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Article
Publication date: 23 October 2021

James Dominic and Arun Kumar Gopalaswamy

This paper aims to analyse the effect of the investment duration, the overall market condition and the industry to which the investee firm belongs on exit returns realised by…

173

Abstract

Purpose

This paper aims to analyse the effect of the investment duration, the overall market condition and the industry to which the investee firm belongs on exit returns realised by venture capital (VC) firms invested in Indian market, using hierarchical regression models.

Design/methodology/approach

The study examines the relationship that exist among the variables of interest by analysing all the 210 exits that happened in the Indian VC market over the period 2004–2017 by using analytical tools such as moving averages, hierarchical regressions and pooled ordinary least squares regression.

Findings

Exit return has an approximate U-shaped relationship with investment duration, and the turning point in the convex relationship happens around seven to eight years after investment. Returns are weakly related to the market condition, discarding the market timing hypothesis. Relationship patterns are found to be generally unvarying during the time period under study.

Research limitations/implications

The results indicate VC funds in the Indian market tend to exit in a brief time span and gain substantial returns from the immediate exits beyond, which returns start dipping. This points to the illiquidity of the Indian VC market wherein the exits from “lemons” are quite tricky, which make them remain invested for longer durations and eroding the value substantially in the process. VC funds may make rational investment/exit decisions in the Indian market capitalising this knowledge.

Originality/value

This study empirically connects the value creating factors in a VC process to the established theories about the early stage investments and analyse the applicability and relevance of those theories in a market with high growth potential like India.

Details

Journal of Indian Business Research, vol. 14 no. 1
Type: Research Article
ISSN: 1755-4195

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Abstract

Details

Journal of Financial Crime, vol. 30 no. 2
Type: Research Article
ISSN: 1359-0790

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Article
Publication date: 2 May 2017

Dominic Thomas-James

1230

Abstract

Details

Journal of Financial Crime, vol. 24 no. 2
Type: Research Article
ISSN: 1359-0790

Available. Content available

Abstract

Details

Journal of Money Laundering Control, vol. 25 no. 3
Type: Research Article
ISSN: 1368-5201

Available. Content available
Article
Publication date: 7 December 2020

Dominic Thomas-James

567

Abstract

Details

Journal of Financial Crime, vol. 27 no. 4
Type: Research Article
ISSN: 1359-0790

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Article
Publication date: 2 May 2022

Garima Sisodia, Anto Joseph and James Dominic

The present study examines the rationale behind the increased global presence of corporate green bonds as a green financing tool to facilitate sustainable practices and…

1258

Abstract

Purpose

The present study examines the rationale behind the increased global presence of corporate green bonds as a green financing tool to facilitate sustainable practices and eco-friendly investing. The authors investigate the intriguing question of whether the companies that issue green bonds are valued more by investors or not, and further extend our analysis by exploring whether the green image of companies helps to minimize the value erosion during a crisis and enhance the resilience of the stocks?

Design/methodology/approach

To examine the association between environmental commitments and firm value, the authors use the COVID-19 crisis as an exogenous shock and create a perfect natural setting to eliminate the endogeneity bias from our estimations. Moreover, the authors use propensity score matching to choose a one-to-one match of green bond firms with a larger pool of brown bond firms and eliminate the “size effect” arising out of the disproportionate sample size of green and brown bond firms.

Findings

The results of the study indicate that green bond firms are valued more by investors compared to brown bonds firms. Hence, green bond issuance acts as a strong signal of a firm's environmental commitment and it is well recognized by the investors. One of the possible reasons for a higher value of green bond firms may be due to their ability to arrest value erosion during environmental shocks. The authors could not find any difference in the resilience of green and brown bond firms.

Originality/value

The study contributes to the growing literature in the area of impact investing, specifically on exponentially growing innovative instrument green bond. Our study integrates two areas of research, i.e. corporate finance and impact investing by examining the impact of green bond issuance on firm value and stock market returns. The results would help environmentally sensitive investors to devise their investment portfolios more efficiently.

