin-1/2 Kitaev model in its spin liquid phase. We show that a spin-S impurity coupled to the Kitaev model is associated with an unusual Kondo effect with an intermediate coupling unstable fixed point K_c J/S separating topologically distinct sectors of the Kitaev model. We also show that the massless spinons in the spin liquid mediate an interaction of the form S_{i\alpha}^{2}S_{j\beta}^{2}/R_{ij}^{3} between distant impurities unlike the usual dipolar RKKY interaction S_{i\alpha}S_{j\alpha}/R_{ij}^{3} noted in various 2D impurity problems with a pseudogapped density of states of the spin bath. Furthermore, this long-range interaction is possible only if the impurities (a) couple to more than one neighboring spin on the host lattice and (b) the impurity spin is not a spin-1/2.$Comment: 4 pages, 3 figures, Published versio

Progenitors of Firm’s Search Behaviour: A Country Comparison of Australia vs. India

The determinants and consequences of firm-risk are widely studied in regard to the US and other developed markets. However, little attention is paid to these issues in emerging markets or in cross-country contexts. The empirical literature is also mostly silent about the progenitors of firms’ search behaviour in an organisational risk context. To fill these research gaps, we investigate the progenitors of a firm’s search behaviour (i.e. risk-taking) in a bi-country context of Australia vs. India with 395 firms across 2003-2017. We use four distinctive risk measures - return on asset SD, capital expenditure ratio, accounting beta and R&D intensity, as dependent variables representing the overall search behaviour of firms and thirteen variables under four independent constructs. We use factor analysis to eliminate redundant variables and then multiple regressions to fulfil our research objectives. Results show that fundamental valuation, psychological, corporate governance and performance drivers all influence firms’ overall search behaviour. Specifically, firm size, market size, growth opportunities, board busyness, expectation, and operating and cash performance are the most critical sub-progenitors driving firm’s risk-taking. Our results are consistent across time, country-heterogeneity and industry contexts. Our study results would be of immense help to firm-managers, investors, policy-makers, and other stakeholders to assess a firm in the risk-return context from both emerging and developed country perspectives. Thereby, these would help these stakeholders in strategic policy decisions and portfolio rebalancing decisions objectively and in a timely manner

Risk-Antecedents of Firms and Strategic Mediators – New Evidence from a Cross-Country Analysis

We examine the strength and nature of firm aspiration and expectation as strategic mediators in the association of risk antecedents and firm risk, after exploring the possible impact of such antecedents on firm aspiration, and firm aspiration’s preliminary influence on firm risk. Empirical literature is mostly silent about risk antecedents of firms in an emerging market or cross-country context, and to the best of our knowledge, the mediators proposed in this study are yet to be explored. We report strong significant positive mediating effects of firm aspiration and expectation in association of risk antecedents and firm risk. Our results also validate that all studied risk antecedents, except corporate governance- composition, significantly influence aspiration and expectation mediators and firm risk in line with our hypotheses. Our results also hold true after controlling for firm-level and country-level heterogeneities and conducting two additional robustness tests

Progenitors of Firm’s Search Behaviour: A Country Comparison of Australia vs. India

Keywords: Firm-risk, Managerial risk-taking, Search behavior, Corporate governance, Progenitors of risk The determinants and consequences of firm-risk are widely studied in regard to the US and other developed markets. However, little attention is paid to these issues in emerging markets or in cross-country contexts. The empirical literature is also mostly silent about the progenitors of firms’ search behaviour in an organisational risk context. To fill these research gaps, we investigate the progenitors of a firm’s search behaviour (i.e. risk-taking) in a bi-country context of Australia vs. India with 395 firms across 2003-2017. We use four distinctive risk measures - return on asset SD, capital expenditure ratio, accounting beta and R&D intensity, as dependent variables representing the overall search behaviour of firms and thirteen variables under four independent constructs. We use factor analysis to eliminate redundant variables and then multiple regressions to fulfil our research objectives. Results show that fundamental valuation, psychological, corporate governance and performance drivers all influence firms’ overall search behaviour. Specifically, firm size, market size, growth opportunities, board busyness, expectation, and operating and cash performance are the most critical sub-progenitors driving firm’s risk-taking. Our results are consistent across time, country-heterogeneity and industry contexts. Our study results would be of immense help to firm-managers, investors, policy-makers, and other stakeholders to assess a firm in the risk-return context from both emerging and developed country perspectives. Thereby, these would help these stakeholders in strategic policy decisions and portfolio rebalancing decisions objectively and in a timely manner

Risk-Antecedents of Firms and Strategic Mediators – New Evidence from a Cross-Country Analysis

We examine the strength and nature of firm aspiration and expectation as strategic mediators in the association of risk antecedents and firm risk, after exploring the possible impact of such antecedents on firm aspiration, and firm aspiration’s preliminary influence on firm risk. Empirical literature is mostly silent about risk antecedents of firms in an emerging market or cross-country context, and to the best of our knowledge, the mediators proposed in this study are yet to be explored. We report strong significant positive mediating effects of firm aspiration and expectation in association of risk antecedents and firm risk. Our results also validate that all studied risk antecedents, except corporate governance- composition, significantly influence aspiration and expectation mediators and firm risk in line with our hypotheses. Our results also hold true after controlling for firm-level and country-level heterogeneities and conducting two additional robustness tests