Sakti Ranjan Dash and Maheswar Sethi
This study aims to examine the investment-cash flow sensitivity (ICFS) and the impact of environmental, social and governance (ESG) on ICFS of manufacturing firms in India…
Abstract
Purpose
This study aims to examine the investment-cash flow sensitivity (ICFS) and the impact of environmental, social and governance (ESG) on ICFS of manufacturing firms in India. Furthermore, it explores the role of group affiliation in such ESG–ICFS nexus.
Design/methodology/approach
The paper uses the generalized method of moments regression to analyze the data with a sample of 222 manufacturing firms from 2012 to 2022.
Findings
The paper reveals that Indian manufacturing firms mainly depend on internal cash flow for their investment decision, and ESG footprint reduces such sensitivity of investment-cash flow. Furthermore, group-affiliated firms have greater ICFS, and the impact of ESG on ICFS is more noticeable in group-affiliated firms than in standalone counterparts.
Originality/value
This paper provides valuable insights into current literature, with implications that extend to economies, firms, managers and investors. To the authors’ knowledge, this paper examining the impact of ESG on ICFS amidst group affiliation is first-of-its-kind.
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Aleksandra Wąsowska and Krzysztof Obłój
We wanted to find out how infant multinationals originating from Poland enact opportunities in Sub-Saharan African (SSA) countries.
Abstract
Purpose
We wanted to find out how infant multinationals originating from Poland enact opportunities in Sub-Saharan African (SSA) countries.
Design/methodology/approach
We conducted a comparative case study of four Polish firms operating in SSA.
Findings
We found that when entering SSA, studied firms employed effectual decision-making logic. Thus, their internationalization was means-driven, serendipitous, partnership-oriented, based on the “affordable loss” principle and focused on shaping opportunities in SSA, rather than predicting, analyzing and planning any firm-specific assets or capabilities.
Originality/value
We illuminated the nature of the means employed in effectual internationalization and the role of partners (“effectual stakeholders”) in this process. Thus, we contribute to a deeper understanding of how infant multinationals navigate extreme uncertainty in the emerging SSA markets.
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Aditya Keshari and Amit Gautam
This study aims to organise and present the development of asset pricing models in the international environment. The stock market integration and cross-listing lead us to another…
Abstract
Purpose
This study aims to organise and present the development of asset pricing models in the international environment. The stock market integration and cross-listing lead us to another objective of bibliometric analysis for “International Asset Pricing” to provide a complete overview and give scope and directions for future research.
Design/methodology/approach
Web of Science database is used to search with “International Asset Pricing.” Of 3,438 articles, 2,487 articles are selected for the final bibliometric analysis. Various research such as citation analysis, keyword analysis, author’s and corresponding author's analysis have been conducted.
Findings
The bibliometric analysis finds that the USA comes out to be the country where the maximum research was conducted on the topic. The keyword analysis was also analysed to evaluate the significant areas of the research. Risk, return and international asset pricing are the most frequently used keywords. The year 2020 has the maximum number of published research articles and citations due to the change in the market structure worldwide and the effect of Covid-19 across the world.
Originality/value
The present paper provides the collection, classification and comprehensive analysis of “International Asset pricing,” which may help the academicians, researchers and practitioners for future research for the relevant subject area.
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This paper aims to explore the potential relationship between internal corporate social responsibility (CSR) and the decline of organised labour in countries of the global North…
Abstract
Purpose
This paper aims to explore the potential relationship between internal corporate social responsibility (CSR) and the decline of organised labour in countries of the global North. Given the opposing trends since the late 20th century and the widespread adherence of internationally recognised labour standards in CSR codes, standards, and reporting frameworks, questions arise about the disparity between CSR rhetoric and practice regarding the collective rights of in-house employees. The paper further explores the tendency in CSR scholarship to overlook violations of collective rights for in-house employees in the global North.
Design/methodology/approach
To examine whether there is an elective affinity between the rise of CSR and the decline of organised labour, the paper uses a discursive institutionalism approach, providing a meta-theoretical analysis of academic literature on internal CSR. A scoping review methodology was used to identify relevant literature and compile it into an empirical corpus for a metatheoretical analysis. The empirical corpus, consisting of 38 articles, was generated through a Google Scholar (GS) search guided by the following questions: (1) What are the dominant conceptual framings of internal CSR? (2) What are the dominant roles and practical aspects of internal CSR?
