Mahendra Raj and Damini Kumari
This paper attempts to investigate the presence of seasonal effects in the Indian stock market.
Abstract
Purpose
This paper attempts to investigate the presence of seasonal effects in the Indian stock market.
Design/methodology/approach
The paper tests the efficiency of the Indian stock market through a number of hypotheses. Week day effects, day‐of‐the‐week, weekend, January and April effects are examined by applying a variety of statistical techniques.
Findings
The results are interesting and contradict some of the findings found elsewhere. The negative Monday effect and the positive January effects are not found in India. Instead the Monday returns are positive while Tuesday returns are negative.
Research limitations/implications
The seasonal effects in the Indian market have been examined by the two major indices, the Bombay Stock Exchange Index and the National Stock Exchange Index. However, it must be remembered that the Indian economy became deregulated from 1991 and this may have had an impact on the markets.
Practical implications
This study indicates that the Indian stock market does not exhibit the usual seasonal anomalies such as Monday and January effect. The absence of Monday effect could be due to the settlement period in Indian market. That the tax year ends in March and December has no special significance may explain the non‐existence of January
Originality/value
Most of the studies on anomalies have dealt with the developed markets. The Indian market has its unique Badla financing, settlement period duration and trading regulations. The presence/absence of the anomalies may provide support to some of the hypotheses used to explain them.
Details
Keywords
The purpose of the present study is to contribute to the debate on innovative work behaviour (IWB). Employees are expected to exhibit innovative behaviour that can realize…
Abstract
Purpose
The purpose of the present study is to contribute to the debate on innovative work behaviour (IWB). Employees are expected to exhibit innovative behaviour that can realize, sustain and implement new ideas. This study explores the role of workplace spirituality (WPS) in advancing employees' innovative work behaviour (IWB). Furthermore, this study investigates how employees' perceived working conditions moderate the relationship between WPS and IWB.
Design/methodology/approach
The sample comprised 516 employees working in different supply chain companies in India. The researchers used correlation, hierarchical regression analysis and the PROCESS macro in SPSS.
Findings
The results highlighted that the four measurements of WPS (Swadharma, a sense of community, authenticity and Lokasangraha) significantly predict IWB among employees of selected companies. Also, the results suggested the significant moderating effects of decision authority, social support and autonomy on IWB.
Originality/value
Drawing from broaden and build theory and theory of intangible resources, the present study demonstrates that WPS positively impacts the employee's IWB. Further, this paper also shows the moderating effects of three dimensions of perceived working conditions between WPS and IWB, which is under-explored in previous research.