This study aims to examine the impact of stock market valuation on corporate investment. Specifically, it attempts to understand the influence of both the fundamental and…
Abstract
Purpose
This study aims to examine the impact of stock market valuation on corporate investment. Specifically, it attempts to understand the influence of both the fundamental and non-fundamental components of stock price on firms’ investment decisions.
Design/methodology/approach
The study decomposes the market-to-book (MB) ratio into three components, namely, firm-level mispricing, industry mispricing and growth component to examine the effect of each of these components on corporate investment decisions. Based on the literature review, four testable hypotheses concerning the relationship between market valuation and corporate investment have been generated. These hypotheses have been tested on the panel data of 1,311 Indian Public Limited Manufacturing Firms using a pooled data regression model.
Findings
The study finds that both the fundamental and non-fundamental components of stock price influence the investment decisions along with the cash flow variable. The market valuation–investment nexus is more pronounced in the case of equity-dependent firms, which shows that stock valuation affects corporate investment predominantly through the equity transaction channel. Further, the positive relationship between industry mispricing and corporate investment demonstrates that the market sentiment also affects firms’ investment decisions.
Originality/value
The relationship between the different components of market value and corporate investment decisions has not been explored in India. Hence, the present study is unique because it breaks the MB ratio down into growth and mispricing components and examines the impact of each of these components on corporate investment.
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Sayantan Kundu and Aditya Banerjee
This paper introduces the concept of policy efficiency of banks as their efficiency in implementing the government's policies. It further compares the Indian public sector banks…
Abstract
Purpose
This paper introduces the concept of policy efficiency of banks as their efficiency in implementing the government's policies. It further compares the Indian public sector banks (PSBs) and private sector banks (PVBs) on two efficiency paradigms, operational efficiency and policy efficiency.
Design/methodology/approach
A three-stage analysis is carried out on data collected for 19 PSBs and 16 PVBs for ten years. Non-radial DEA with slack-based measure (SBM) is used to obtain efficiency scores of the banks for the two efficiency paradigms. The efficiency scores and the changes in efficiency and Malmquist index are further analysed by Tobit regression and seemingly unrelated regression (SUR) models.
Findings
PVBs are found to be more operationally efficient than PSBs. On the contrary, PSBs are found to be more policy efficient. Among the PSBs, the older and larger banks performed better in both the paradigms. Though Indian banks have become more operational and policy efficient over the years, the rate of improvement is slowing down.
Practical implications
Results imply that evaluating banks, especially PSBs, only on their operational efficiency is myopic. Their efficacies must also be measured by the roles they play on social and policy front. The loss of efficiency of Indian PSBs in a competitive environment should provoke thoughts of reforms. The study suggests that the proposed merger of PSBs to form large banks might be fruitful.
Originality/value
The study contributes to the literature by introducing the measure of policy efficiency. It shows that the Indian PSBs are indispensable as vehicles of government policy implementation.
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K. Ramesh and M. Devakar
The main purpose of this paper is to study the effect of heat transfer on the peristaltic flow of a magnetohydrodynamic Walters B fluid through a porous medium in an inclined…
Abstract
Purpose
The main purpose of this paper is to study the effect of heat transfer on the peristaltic flow of a magnetohydrodynamic Walters B fluid through a porous medium in an inclined asymmetric channel.
Design/methodology/approach
The approximate analytical solutions of the governing partial differential equations are obtained using the regular perturbation method by taking wave number as a small parameter. The solutions for the pressure difference and friction forces are evaluated using numerical integration.
Findings
It is noticed that the pressure gradient and pressure difference are increasing functions of inclination angle and Grashof number. The temperature and heat transfer coefficients both increase with increase in inclination angle, Darcy number, Grashof number and Prandtl number. Increase in Hartmann number and phase difference decreases the size of trapped bolus.
Originality/value
The problem is original, as no work has been reported on the effect of magnetohydrodynamics on the peristaltic flow of a Walters B fluid through a porous medium in an inclined asymmetric channel with heat transfer.
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C. Sulochana and G.P. Ashwinkumar
The purpose of this paper is to report the impact of thermophoresis and Brownian moment on MHD two-dimensional forced convection flow of nanofluid past a permeable stretching…
Abstract
Purpose
The purpose of this paper is to report the impact of thermophoresis and Brownian moment on MHD two-dimensional forced convection flow of nanofluid past a permeable stretching sheet in the presence of thermal diffusion.
