Purpose - This study aims to examine both the direct and interactive effects of Foreign Direct Investment (FDI) on carbon emissions (CO2) in Commonwealth nations, while incorporating renewable energy consumption, economic growth and trade openness into the analytical framework. Design/methodology/approach - Panel data for 56 Commonwealth countries covering the period 2011-2020 were obtained from the WDI and IMF databases. After testing for cross-sectional dependence and stationarity using second-generation panel techniques, four model specifications were estimated. The Driscoll-Kraay standard error approach was employed to address heteroskedasticity, serial correlation and cross-sectional dependence. Interaction effects were incorporated. Feasible Generalized Least Squares estimation was further used as a robustness check. Findings - The findings reveal that FDI has no significant direct effect on CO2 emissions in Commonwealth countries. However, its interaction with renewable energy, economic growth and trade openness significantly influences emissions. Economic growth increases CO2 emissions. Regionally, FDI reduces emissions in Africa but shows no significant effect in Asia. Robustness tests confirm these results. Practical implications - FDI is not inherently environmentally harmful; its impact depends on the presence of supportive policies and structural conditions. The region-specific findings indicate that the positive relationship observed in Africa may be attributed to its relatively lower level of economic globalization compared to developed economies. In contrast, in Asian economies, rapid industrialization combined with weak regulatory frameworks constrains the environmental benefits of FDI, reflecting the presence of pollution haven effects. Furthermore, policymakers should focus on promoting green FDI, expanding renewable energy, reinforcing environmental governance and supporting sustainable trade along with low-carbon technologies to achieve environmentally sustainable growth in Commonwealth nations. Originality/value This study contributes to the literature by jointly examining the direct and moderating effects of FDI on carbon emissions across 55 Commonwealth countries using second-generation panel techniques and the Driscoll-Kraay estimator. The study provides new evidence on how FDI interacts with renewable energy, economic growth and trade openness to shape environmental outcomes.
PurposeThe present study aims to test the idiosyncratic volatility anomaly and examine whether a factor-mimicking hedge portfolio, HIMLI, generates significant abnormal average returns. Moreover, it investigates whether this factor-mimicking portfolio contains peculiar information that can explain variations in average stock returns. Finally, it introduces the idiosyncratic volatility-based factor-mimicking portfolio as a new factor into the existing empirical asset pricing framework to explore a parsimonious asset pricing model for the Indian stock market. Design/methodology/approachThis study comprises S&P BSE 500 index constituent firms. It uses a blend of parametric and non-parametric approaches involving bivariate portfolio analysis and time-series regressions with independent sample tests based on robust standard errors. FindingsThis study confirms the “idiosyncratic volatility effect,” i.e. idiosyncratic volatility is positively related to expected stock returns. The tests of augmented empirical asset pricing models show that the idiosyncratic volatility-based HIMLI factor contains unique information that substantiates the performance of existing asset pricing models. Originality/valueThis study proposes a parsimonious five-factor model comprising market, size, value, momentum and idiosyncratic volatility factors that outperform the other selected models in India. The results have important implications for retail investors, portfolio managers, and policymakers.
PurposeThis study aims to investigate how dark patterns embedded in the user interfaces (UIs) of Indian quick-commerce (q-commerce) platforms shape consumer trust, loyalty, perceived betrayal, punitive intent and negative word-of-mouth (NWOM).Design/methodology/approachA between-subjects experimental design was used, simulating a purchase experience on a q-commerce platform with realistic checkout interfaces. Participants, who were users of q-commerce platforms, were randomly assigned to either a control group or one of three treatment groups featuring a specific dark pattern: basket sneaking, false scarcity or confirm-shaming. Post-exposure, participants completed validated self-report measures of all variables.FindingsResults showed that exposure to dark patterns did not significantly affect brand trust for any dark pattern, while loyalty showed a small decrease only for confirm-shaming. However, all three dark patterns significantly increased perceived betrayal, punitive intent and NWOM. Among patterns tested, false scarcity elicited the strongest negative consumer reactions, followed by basket sneaking and confirm-shaming.Practical implicationsQ-commerce and online platforms should rethink deceptive design as it triggers immediate consumer retaliation that outweighs conversion benefits.Social implicationsResults strengthen arguments for stricter UI design regulations and for consumer-education campaigns that help shoppers spot urgency tricks and hidden fees before they click "buy-now."Originality/valueThis study contributes to the sparse academic literature on q-commerce by offering causal evidence on dark patterns in India's newly regulated digital environment. This paper demonstrates that single-exposure manipulations trigger immediate expressive retaliation while maintaining attitudinal stability, challenging linear relationship deterioration models.
