Sustainable Investing Based on Momentum Strategies in Emerging Stock Markets: A Case Study for Bombay Stock Exchange (BSE) of India

This research article examines the profitability on the momentum portfolios in the case of the emerging stock market of India, i.e. Bombay Stock Exchange (BSE). Sustainable investing integrates environmental, social and governance (ESG) characteristics into investment decisions. Risk management is one of the most significant ranking factors determining the adoption of corporate strategies based on sustainable investing. A sustainable stock market provides a transparent and effective solution to inherent challenges related to environmental, social, economic and corporate governance issues. The theoretical and empirical analysis conducted in this research article reveals the status of BSE of India in this regard. A company's sustainable market orientation is very important for future developments. The practical significance of this research paper is to investigate the profitability of momentum strategies in Bombay Stock Exchange of India, which is an emergent market. Moreover, the presence of short term momentum effect on Indian stock market is basically an anomaly caused by behavioral and risk-based portfolio construction factors. On the other hand, momentum strategies is a reliable alternative with strong empirical evidence to both fundamental approaches of classical finance, namely efficient market hypothesis (EMH) and behavioral finance paradigm.JEL Codes - C22; G11; G17; O16; Q0

Investigating abnormal volatility transmission patterns between emerging and developed stock markets: a case study

The main aim of this paper is to investigate volatility spillover effects, the impact of past volatility on present market movements, the reaction to positive and negative news, among selected financial markets. The sample stock markets are geographically dispersed on different continents, respectively North America, Europe and Asia. We also investigate whether selected emerging stock markets capture the volatility patterns of developed stock markets located in the same region. The empirical analysis is focused on seven developed stock market indices, i.e. IBEX35 (Spain), DJIA (USA), FTSE100 (UK), TSX Composite (Canada), NIKKEI225 (Japan), DAX (Germany), CAC40 (France) and five emerging stock market indices, i.e. BET (Romania), WIG20 (Poland), BSE (India), SSE Composite (China) and BUX (Hungary) from January 2000 to June 2018. The econometric framework includes symmetric and asymmetric GARCH models i.e. EGARCH and GJR which are performed in order to capture asymmetric volatility clustering, interdependence, correlations, financial integration and leptokurtosis. Symmetric and asymmetric GARCH models revealed that all selected financial markets are highly volatile, including the presence of leverage effect. The stock markets in Hungary, USA, Germany, India and Canada exhibit high positive volatility after global financial crisis

Do European, Middle-East and Asian Stock Markets Impact on Indian Stock Market? A Case Study Based on NIFTY Stock Index Forecasting

This paper estimates NIFTY index from Indian stock market by considering a cluster of MSCI European, Middle East and Asian stock market indices. In the forecasting process, we obtain group of independent variables to test its relative impact over dependent variable (NIFTY) considering a sample size of daily observations from January 2000 to December 2021 abstracted from Bloomberg. We run OLS regression, Quantile estimations with additional parameter of VIF and BKW. We found significant impact association with China (Asian index) and Saudi Arabia (Middle East index) during the forecasting process compared to rest of sample indices that exceed unexpectedly out of VIF limits. Further, we recorded strong association of independent variables despite of statistical significance (<1%) in OLS regression estimation

Modelling the effect of transformational leadership on entrepreneurial orientation in academic department: the mediating role of faculty members’ speaking up

The creation of an entrepreneurship university involves the promotion and institutionalisation of the orientation towards entrepreneurship of all parts of the university, especially the scientific departments, which is affected by several factors. Therefore, our research investigates the effect of transformational leadership style of academic departments’ heads on entrepreneurial orientation of these departments mediated by speaking up behaviour of faculty members. Data were collected from 217 faculty members of 50 academic departments in universities of Qom city and provided support for the model. The findings demonstrated a positive and significant relationship between transformational leadership and speaking up, between speaking up and entrepreneurial orientation, and between transformational leadership and entrepreneurial orientation. Furthermore, speaking up mediates the relation between transformation leadership style and entrepreneurial orientation. These findings highlight the catalyst role of speaking up, leveraging transformational leadership as antecedents of entrepreneurial orientation in academic departments. These findings are valuable inputs for managers in university, and policy makers in a higher education sector. Eventually, the theoretical and practical inferences of this research are discussed

Advanced empirical research based on structural equation modeling (SEM) regarding the impact of tax revenue on GDP dynamics at EU-28 level

The main objective of this empirical study is to investigate the impact of tax revenue on GDP dynamics at EU-28 level based on structural equation modeling (SEM). We applied structural equation modeling (SEM) which represents a multivariate statistical analysis technique used especially for analyzing structural relationships between measured variables and latent structures. Selected taxes are the following: environmental taxes, indirect taxes, social contributions, taxes on capital, taxes on labour, taxes on property, and direct taxes. The sample period includes a long time horizon during 2005-2017 for each member states of EU-28. Our empirical findings revealed the level of taxation exhibits an increased influence on GDP dynamics in case of EU-28 member states.JEL Codes - C3; E62; O47; O5

Measuring the impact of governance quality on stock market performance in developed countries