Findings
The paper identifies two key disparities in the literature: (1) between rhetoric and practice regarding the collective rights of in-house employees in the global North and (2) between the extensive CSR research on violations of collective rights of value chain workers and the limited attention to in-house employees’ collective rights. The analysis highlights two factors contributing to these disparities: the integration of internal CSR into the corporate managerial toolbox and the distinction in CSR discourse between core labour standards and workplace issues. The analysis shows that internal CSR has an elective affinity with the decline of organised labour.
Research limitations/implications
While scoping reviews are often standalone studies, this paper used the methodology for its stated purpose. Limitations include the broad span of internal CSR across various academic fields and reliance solely on GS. Measures taken to enhance inclusivity were unlimited review period, refined inclusion criteria and keywords during the selection process and cross-checks of cited articles.
Social implications
Considering the implications of the decline of organised labour on workers’ collective voice, poverty and the distribution gap in wealth and income, this paper suggests that for CSR to play a significant role in advancing sustainable social justice, scholars and practitioners should look at ways to reduce the disparity between rhetoric and practice regarding employees’ voice and collective rights.
Originality/value
The paper lays the foundation for a better understanding of the potential links between internal CSR and the decline of organised labour. It addresses a gap in the literature on the interrelations between CSR and organised labour in the global North and proposes root causes of this gap. This contribution enriches the scarce literature exploring the potential elective affinity between CSR and transformations in the global economy and labour markets since the late 1980s. Finally, the paper deepens the understanding of the implications of CSR for employees’ collective rights and voice as well as for organised labour.
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Simone Guercini and Matilde Milanesi
This paper aims to provide a wide picture of studies on heuristics for international decision-making with a focus on foreign market entry. This paper systematically reviews…
Abstract
Purpose
This paper aims to provide a wide picture of studies on heuristics for international decision-making with a focus on foreign market entry. This paper systematically reviews studies published in the international business and international marketing domain to examine heuristically based decisions for foreign market entry.
Design/methodology/approach
This paper proposes a systematic literature review and an in-depth analysis of 32 papers published between 1997 and 2021 dealing with foreign market entry and the use of heuristics for international decision-making.
Findings
Even if the marketing and management literature is in many ways permeable to the debate around heuristics developed in experimental psychology and cognitive science, international business and international marketing studies on the one hand recognize that international decision-making, especially when dealing with foreign market entry, is strongly characterized by uncertainty, on the other hand, there isn’t a developed and systematized literature about it. This paper shows key topics and areas fundamental to foreign market entry in which heuristics are applied by decision makers and their effectiveness.
Originality/value
A systematic review of the use of heuristics for foreign market entry decision-making can represent a useful step for a more organic development of knowledge about the more general use of heuristics for international decision-making. Understanding the decision-making process on the modes of entry in foreign markets is a key topic for international marketing and international business scholars and practitioners.
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Satabdee Dash, Axel Nordin and Glenn Johansson
Dual design for additive manufacturing (DfAM) takes into account both the opportunities and constraints of AM simultaneously, which research shows is more effective than…
Abstract
Purpose
Dual design for additive manufacturing (DfAM) takes into account both the opportunities and constraints of AM simultaneously, which research shows is more effective than considering them separately. Unlike existing reviews, this paper aims to map DfAM research within the engineering design process, focusing solely on studies adopting dual DfAM. Additionally, it aims to suggest future research directions by analysing prominent research themes and their inter-relationships. Special emphasis is on theme inter-relationships concerning the conceptual, embodiment and detail design phases.
Design/methodology/approach
The study is based on a systematic literature review of 148 publications from January 2000 to February 2024. After screening, prominent research themes were identified and systematically analysed. Theme inter-relationships were explored using quantitative analysis and chord diagrams.
Findings
The findings reveal that studies either span the entire design process, the early design phases or the later design phases. Most research focuses on the later design phases, particularly within themes of design optimisation, design evaluation and AM-specific manufacturing constraints. The most frequent theme inter-relationship occurs between design optimisation and AM-specific manufacturing constraints. Overall, the findings suggest future research directions to advance dual DfAM research, such as development of design rules and guidelines for cellular structures.
Originality/value
This review proposes a model by mapping prominent themes of dual DfAM research in relation to the engineering design process. Another original contribution lies in analysing theme inter-relationships and visualising them using chord diagrams – a novel approach that did not exist before.