Purpose - This study aims to investigate the impact of brand placements in reality shows on viewer perceptions. Specifically, it aims to explore whether the brand image of a reality show influences the credibility of these placements and how viewers respond to such integrations. By examining this relationship, the paper contributes valuable insights for marketers, advertisers and content creators seeking to optimise brand placements within reality television. Design/methodology/approach - A conceptual model based on source credibility theory was developed. The hypothesised relationships were tested using the partial least squares-structural equation modelling method. Data was separately collected through a stimulus-based questionnaire. For the final data analysis, 393 usable questionnaires were used. Findings - Through rigorous analysis, the authors unearthed several key findings. Firstly, brands with a positive image significantly enhance the credibility of their placements. Viewers are more receptive to products associated with reputable and relatable brands. Secondly, the seamless integration of brands within the show's narrative fosters authenticity. Viewers perceive placements as less intrusive and more credible when placements align with the program's context. Thirdly, not all viewers respond uniformly. Demographics, lifestyle and viewing habits influence how brand placements resonate. Tailoring strategies to specific audience segments is essential. Originality/value - Prior research on brand placements predominantly concentrated on quantitatively investigating films and video games. Nevertheless, these studies have not included viewers ' consuming behaviours in reality shows. Previous empirical studies in reality shows have not developed a conceptual model incorporating the identified moderator (reality show brand image) to explain the impact of brand placements in reality shows. Finally, this study unravelled the complexities of viewer engagement and its potential impact on consumer behaviour by examining the moderating role of pre-existing brand image on audience receptivity.
PurposeThis paper aims to understand the consumer perception of personalization in personalized recommendations.Design/methodology/approachA qualitative approach consisting of in-depth interviews and focus group discussions was adopted.FindingsPrior research suggests that users evaluate the quality of personalized recommendations (PRs) based on accuracy, novelty and diversity. Indian consumers, however, also consider factors such as adaptation, observable bias and redundancy in their perception of personalization. Secondly, consumers seek coherence in product information, collective consumer opinions, deals, popularity and endorsement badges when forming their opinions about PRs. Thirdly, although earlier research identifies lack of trust as the primary inhibitor of online purchase intention, the findings of this study indicate that with experience, consumers tend to focus more on risk minimization. Finally, Indian consumers are increasingly aware of the influence of PRs on impulse purchases and the sustainability of their consumption.Research limitations/implicationsThis study relies on qualitative techniques of in-depth interviews and focus group discussions, restricted to Indian consumers. The authors recommend a quantitative and cross-country approach to increase the generalizability.Practical implicationsThe practical implications for practitioners from this study are to avoid the appearance of the same items multiple times in the recommendation, have a single list of recommendations and create nudges to help consumers consume responsibly.Originality/valueConsumers perceive personalization as an evolving mechanism characterized by the absence of repetition and bias. Secondly, with accumulated experience, their evaluative focus transitions from establishing trust to minimizing perceived risk. Thirdly, consumers increasingly expect recommender systems to facilitate sustainable consumption practices - by not merely promoting environmentally responsible products but also constraining excessive consumption behaviors.
