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Article
Publication date: 23 December 2024

Anamika Rana and Byomakesh Debata

This paper aims to investigate the relationship between corporate innovation and the firm’s corporate investment. Further, the authors begin with the assertion that the…

Abstract

Purpose

This 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/approach

This 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.

Findings

This 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/value

The 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.

Details

Journal of Indian Business Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1755-4195

Keywords

Article
Publication date: 2 July 2024

Anamika Rana, Asis Kumar Sahu and Byomakesh Debata

This paper investigates the relationship between managerial sentiment and corporate investment in emerging capital markets. Further, we begin with the assertion that the positive…

1058

Abstract

Purpose

This paper investigates the relationship between managerial sentiment and corporate investment in emerging capital markets. Further, we begin with the assertion that the positive impact of managerial sentiment on corporate investment varies according to the corporate life cycle. Lastly, we investigate whether the relationship between managerial sentiment and corporate investment can be moderated by factors like (1) economic policy uncertainty/geo-political risk, (2) size of the firm, (3) financial constraint, (4) industrial competition, and (5) Environmental Social and Governance (ESG) rating.

Design/methodology/approach

This study has considered Indian listed companies (465 firms) for the period spanning from 2003–2004 to 2022–2023. This study constructs the managerial sentiment using a novel large language model-financial bidirectional encoder representation from the Transformers (FinBERT), as well as on management discussion and analysis reports. Then, we employ fixed effect regression to investigate the relationship between managerial sentiment and corporate investment. Additionally, we use propensity score matching, two-stage least squares instrumental variables, and a two-step system generalized method of moments approach for robustness tests.

Findings

The findings show a positive and significant relationship between managerial sentiment and corporate investment. Additionally, our results demonstrate that this relationship is evident only during the growth and maturity phase of the corporate life cycle. Moreover, uncertainty pertaining to the economy and geopolitical issues, firm size, financial health, industry dynamics, and ESG disclosure also play a crucial role in shaping the investment-sentiment relationship.

Originality/value

The study is unique because it determines the relationship between managerial sentiment and corporate investment by using the novel FinBERT model. In addition, we have introduced a corporate life cycle, which is an essential aspect of our study. Additionally, this research was conducted in an emerging market with more information asymmetry and weaker disclosure rules. Thus, other emerging markets can benchmark the outcomes.

Details

International Journal of Managerial Finance, vol. 21 no. 1
Type: Research Article
ISSN: 1743-9132

Keywords

Article
Publication date: 19 October 2023

Hasibul Islam, Masud Rana, Shimanto Saha, Taslima Khatun, Mustari Rahman Ritu and Md. Rashidul Islam

Using the technology acceptance model (TAM), this study investigates factors influencing the adoption of cryptocurrency in Bangladesh.

Abstract

Purpose

Using the technology acceptance model (TAM), this study investigates factors influencing the adoption of cryptocurrency in Bangladesh.

Design/methodology/approach

Data were collected from 346 members of the general public through a structured web survey using snowball sampling. Structural equation modeling was used to analyze the data and assess the reliability and validity of the measurement model.

Findings

The results show that knowledge of cryptocurrency, benefits of use (perceived usefulness), attitude and challenges all have a significant impact on the adoption of cryptocurrency.

Research limitations/implications

This study was conducted in a single country, relied on self-reported data and used a cross-sectional design, which limits the ability to draw causal inferences. Future research could explore the factors that influence the adoption of cryptocurrency in different countries and regions and incorporate additional variables to provide a more comprehensive understanding of the drivers of intention to use cryptocurrency.

Originality/value

This study contributes to understanding the factors driving the adoption of and intention to use technology-based services, providing insights that can inform the design and implementation of future technology-based services.

Details

Technological Sustainability, vol. 2 no. 4
Type: Research Article
ISSN: 2754-1312

Keywords

Article
Publication date: 24 October 2023

Devkant Kala, Dhani Shanker Chaubey and Ahmad Samed Al-Adwan

This study aims to investigate how fear of missing out (FOMO) mediates the relationship between cryptocurrency adoption intention and investment behavior among young Indians…

Abstract

Purpose

This study aims to investigate how fear of missing out (FOMO) mediates the relationship between cryptocurrency adoption intention and investment behavior among young Indians, using the extended unified theory of acceptance and use of technology.

Design/methodology/approach

The data were collected by using survey items on cryptocurrency adoption intention, investment behavior and FOMO derived from existing literature on information systems and cryptocurrencies. A total of 384 Indian participants completed an online questionnaire. The collected data was analyzed using PLS-SEM.

Findings

The findings indicate that facilitating conditions, social influence, effort expectancy and price value play important roles in cryptocurrency adoption. All hypothesized paths were significant, except for perceived risk. Furthermore, the study highlights that FOMO acts as a mediator between adoption intention and investment behavior.

Originality/value

This study makes a valuable addition to the literature by empirically exploring the influence of FOMO on the adoption of cryptocurrencies for investment purposes. The results provide valuable insights to crypto developers and exchanges regarding the diffusion of adoption in emerging markets. In addition, policymakers can gain meaningful insights into the influence of government regulations and FOMO on impulsive cryptocurrency behavior.

Details

Global Knowledge, Memory and Communication, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2514-9342

Keywords

Article
Publication date: 21 June 2022

Antonis Ballis and Thanos Verousis

The present study sets out to examine the empirical literature on the behavioural aspects of cryptocurrencies, showing the findings of related studies and discussing the various…

2164

Abstract

Purpose

The present study sets out to examine the empirical literature on the behavioural aspects of cryptocurrencies, showing the findings of related studies and discussing the various results. A systematic literature review of cryptocurrencies in behavioural finance seems to be timely and particularly important in terms of providing a guide for future research. Key topics include an extent review on the issue of herding behaviour amongst cryptocurrencies, momentum effects and overreaction, contagion effect, sentiment and uncertainty, along with studies related to investment decision-making, optimism bias, disposition, lottery and size effects.

Design/methodology/approach

Systematic literature review.

Findings

A systematic literature review of cryptocurrencies in behavioural finance seems to be timely and particularly important in terms of providing a guide for future research. Key topics include an extent review on the issue of herding behaviour amongst cryptocurrencies, momentum effects and overreaction, contagion effect, sentiment (investor's, market's) and uncertainty, along with studies related to investment decision-making, optimism bias, disposition, lottery and size effect.

Originality/value

The authors' survey paper complements recent papers in the area by offering a systematic account on the influence of behavioural factors on cryptocurrencies. Further, this study's purpose is not just to index the relevant literature, but rather to showcase and pinpoint several research areas that have emerged in the field of behavioural cryptocurrency research. For all these reasons, a systematic literature review of cryptocurrencies in behavioural finance seems to be timely and particularly important.

Details

Review of Behavioral Finance, vol. 14 no. 4
Type: Research Article
ISSN: 1940-5979

Keywords

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