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Ranjan Dasgupta and Sandip Chattopadhyay
The determinants of investors’ sentiment based on secondary stock market proxies in many empirical studies are reported. However, to the best of our knowledge, no study undertakes…
Abstract
Purpose
The determinants of investors’ sentiment based on secondary stock market proxies in many empirical studies are reported. However, to the best of our knowledge, no study undertakes investor sentiment drivers developed from primary survey measures by constructing an investor sentiment index (ISI) in relation to market drivers to date. This study aims to fill this research gap by first developing the ISI for the Indian retail investors and then examining which of the stock market drivers impacts such sentiment.
Design/methodology/approach
The ISI is constructed using the mean scores of eight statements as formulated based on popular direct investor sentiment surveys undertaken across the world. Then, we use the multiple regression approach overall and for top 33.33% (high-sentiment) and bottom 33.33% (low-sentiment) investors based on the responses of 576 respondents on 18 statements (proxying eight study hypotheses) collected in 2016. Moreover, the demography-based classification based investors’ sentiment is examined to make our results more robust and in-depth.
Findings
On an overall basis, the IPO activities/issues and information certainty, trading volume and momentum and institutional investors’ investment activities market drivers significantly and positively impact retail investors is examined. However, only IPO activities/issues and information certainty influences both high- and low-sentiment investors. It is intriguing to report that nature of the stock markets show conflicting results for high- (negative significant) and low- (positive significant) sentiment investors.
Originality/value
The construction of the ISI from primary survey measure is for the first time in Indian context in relation to investigating the stock market drivers influential to retail investors’ sentiment. In addition, hypothesized market drivers are also unique, each representing different fundamental and technical characteristics associated with the Indian market.
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Rashmi Ranjan Panigrahi, Neha Singh and Kamalakanta Muduli
This paper aims to deepen the understanding of robust food supply chains (FSC) in SMEs by exploring and analyzing the literature through the lenses of digital technologies.
Abstract
Purpose
This paper aims to deepen the understanding of robust food supply chains (FSC) in SMEs by exploring and analyzing the literature through the lenses of digital technologies.
Design/methodology/approach
The study collected data from Scopus spanning from 2010 to 2024, employing selected keywords, and processed it using VOS-viewer and Biblioshiny to derive valid inferences and theoretical arguments.
Findings
The review paper identified several key themes shaping the future of supply chain management – Sustainability in SCM, Industry 4.0, Digitalization with FSCM, Circular Economy, Food Waste with Supply Chain, Food Security and Climate Change. These themes collectively bring transformative opportunities for both the adoption of digital technologies and sustainable practices in food supply chains.
Research limitations/implications
The review found limitations are rooted in financial constraints, institutional barriers and expertise-related challenges encountered within the realm of Digitalization and FSC. Government and corporate houses should focus on these limitations as well as convert them to strengthen the SMEs of FSC.
Originality/value
The study stands out as a pioneering review that not only explores Digitalization in FSC but also explores the link and evidence of SMEs in the unorganized sector, providing unique insights into a previously underexplored area.
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Stutee Mohanty, B.C.M. Patnaik, Ipseeta Satpathy and Suresh Kumar Sahoo
This paper aims to identify, examine, and present an empirical research design of behavioral finance of potential investors during Covid-19.
Abstract
Purpose
This paper aims to identify, examine, and present an empirical research design of behavioral finance of potential investors during Covid-19.
Design/methodology/approach
A well-structured questionnaire was designed; a survey was conducted among potential investors using convenience sampling, and 200 valid responses were collected. The research work uses multiple regression and discriminant function analysis to evaluate the influence of cognitive factors on the financial decision-making of investors.
Findings
Recency and familiarity bias are proven to have the highest significant impact on the financial decisions of investors followed by confirmation bias. Overconfidence bias had a negligible effect on the decision-making process of the respondents and found insignificant.
Research limitations/implications
Covid-19 is a temporary phase that may lead to changes in financial behavior and investors’ decisions in the near future.
Practical implications
The paper will help academicians, scholars, analysts, practitioners, policymakers and firms dealing with capital markets to execute their job responsibilities with respect to the cognitive bias in terms of taking financial decisions.
Originality/value
The present investigation attempts to fill the gap in the literature on the intended topic because it is evident from literature on the chosen subject that no study has been undertaken to evaluate the impact of cognitive biases on financial behavior of investors during Covid-19.