PurposeThis study aims to analyze the dynamic relationship between India's major seven export currencies: the US Dollar, the Dirham, the Yuan, the Hong Kong Dollar, the Singapore Dollar, the British Pound and the Euro, as a country's strong exports lead to increased demand for its currency and appeal to investors due to expected profits.Design/methodology/approachThe relationship among seven key currencies was studied from 2011 to 2021 using a volatility model of Granger causality test, the Vector Auto-Regressive model, variance decomposition, Impulse response function and Dynamic Conditional Correlation Generalized Autoregressive Conditional Heteroscedasticity.FindingsThe study found significant Granger causality from the US Dollar to the Hong Kong Dollar up to lag 3, suggesting a short-term predictive relationship. However, the VAR model indicates that past values of the US Dollar do not significantly influence the Dirham, Yuan, Singapore Dollar, British Pound or Euro. The Hong Kong Dollar is most influenced by USD shocks, with approximately 0.215% of its forecast error variance attributed to USD.Practical implicationsThis research will help investors create a better risk-adjusted international portfolio. International professional investors who hold these currencies should be cautious because any impact on the US Dollar will also affect the other currencies.Originality/valueOnly a few researchers have considered the foreign currency market while developing models. However, to the best of the author's knowledge, no research has been conducted on the impact of currency volatility on key Indian export nations' currencies using a wide variety of statistical applications.
Purpose This study aims to empirically investigate the impact of economic policy uncertainty (EPU) on the performance of Indian manufacturing firms. Design/methodology/approach The two-step difference generalized method of moments model is used in this investigation to examine the effect of EPU on the performance of Indian manufacturing firms. Findings The current study finds that EPU has a detrimental effect on firm performance depicting that when uncertainty in the economy arises firms halt their investment decisions eventually leading to a decline in firm performance. Therefore, the findings support the real options theory, investment irreversibility theory and trade-off theory. Furthermore, adopting the subsample approach, this study also finds the negative effect of EPU to be significant on the performance of small-sized firms and firms in the initial phase of their life cycle (young firms) as well as large-sized firms and firms at their maturity stage (mature firms). However, the adverse effect of EPU is observed to be relatively more significant on the performance of young firms than it is for mature firms. This paper also performs an interaction analysis and finds that the results remain more or less the same, confirming the validity of the findings. Originality/value With the rise in economic uncertainties across the world, the need to study such uncertainties in the context of firms’ financial performance is imperative. While studies have been conducted for firms in developed economies, only a few have addressed it for emerging economies. More specifically, the literature lacks empirical evidence solely focusing on the EPU and the performance of Indian manufacturing firms. Therefore, this study emphasizes on examining the effect of EPU on the performance of Indian manufacturing firms. The findings reveal that EPU negatively affects firm performance which adds fresh evidence to the existing literature on EPU. In addition, the moderating role of financial constraints (in terms of firm life cycle and size) on the relationship between EPU and firm performance also adds to the existing literature on firms’ financial constraints.
Purpose This study aims to advance the existing understanding on meat consumers’ perception towards plant-based meat (PBM) by incorporating a contextual approach. An integrated model comprising consumer consciousness, theory of planned behaviour and meat attachment was developed to comprehend the Indian young consumers’ intention to consume PBM. Design/methodology/approach Four Tier 1 cities in India served as the survey sites for the collection of the data ( n = 650), which was then subjected to structural equation modelling analysis. Findings Social commitment (SC) emerged out as the strongest performer in the importance performance matrix index, while attitude (ATT) was the strongest predictor of intention to consume PBM. All three constructs of consumer consciousness significantly influenced consumers’ ATT and SC. To the authors’ surprise, meat attachment did not significantly moderate the relationship between the key variables. This finding is unique, as many civilizations, where meat has been given the status of essential food in dietary preferences, showed a greater attachment to conventional meat. Originality/value This study provides a distinctive insight that offers additional psychological routes on sustainable meat consumption’s complexity in a contextual setting. Also, it extends the role of SC in sustainable consumption, otherwise, largely discussed in the organizational behaviour domain only.
