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This paper studies the relationship between characteristics of firms’ and their propensity to maintain zero-leverage (ZL). Its second objective is to examine the impact of macroeconomic conditions on firms’ ZL policy. Finally, the purpose of this paper is to explore the underlying motives behind eschewing debt for constrained and unconstrained firms.

The paper uses data of 2001 non-financial and non-utility listed Indian firms over a period of 2005-2013 from Capitaline database. Size quintiles and dividend payment status have been used to differentiate between constrained and unconstrained firms. It uses t-test and logistic regression to draw inferences.

In general, firms pursuing ZL policy are financially constrained. However, there is a sub-section of ZL firms found unconstrained with high profitability. They appear to be “self-sufficient” to meet their financing requirements. Finally, macroeconomic conditions are counter cyclically related to firms’ ZL policy.

The impact of corporate governance practices on firms’ ZL policy could not be examined due to data inadequacy. However, financial constraints and the presence of ZL firms come out as important factors to be paid special attention for future empirical works on capital structure.

The findings can be useful for financial managers in designing capital structure on the basis of their financial position.

Previous studies on ZL phenomenon are based on developed countries. The findings of previous studies conducted for developed countries get revalidated for the first time in the context of an emerging economy like India.

This study aims to investigate the impact of corporate climate change disclosure (CCD) on the financial performance of Indian firms.

The study is grounded in the principles of signalling theory, legitimacy theory and the cost-benefit analysis approach. The sample for the study includes 77 Indian firms from 2018–2019 to 2021–2022. Required data are collected from published annual reports, sustainability reports and the Ace Equity Database. The explanatory variable CCD is measured using content analysis based on the Task Force on Climate-related Financial Disclosures (TCFD) framework. The panel fixed-effects or random-effects models have been considered for hypotheses testing.

The disclosure level of CCD and its different components is found to be moderate with an average score of 0.364 among top Indian firms. Regression results reveal a significant positive association between CCD on firms’ market-based performance, suggesting its long-term benefits. Besides, additional analysis indicates the differential impact of CCD on financial performance based on firms’ CEO duality status, industry affiliation and pre-COVID and post-COVID period, thus establishing their moderating role in the observed relationship.

The study highlights the necessity of enhancing climate-related disclosure by Indian firms and strategically leveraging the same to boost their financial performance.

Few studies have examined the implications of CCD (based on the TCFD framework) on firm performance. Moreover, exploring the moderating role of CEO duality, industry type and COVID-19 in the CCD and firm performance relationship is a novel empirical contribution.

This study aims to examine the impact of the COVID-19 pandemic on the working capital management (WCM) efficiency of resilient and nonresilient firms listed on India’s BSE 500 index. It focuses on key WCM components such as cash conversion cycles (CCC), accounts receivable periods, inventory conversion periods and accounts payable periods.

Panel data from 2012 to 2023 is analyzed using the System Generalized Method of Moments model. This study differentiates between resilient and nonresilient firms based on liquidity stress tests and cash flow performance before and during the pandemic.

Resilient firms demonstrated superior WCM efficiency, maintaining shorter CCCs, effective receivables and inventory management and stable payables. Nonresilient firms faced significant inefficiencies, including extended CCCs and slower receivables and inventory turnover, exposing gaps in their WCM practices.

This study is limited to the pandemic period. Future research could explore broader timeframes to understand the long-term effects on WCM.

Managers should enhance WCM strategies, focusing on cash flow optimization to strengthen firm resilience during crises.

Efficient WCM supports job retention, preserves supplier relationships and stabilizes local economies, contributing to broader community resilience during crises.

This study extends the resource-based view by emphasizing WCM as a critical internal resource that supports firm resilience during economic crises. It contributes new insights into how Indian firms adapted their WCM strategies in response to COVID-19.

The purpose of this study is to investigate the impact of Internet banking intensity on banks' profitability performance. It also examines the deferential impact of Internet banking intensity on the profitability performance of public and private sector banks.

The study uses data of 67 commercial banks operating in India over 9 years from 2011–2012 to 2019–2020. The volume and value of Internet banking are used as two proxies for Internet banking intensity. Return on assets and return on equity are considered measures of banks' profitability performances. The system GMM model and the three-stage least square (3SLS) model are used to investigate the impact of Internet banking intensity on performance.

The results indicate that the volume and value of Internet banking increase the overall profitability of the banks. The results further reveal that the positive impact of Internet banking on performance is higher in the case of public sector banks which possibly indicates that there are economies of scale of operation.

The results suggest that banks and policymakers should strive to increase internet banking scope to improve performance. Private banks should focus on increasing their customer base to achieve economies of scale and public banks should work on the efficient utilization of resources.

Prior studies investigated the impact of Internet banking adoption on the performance of banks. This study attempted to examine the impact of Internet banking intensity on the profitability performance of banks in the context of an emerging economy.

The primary purpose of this study is to investigate the impact of carbon productivity on firms' financial performance. Secondly, the study also examines the moderating effect of industry types and firm size in the relationship between productivity and firm performance.

The data used for the study includes 66 listed Indian firms over the period from 2015–2016 to 2019–2020. The data used in the study are collected from the published corporate annual reports and sustainability reports. The study uses a random effect model based on the results of the Hausman test and the Breusch-Pagan test to investigate its objectives.

Carbon productivity has a favorable impact on firms' financial performance in India, indicating that firms may gain competitive advantages by minimizing carbon emissions and improving carbon productivity. Small and high carbon-intensive firms reap greater benefits from the improvement in carbon productivity compared to their opposite counterparts. However, such differential impact is only observed for the market-based measure but not for the accounting-based measure of financial performance.

The results suggest that high carbon-intensive firms should focus more on improving carbon productivity. Small firms and firms belonging to high carbon-intensive industries can improve their market performance by improving carbon productivity.

This study is a noble attempt to investigate the moderating effect of industry type and firm size while examining the impact of carbon productivity on firm performance in the context of an emerging economy.