Details

International Journal of Managerial Finance, vol. 18 no. 4
Type: Research Article
ISSN: 1743-9132

Keywords

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Article
Publication date: 8 March 2022

Thillai Rajan Annamalai and Priya Nair Rajeev

306

Abstract

Details

Journal of Indian Business Research, vol. 14 no. 1
Type: Research Article
ISSN: 1755-4195

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Article
Publication date: 1 March 1991

James Espey

A case study is given of International Distillers & Vintners(UK) Limited (IDV (UK)) and an assessment made of the viability oftranslating theory into practice in the real world �…

1463

Abstract

A case study is given of International Distillers & Vintners (UK) Limited (IDV (UK)) and an assessment made of the viability of translating theory into practice in the real world – the importance of having a strategy, of strategic planning, and having a success factor as a key component of an organisation′s competitive advantage. Following the appointment of a new managing director at IDV (UK) in 1982, three goals were established: (1) to more than double profits within five years; (2) to increase return on capital employed by almost 50 per cent within five years; and (3) to be the outstanding wine and spirit company in the UK. A sound strategy was required to achieve these goals. The historic background of the organisation is given and the strategic position of IDV (UK) in relation to its competitors and market share is described. A review of the state of the market is given and possible areas for expansion discussed. The quality and pedigree of certain brands and the quality and strength of leadership are proposed as the success factors upon which IDV (UK) could build. Details are given of how the organisation built upon these factors to achieve strategic success; the lessons learned; and the level of achievement and success in the marketplace.

Details

Marketing Intelligence & Planning, vol. 9 no. 3
Type: Research Article
ISSN: 0263-4503

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Article
Publication date: 1 February 1991

James Espey

The second part of a case study of the marketing strategy of International Distillers & Vintners (UK) Limited, the first part of which was published in Vol. 3 No. 1 of this…

463

Abstract

The second part of a case study of the marketing strategy of International Distillers & Vintners (UK) Limited, the first part of which was published in Vol. 3 No. 1 of this journal. A wide‐ranging and detailed description is given of the company's success factors, strategic direction, brand strategies, new brand developments, acquisitions and disposals. An assessment of the lessons and achievements of the company's strategy and an action checklist for strategic planning is provided. The conclusion is that one of the smallest top management teams in the business has quadrupled the company's profits within seven years by creating a strategic blueprint for the rest of the industry to follow, with its emphasis on concentrating management time and attention on premium brands.

Details

International Journal of Wine Marketing, vol. 3 no. 2
Type: Research Article
ISSN: 0954-7541

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Book part
Publication date: 23 April 2013

Göran Gerdin

This chapter discusses the methodological underpinnings of a doctoral study that examined boys’ performances of gender in physical education (PE) at a single-sex secondary school…

Abstract

This chapter discusses the methodological underpinnings of a doctoral study that examined boys’ performances of gender in physical education (PE) at a single-sex secondary school in Auckland, New Zealand. Initial findings are also presented; however, they only serve to demonstrate the potential of such an approach and not as an exhaustive report of findings. Using a participatory visual research approach involving video recordings of boys participating in PE, the boys’ representations and interpretations of the visual data were explored during both focus groups and individual interviews. The boys’ visual representations and interpretations highlight how their performances of gender are embedded in the design and structure of the physical spaces and places associated with PE. Through a Foucauldian (poststructural) lens the boys’ responses also illuminate how the gendered self is performed in multiple, contradictory and fluid ways involving particular technologies of the self. Visual research methods that focus on young people’s visual representations and interpretations might help identify (gendered) identity issues that are seen as important to the students themselves. It creates a space for young people to critically think about, reflect, articulate, and reason their lived experiences, their relationships with their peers and more importantly themselves. The use of such research approaches has the potential of realizing one of the key aims of symbolic interactionism by opening up new analytical possibilities for understanding young people’s lived experiences in both formal and informal pedagogical contexts.

Details

40th Anniversary of Studies in Symbolic Interaction
Type: Book
ISBN: 978-1-78190-783-2

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