Purpose Although past studies have reviewed the role of corporate social responsibility (CSR) and environmental, social and governance (ESG) factors in corporate finance, growing realization on the influence of contextual variables has necessitated re-examination in light of unique situational settings. Given that India presents a distinctive context, this study aims to map, synthesize and evaluate the Indian literature on corporate ESG and its role in financial management. Design/methodology/approach The study adopts a combination of qualitative and quantitative techniques. Using systematic procedures, 101 documents are selected from the Scopus database, and a bibliometric analysis, including performance analyses of prominent journals, publication trends and authors, is conducted along with keyword co-occurrence and bibliometric coupling analysis using the VOSviewer software. Additionally, an in-depth systematic literature review using content analysis is undertaken to consolidate insights from the selected corpus based on the theory–context–methodology framework. Findings Publication trend analyses indicate a growing interest in the topic, while the bibliometric analysis leads to three thematic areas: the ESG–financial performance link, CSR reporting and disclosure and determinants of ESG; representing the foci of the extant literature. The content analysis reveals various theoretical and methodological gaps, which present opportunities as avenues for future research – while also underscoring the need for more granular and diversified research in the Indian context. Originality/value This study is among the first to use both a systematic content analytical review and bibliometric analysis techniques to examine the impact of ESG on corporate finance in India. This study addresses the need for context-based ESG research and presents a wide perspective on the ESG–corporate finance nexus while also undertaking a detailed analysis of the extant literature. This work is the first of its kind in the known field, and is expected to provide significant informative value to a variety of stakeholders and decision-makers.
Purpose This study aims to investigate the impact of volatility asymmetries and external shocks, including the global financial crisis of 2007 and the COVID-19 pandemic, on the returns and volatility of the stock market in the Indian context. Design/methodology/approach The data used is extensive, covering around 24 years of stock market activity in terms of prices and subsequent returns. To achieve the objectives, variants of conditional models that incorporate the effect of volatility asymmetries and external shocks have been estimated. Findings This study found that the asymmetric effect is significant, and due to both the global financial crisis and the COVID-19 pandemic, volatility has increased significantly. The inclusion of the asymmetric effect of volatility, global financial crisis and COVID-19 into volatility modeling reveals that the effect of both past innovation or shocks and past volatility has increased, which is evident from the change in lag length structure found in different conditional models of volatility. Research limitations/implications This study has important implications for understanding the dynamics of stock market volatility across various economic phases. It provides insights into how stock markets evolve in terms of volatility swings and the subsequent price formation. Moreover, this study provides insights for policymakers to devise efficient mechanisms to control the possible effects of such shocks on the financial system. Originality/value This study contributes toward a comparative study of events based on their likelihood of occurrence and thereupon impact on stock market performance.
PurposeThe purpose of this study is to examine the impact of liquidity, leverage and debt-to-equity (DE) ratio on the profitability of police savings and credit cooperatives (PSCC) within the emerging Thailand market.Design/methodology/approachThe study was conducted within the Thailand financial sector setting. The secondary data used in the research comprised panel data during 2017-2022. Data was collected from 111 PSCC operating in Thailand's emerging market (EM) and analyzed using a fixed effects modeling technique.FindingsThe study results established that profitability within the emerging Thailand market, and in particular the police and SCC, was determined by various levels of liquidity, leverage and DE ratios. Liquidity and DE ratio were found to have a negative impact on profitability, whereas leverage had a positive effect.Research limitations/implicationsThe study was confined to the EM of Thailand's savings and credit cooperative (SCC) sector, and specifically that associated with the Royal Thailand Police service. It also restricted the examination of profitability of these entities to liquidity, leverage and DE ratio. Future studies should also examine addition financial indicators, as well as studies across various SCCs in Thailand and other EM where these forms of financial institutions are prevalent.Practical implicationsThe study findings provide administrators and legislators associated with the EM of Thailand some valuable insights into factors that can be used as markers for performance in the SCC sector. Such financial markers can also provide the starting point to help these stakeholders identify the degree to which each of these financial-specific parameters impact profitability, so legislation and/or guidelines can be adopted for each different SCC context across Thailand and other EMs.Originality/valueTo the best of the authors' knowledge, this study is the first attempt at examining the performance of PSCC in the emerging Thailand market and other jurisdictions where they operate. The study examines the combined effects of DE, leverage and liquidity on profitability, which is also unique to our and other research setting that involve SCCs.