The aim of this article is to examine the relationship between stock market performance and country level governance indicators. A good quality of governance in a country ensures effective implementation of laws which can protect the investor and improve stock market performance and vice versa. Our study utilises annual stock returns and country level governance indicators for 25 developed countries from 1996 to 2018. The fixed effect estimation suggests that stock market performance and governance indicators share a positive relationship. Our findings suggest that high quality of governance is associated with higher returns on stock. Institutional quality is a preconditioned for financial developed that set the direction of change to reduce transaction costs and agency costs and make profitable projects available to firms that subsequently leads to higher demand for equity financing. These findings have significant implications for stock market policymakers and standard asset pricing models that only include market risk factors to predict future expected stock return

The impact of COVID-19 pandemic on air transport: the case of Virgin Australia airlines

This research study scrutinized the financial signs that were overlooked or were failed to be controlled by Virgin Australia from 2012 through 2019. Empirical research was done based on secondary data retrieved from the annual reports of the company. The annual reports of the company were analyzed in a multi-dimensional manner using financial analysis tools and instruments. The finds of this research demonstrate that it was not merely the Covid-19 pandemic, which pushed the world’s oldest airlines into bankruptcy but there existed numerous critical issues within the company. Virgin Australia’s financial statements revealed fifteen alarming indicators which were overlooked by the company. Right from operating revenue, operating expenses, profit margins, to current and liquid ratio all eleven indicators were hugely adverse since last eight years continuously. The outbreak of the Covid-19 pandemic forced lockdown across nations and the aviation industry was the worst hit amid the global turmoil. This proved fatal for Australia’s second-largest carrier which was already ailing from financial distress for the last several years and thus the company had to file bankruptcy

An Effectiveness Assessment of Preventive Management Strategies in order to Manage Non Performing Assets in Indian banks: A Case Study

There are two kinds of strategies to control Non Performing Assets i.e. curative and preventive. The paper is an attempt to focus on the effectiveness of various preventive strategies in controlling NPA in future.For this study primary data have been collected from 82 branches out of 138 branches of Sagar District in Madhya Pradesh of India. The respondents are the branch managers or recovery officer of each branch.The primary data are related to the causes of NPA, actual usage of preventive measures and effectiveness of each preventive strategy. It highlights few new causes which are barely covered by the earlier researches. The study also represents the actual usage of various preventive measures along with the effectiveness of preventive measures in averting NPA to be occurred in future. The outcome of this study could provide a valuable insight about which strategy is more effective to prevent these stressed assets. Besides that, it could aware the banking authorities regarding the problems faced by the managers in using the preventive measures.JEL Codes - G21; G23, G2

Exploring the antecedents of institutional effectiveness: a case study of higher education universities in India

The significance of Institutional Effectiveness is pivotal to the functioning of an academic institution. The mushrooming of private institutions in the Indian higher education space necessitates exploring its antecedents to ensure quality higher education is imparted by the institution. The purpose of this research endeavor is to explore the impact of Academic Leadership on Institutional Effectiveness with a mediating role of Campus Culture and Faculty Involvement in Decision Making. The study employed a cross-sectional research design and implemented a purposive sampling technique to collet primary data from 80 permanent faculties and 249 students of private engineering colleges located in the Karnataka state of India. Data was collected through a structured questionnaire and analyzed using Partial Least Square-Structural Equation Modeling. Hypothesis shows academic leadership and campus culture has high influence on institutional effectiveness. Faculty in decision making and campus culture partially mediates between academic leadership and institutional effectiveness. The results of FIMIX-PLS and PLS-MGA analysis shows the similarity in the results of total effect and path relationships. This paper provides theoretical foundations and empirical findings on conceptualizing the antecedents of institutional effectiveness. The outcomes of this research serve as significant input to policy makers and higher education institutions to facilitate enhancement of institutional effectiveness

Exploring the sustainable effect of mediational role of brand commitment and brand trust on brand loyalty: an empirical study

The study focus on the role of self-expressive branding, brand love, brand trust and brand commitment on brand loyalty. It also identifies the strength of mediating effect of variable brand commitment between brand love and brand trust. Also measures the strength of mediating effect of variable brand commitment between brand trust and brand loyalty. The data is gathered by using a structured questionnaire and a sample size of 101 respondents in a cross-sectional study. Statistical analysis has been done through SMART PLS 3.0 software. In the analysis part, PLS algorithms, bootstrapping, blindfolding, Importance performance matrix, FIMIX, Multi-Group analysis have been undertaken. A reflective model has been developed. The path coefficient value and empirical t-values of all direct relationships of variables above 0.2 and 1.96 respectively and substantiate the hypothesis. The results have shown that brand commitment is partially mediates the association between brand love and brand trust and also between brand trust and brand loyalty. The four-segment solution’s FIMIX-PLS path coefficient shows that brand love and brand trust are more relevant in segment 3, followed by segment 2, segment 1 and segment 4, respectively. Companies should focus on improving their brand trust displayed by consumers followed by brand commitment which strengthens brand loyalty in the automobile sector. This industry could consider implementing this creating trustworthiness about the brand, by developing strong psychological connectedness between the customer and brand by the retail outlet by offering the best quality product, and by incorporating strategies to reduce cognitive dissonance among the buyers