Design/methodology/approach
The flow governing PDEs are reduced to ODEs by utilizing pertinent transmutations and then resolved by employing a fourth-order Runge-Kutta-based shooting technique. The energy and diffusion equations are incorporated with Brownian motion, thermophoresis and Soret parameters. The velocity, thermal and concentration attributes along with skin friction factor, local Nusselt and Sherwood number are discussed under the influence of sundry pertinent parameters and presented with the assistance of graphical and tabular values.
Findings
The results infer that Sherwood number is accelerated by Soret parameter but it controls the thermal transport rate. And also, Brownian and thermophoresis play a vital role in enhancing heat conduction process.
Originality/value
Considering the industrial applications of flow of magnetic nanofluid over a stretching surface, this paper presents the solution of the flow problem considering thermophoresis, Brownian motion, magnetic field and thermal diffusion effects. In addition, the aim and objectives of this paper fills a gap in the industry.
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Parvatini Sri Naga Venkat, A. Srinath, Gurram Narendra Santosh Kumar, P. Vijay and Rentala Venkatesh
The design of robot hand for writing and correction assistant applications work will be partially replaced as to develop the remote-assisted robot hand control needed to…
Abstract
Purpose
The design of robot hand for writing and correction assistant applications work will be partially replaced as to develop the remote-assisted robot hand control needed to manipulate all this kind of work. As it is stress and strain full job for all teachers, which needs to bring a sustainable solution, hence robot hand which resembles the human hand which is teleoperated with the remote control is designed.
Design/methodology/approach
This work presents the design and simulation of a robot hand for correction assistant applications. To replace the work partially especially for the teachers who are undergoing the paper correction work like putting tick mark, cross mark, allocation of marks, etc.
Findings
In this paper the design of the same and its simulation of writing the horizontal line, vertical line and writing number two is presented, in further research, a prototype model and its analysis will be done.
Originality/value
The design is been done using the modelling software Creo 5.4 where the design will be used to print the prototype model which is physical using 3D printing technology and controlling and testing will be done on the same prototype model using simple Arduino.
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Thejas Ramakrishnaiah, Prasanna Gunderi Dhananjaya, Chaturmukha Vakwadi Sainagesh, Sathish Reddy, Swaroop Kumaraswamy and Naveen Chikkahanumajja Surendranatha
This paper aims to study the various developments taking place in the field of gas sensors made from polyaniline (PANI) nanocomposites, which leads to the development of…
Abstract
Purpose
This paper aims to study the various developments taking place in the field of gas sensors made from polyaniline (PANI) nanocomposites, which leads to the development of high-performance electrical and gas sensing materials operating at room temperature.
Design/methodology/approach
PANI/ferrite nanocomposites exhibit good electrical properties with lower dielectric losses. There are numerous reports on PANI and ferrite nanomaterial-based gas sensors which have good sensing response, feasible to operate at room temperature, requires less power and cost-effective.
Findings
This paper provides an overview of electrical and gas sensing properties of PANI/ferrite nanocomposites having improved selectivity, long-term stability and other sensing performance of sensors at room temperature.
Originality/value
The main purpose of this review paper is to focus on PANI/ferrite nanocomposite-based gas sensors operating at room temperature.
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The purpose of this study is to examine the influence of rotation and varying gravitational strength on the onset of thermal convection in a porous medium layer numerically. The…
Abstract
Purpose
The purpose of this study is to examine the influence of rotation and varying gravitational strength on the onset of thermal convection in a porous medium layer numerically. The porous layer is acted to uniform rotation and inconsistent downward gravitational field which changing with depth from the layer. The authors presented three categories of gravitational strength deviancy, namely, linear, parabolic and exponential.
Design/methodology/approach
The higher-terms Galerkin weighted residual procedure is applied to get the eigenvalue of the problem.
Findings
The results illustrate that both rotation parameter and gravity variation parameter suspend the arrival of convection. The measurement of the convection cells decreases on enhancing the rotation parameter and gravity variation parameter.
Originality/value
It is also found that the scheme is more stable for category exponential, whereas it is more unstable for category parabolic.
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Pradeep K. Jha, Suvadip Ghorai, Rakhi Jha and Surya Prakash Singh
The main aim of this paper is to investigate key challenges that hinder sustainable and resilient green supply chain (GSC) building in small and medium-sized enterprises (SMEs…
Abstract
Purpose
The main aim of this paper is to investigate key challenges that hinder sustainable and resilient green supply chain (GSC) building in small and medium-sized enterprises (SMEs) with respect to how they interact after the COVID era.