Purpose This study aims to use different proxies to analyze the impact of earnings management (EM) on firm financial performance (FP). It provides empirical evidence from India, which is considered an emerging economy. Design/methodology/approach The sample represents the 704 nonfinancial firms on the Bombay Stock Exchange. With a 21-year period, the authors used the McNichols (2002) model to find discretionary accruals (DA); firm FP is captured through accounting-based (return on assets and earnings per rupee share capital) and market-based (Tobins_Q and PB_Ratio) measures and applied panel regression analysis using OLS, fixed effect and two-stage least square estimators. Findings Based on different estimators, the authors found that EM proxies positively impact the firm’s performance, confirming the application of agency theory to inflate the firm’s performance by managers. Research limitations/implications The present study uses a sample of nonfinancial firms, which becomes its limitation for the financial sector. Further, the study focuses on the financial aspect of performance, which becomes another limitation. Practical implications Investors, analysts and other stakeholders would be able to identify the firms that manage the earnings more than the industry average. The study findings would enhance policymakers’ willingness to prepare appropriate industry-specific regulations, which might improve Indian financial market efficiency and performance and reduce financial fraud among Indian firms. Originality/value To the best of the authors’ knowledge, this is the first study that suggests excessive accrual (E_DA) and standardized accruals (S_DA) as new discretionary accrual proxies for EM practices. Regarding EM, only a few good studies have been conducted for Indian firms, which creates ample opportunities for different types of research in this domain. The present paper tries to fill this research gap by concentrating on Indian firms.
Purpose This study aims to synthesize the literature on shopping experiences of visually impaired consumers (VIC). The review probes the extent of the research done, highlights the shopping experiences of VIC documented in the existing literature, pinpoints gaps and provides directions for future research. Design/methodology/approach This study uses Arksey and O’Malley’s framework to conduct a scoping review. Articles related to VIC shopping experience were collected from Scopus databases. In total, 27 articles that met the inclusion criteria were selected for the review. Findings The results were divided into three sections. The analysis section conveys the extent of the research relevant to the methodology, study context, geographical location, timeline and citation analysis. The emerging themes portray the experiences VIC encounters while shopping. Finally, the consultation process revealed the current perspectives of VIC. Practical implications This review collates the existing literature and identifies the research gaps. These research gaps provide directions for future research. This study creates awareness of VIC shopping needs. Originality/value To the best of the authors’ knowledge, this is the first study to review the literature on VIC’s shopping experience.
PurposeThis paper aims to investigate the relationship between corporate innovation and the firm's corporate investment. Further, the authors begin with the assertion that the relationship between corporate innovation and corporate investment is impacted by significantly a) uncertain periods, b) financial constraint, c) executives' risk preference and d) firm risk-taking ability.Design/methodology/approachThis study has considered non-financial listed companies (774 firms) for the period spanning from 2010-2022. The authors use a fixed effect regression model within a panel data framework to examine the relationship between corporate innovation and investment. For robustness, the authors use system generalised methods of moments to investigate the relationship between corporate investment and corporate innovation across all the samples.FindingsThis study finds a positive relationship between corporate innovation and corporate investment, which means when the firm tries to make some innovation, it will increase its expenditure on fixed assets. However, the positive relationship between corporate innovation and corporate investment reduces with uncertainty. Additionally, financial constraint plays a significant role in determining this relationship. Executives and firms with high risk-taking ability tend to be more inclined to make investments.Originality/valueThe study is unique because it determines the impact of corporate innovation on corporate investment. The current literature is focused on corporate innovation and uncertainties. However, no light has been shed on the relationship between corporate innovation and investment. At the same time, the authors have introduced three more variables which play a significant role in determining the corporate innovation-investment relationship.
