The transition from erstwhile Accounting Standards (AS) to Indian Accounting Standards (Ind AS) introduced significant changes in the measurement and recognition of financial instruments, including expected credit loss (ECL) provisioning, effective interest rate (EIR)-based recognition and fair valuation, which were expected to reshape the reported profit of Non-Banking Financial Companies (NBFCs). This study examines the impact of Ind AS adoption on the reported profit after tax (PAT) of the top 50 listed NBFCs that transitioned in 2018–2019. Using the Ind AS 101 reconciliation, which reports the same firm-year under both regimes, the study compares PAT for 2017–2018 as reported under AS and as restated under Ind AS, thereby isolating the accounting effect from business changes. Transition adjustments are decomposed, and the difference in PAT is tested using the paired sample t-test and the Wilcoxon signed-rank test. Aggregate PAT decreased by 5.82% under Ind AS, driven mainly by EIR adjustments, fair valuation of ESOPs, ECL-based impairment and fair valuation of investments. However, the difference is not statistically significant, as increases in some NBFCs offset decreases in others. The findings are relevant for regulators, auditors and investors, and offer insights for the forthcoming Ind AS transition of banks and insurance companies. JEL Classification: G23, G32, M41
This study examines the impact of market liquidity, gold prices, and oil prices on investor herding behaviour across sectors in the Indian stock market from 2006 to 2023. The Cross-Sectional Absolute Deviation model, developed by Chang et al. (2000, Journal of Banking & Finance, 24 (10), 1651–1679) and Ordinary Least Squares regression have been used to identify herding behaviour among investors in the Indian stock market. The empirical findings revealed that anti-herding and herding behaviour exhibit significant influence in different sectors throughout the entire study period. The empirical results revealed significant influences of market liquidity, oil, and gold prices on investors’ herding behaviour in the stock market. The study offers a framework for promoting more informed and independent decision-making, thereby reducing herd behaviour that contributes to market volatility and the formation of asset bubbles. The findings may also assist policymakers and regulators in implementing essential measures to enhance market stability and curb speculative excesses. JEL Classifications: G02, G10
In recent years, consumers have become increasingly concerned about environmental issues and are seeking sustainable purchasing practices. This study aimed to investigate the relationship between consumers’ environmental knowledge (EK) and environmental concerns (EC) and sustainable consumption intention (SCI) and sustainable consumption behavior (SCB). This study also examined the mediating effect of SCI and the moderating effect of electronic word-of-mouth (eWOM) on SCB. This study used the stimulus-organism-response (SOR) model as its conceptual foundation. A total of 459 acceptable responses were collected via an online survey using a non-probability purposive sampling technique. Structural equation modeling, employing partial least squares (SmartPLS version 4.1.0.9), was used to evaluate the study hypotheses. The results indicate that EK and EC directly and indirectly influence SCI and SCB. Furthermore, SCI and SCB had a positive and significant direct influence, and SCI mediated the proposed hypotheses. Moreover, eWOM has a significant and positive influence on SCB, but eWOM does not moderate the relationship between SCI and SCB. This study enhances the existing literature by exploring additional connections, notably studying SCI as a mediator between EK and the EC. In addition, this study is among the few to examine the incorporation of eWOM as a moderator in the SOR from a developing-country perspective, particularly with respect to the SCB aspect. The findings of this study offer significant insights for marketers, academics, and practitioners regarding the antecedents of consumer SCB. This would empower marketers to develop more effective strategies for sustainable market segments across all sectors. JEL Classification: C12, C83, M37, Q56
The transition toward electric mobility has emerged as a key strategy for reducing transport-sector emissions and promoting sustainable development. Despite the rapid growth of electric vehicle (EV) registrations in India, the pace of adoption remains uneven across states and union territories. This study examines the macro-level determinants associated with regional disparities in EV adoption across 29 Indian states and union territories during FY2024–2025. Ordinary Least Squares (OLS) regression with heteroskedasticity-robust standard errors is used to estimate the empirical model, while an extended specification incorporating urbanization is estimated to assess the robustness of the baseline findings. The results indicate that public charging infrastructure and population density are positively associated with EV adoption, with population density emerging as the strongest determinant among the variables examined. In contrast, per capita power availability does not exhibit a statistically significant association with EV adoption. Although per capita NSDP shows a negative and marginally significant association in the baseline model, this relationship is not robust across alternative model specifications. The robustness analysis further reveals that urbanization is not significantly associated with EV adoption, while the principal findings regarding charging infrastructure and population density remain unchanged. The findings highlight the importance of strengthening charging infrastructure and considering regional demographic characteristics while formulating state-specific EV promotion strategies. JEL Classification: Q42, Q56, R41
With growing financial liberalization, the twin challenges of rising current account (CA) deficits and volatile capital flows have become a key concern for policymakers in recent years. This study empirically investigates the causal dynamics between the capital account (KA) and the CA in major emerging Asian economies over the period 1980–2024, employing a panel Granger causality framework. The overall findings reveal no significant causal relationship between the KA and the CA at the aggregate level. However, a deeper analysis disaggregating the KA into its key components, such as foreign direct investment and foreign portfolio investment, yields different results. By incorporating the real effective exchange rate as a transmission channel, the study uncovers evidence of unidirectional causality running from non-debt-creating capital flows to the CA. This suggests that disaggregating capital flows allows for clearer identification of which types exert the most influence on the CA. Furthermore, the findings indicate that capital flow volatility tends to deteriorate the CA balance, underscoring the need for policymakers to prioritize financial sector stability, particularly before transitioning toward full KA convertibility. JEL Classification: C32, C33, F21, F31, F32