Design/methodology/approach
Using a questionnaire, policymakers and industry managers from SMEs identify the main obstacles that will affect their resilience. These issues are then discussed with 50 experienced professionals from the top management field and further divided into sustainability and gresilience challenges. The Grey-DEMATEL (Grey sets and Decision-Making Trial and Evaluation Laboratory) has been employed to assess the significance of challenges to SMEs' development of green resilience. Overall, the paper aims to build up a novel decision-making technology for the interconnectedness of green and resilience in the post-pandemic supply chain world.
Findings
The 12 sustainability and gresilience challenges highlighted by experts in the sector were analyzed. Insufficient government assistance and the handling of resources are the most significant challenges to developing a sustainable and gresilient value chain system, according to the study. The study highlights supply chain restructuring, waste reduction management, shortages of skilled manpower and insufficient knowledge of digitalization as key challenges for SMEs to prioritize.
Practical implications
The outcomes of this research are crucial for SMEs building resilient supply networks through the green concept. Policymakers may utilize the data to pinpoint shortcomings in the supply chain for tactical as well as strategic development and improvement.
Originality/value
When it comes to building green resilience and sustainability in an unpredictable business climate, the outcomes of this research will be significant for SMEs.
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Ankita Bisht and Sanjalee Maheshwari
The purpose of this article is to present a mathematical model for the fully developed flow of Bi-viscous Bingham nanofluid through a uniform-width anisotropic porous channel. The…
Abstract
Purpose
The purpose of this article is to present a mathematical model for the fully developed flow of Bi-viscous Bingham nanofluid through a uniform-width anisotropic porous channel. The model incorporates a generalized Brinkman-Darcy formulation for the porous layers while considering the motion of nanoparticles influenced by both Brownian diffusion and thermophoresis effects.
Design/methodology/approach
The similarity transformations derived through Lie group analysis are used to reduce the system from nonlinear partial differential equations to nonlinear ordinary differential equations. The finite difference method-based numerical routine bvp4c is employed to collect and graphically present the outcomes for velocity, temperature, and nanoparticle concentration profiles. The flow pattern is analyzed through streamlined plots. Furthermore, skin friction, heat, and mass transmission rates are investigated and presented via line plots.
Findings
It is observed that in anisotropic porous media, the temperature profile is stronger than in isotropic porous media. The thermal anisotropic parameter enhances the concentration profile while reducing the temperature.
Practical implications
Anisotropy arises in various industrial and natural systems due to factors such as preferred orientation or asymmetric geometry of fibers or grains. Hence, this study has applications in oil extraction processes, certain fibrous and biological materials, geological formations, and dendritic zones formed during the solidification of binary alloys.
Originality/value
1. The permeability and thermal conductivity are not constant; instead, they have different values in the x and y directions. 2. This study considers the dependency of thermophoresis on nanoparticle volume fraction and Brownian diffusion on the temperature in both the fluid flow equations and boundary conditions. 3. A novel similarity transformation is derived using Lie group analysis instead of using an existing transformation already available in the literature.
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Yi Bao, Song Cen and Chenfeng Li
A simple shape-free high-order hybrid displacement function element method is presented for precise bending analyses of Mindlin–Reissner plates. Three distortion-resistant and…
Abstract
Purpose
A simple shape-free high-order hybrid displacement function element method is presented for precise bending analyses of Mindlin–Reissner plates. Three distortion-resistant and locking-free eight-node plate elements are proposed by utilizing this method.
Design/methodology/approach
This method is based on the principle of minimum complementary energy, in which the trial functions for resultant fields are derived from two displacement functions, F and f, and satisfy all governing equations. Meanwhile, the element boundary displacements are determined by the locking-free arbitrary order Timoshenko’s beam functions. Then, three locking-free eight-node, 24-DOF quadrilateral plate-bending elements are formulated: HDF-P8-23β for general cases, HDF-P8-SS1 for edge effects along soft simply supported (SS1) boundary and HDF-P8-FREE for edge effects along free boundary.
Findings
The proposed elements can pass all patch tests, exhibit excellent convergence and possess superior precision when compared to all other existing eight-node models, and can still provide good and stable results even when extremely coarse and distorted meshes are used. They can also effectively solve the edge effect by accurately capturing the peak value and the dramatical variations of resultants near the SS1 and free boundaries. The proposed eight-node models possess potential in engineering applications and can be easily integrated into commercial software.
Originality/value
This work presents a new scheme, which can take the advantages of both analytical and discrete methods, to develop high-order mesh distortion-resistant Mindlin–Reissner plate-bending elements.