Purpose Extant rebranding conceptualisation limits its scope to redesigning visual brand identity elements, whereas the practical and academic references suggest otherwise. Motivated by this, this study aims to build a holistic understanding of this phenomenon. Design/methodology/approach This study proposes a conceptual model of rebranding based on identity–image dynamics. The authors have conceptualised rebranding as a comprehensive change of existing brand identity triggered by a construed brand image discrepancy. Findings This study characterises rebranding as a multidimensional phenomenon, of which change in visual brand identity is only a dimension. The impact of rebranding on brand identity is pervasive. Research limitations/implications The typology of construed brand image discrepancy and various combinations of changes in brand identity elements should be explored further. Practical implications The model will assist managers in rebranding decisions, as it places equal emphasis on its rightful conception and successful implementation. This will also sensitise managers about their pivotal role in getting employee buy-in for the process, which is critical for achieving the desired results. Originality/value The proposed model is unique in using identity–image dynamics as the underlying theory of the rebranding phenomenon.
Purpose - This study aims to examine whether tracking Smart Beta (SB) indices during bullish, bearish and stagnant market phases is a better choice for passive investors compared to Cap-Weighted (CW) indices. As investors' strategies differ with market movements, this study analyses how single-factor and multi-factor SB indices perform during different market phases, in relation to CW indices. It also attempts to determine which SB factors are more suitable for investors in these phases. Design/methodology/approach - Using various return and risk indicators, this study analyses how SB indices perform vis-a-vis CW indices during bullish, bearish and stagnant phases. The authors also evaluate the upside and downside participation advantage of SB indices and assess their ability to capture upside returns and limit downside risk. The authors attempt to determine the cyclical or defensive nature of SB indices using Average Participation values. Findings - This study found that SB indices outperform CW indices during the bearish and stagnant phases. Multi-factor SB indices have lower risk levels in all market phases, providing downside protection to risk-averse investors. Dividend, Low Volatility, Quality and multi-factor SB indices are defensive portfolios offering better payoffs during the down market phases, while Alpha, Beta, Equal Weight and Value SB indices provide higher payoffs during the up-market phases. Originality/value - To the best of the authors' knowledge, this is the first study that examines the performance of single-factor and multi-factor Indian SB indices in different market phases. It determines the suitability of various factors to passive investors during these phases and also identifies whether SB indices are cyclical or defensive.
Purpose - This study attempted to measure life satisfaction and developed a scale to measure its dimensions with the required psychometric properties (validity and reliability). In today's scenario, organizations are focusing on life satisfaction by helping employees to maintain their work-life balance. Therefore, this paper aims to develop a robust scale of life satisfaction. Design/methodology/approach - The methodology consists of three broad stages: item generation, scale development, and validity. Using the sample of 198 working executives, this study used the exploratory factor analysis (EFA) and concluded the four dimensions of life satisfaction: work satisfaction, family satisfaction, societal satisfaction and self-satisfaction. Findings - The results provide academicians and practitioners with new insight and dimensions of life satisfaction. The result of this study shows that life satisfaction has societal satisfaction, family satisfaction, job satisfaction and self-satisfaction dimensions. Practical implications - This study will provide practitioners with new dimensions to measure life satisfaction. They can help employees achieve life satisfaction across four different factors. This will enable more employee satisfaction, an increase in retention rate and an increase in employee performance. Furthermore, this study provides implications from a policy perspective to design the business policy by considering life satisfaction as an important part of formulating and implementing human resource policies. Originality/value - This study is unique in terms of exploring the dimensions of life satisfaction in a structured manner and establishing the psychometric properties as construct, content, and criterion validity along with reliability. This scale can be further used in future research to measure the life satisfaction construct.
