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Article
Publication date: 3 January 2024

Kirti Sood, Prachi Pathak and Sanjay Gupta

Investment decisions hold immense significance for investors and eventually affect their portfolio performance. Investors are advised to weigh the costs and benefits associated…

Abstract

Purpose

Investment decisions hold immense significance for investors and eventually affect their portfolio performance. Investors are advised to weigh the costs and benefits associated with every decision in order to make rational investment decisions. However, behavioral finance research reveals that investors' choices often stem from a blend of economic, psychological and sociological factors, leading to irrationality. Moreover, environmental, social and corporate governance (ESG) factors, aligned with behavioral finance hypotheses, also sway opinions and stock prices. Hence, this study aims to identify how individual equity investors prioritize key determinants of investment decisions in the Indian stock market.

Design/methodology/approach

The current research gathered data from 391 individual equity investors through a structured questionnaire. Thereafter, a fuzzy analytic hierarchy process (F-AHP) was used to meet the purpose of the research.

Findings

Information availability, representative heuristics belonging to psychological factors and macroeconomic indicators falling under economic factors were discovered to be the three most prioritized criteria, whereas environmental issues within the realm of ESG factors, recommendations of brokers or investment consultants of sociological factors, and social issues belonging to ESG factors were found to be the least prioritized criteria, respectively.

Research limitations/implications

Only active and experienced individual equity investors were surveyed in this study. Furthermore, with a sample size of 391 participants, the study was confined to individual equity investors in one nation, India.

Practical implications

This research has implications for individual investors, institutional investors, market regulators, corporations, financial advisors, portfolio managers, policymakers and society as a whole.

Originality/value

To the best of the authors' knowledge, no real attempt has been made to comprehend how active and experienced individual investors prioritize critical determinants of investment decisions by taking economic, psychological, sociological and ESG factors collectively under consideration.

Details

Kybernetes, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0368-492X

Keywords

Article
Publication date: 18 June 2024

Kirti Sood and Simarjeet Singh

The present study aims to systematically synthesize the academic and industrial literature on multi-central bank digital currencies (m-CBDCs) arrangements.

Abstract

Purpose

The present study aims to systematically synthesize the academic and industrial literature on multi-central bank digital currencies (m-CBDCs) arrangements.

Design/methodology/approach

The study adopted a unique multivocal literature review methodology that considers both white and grey literature. For white literature searches, the study relied on Scopus, Web of Science (WOS), and Google Scholar bibliometric databases; for grey literature searches, the study used the Google search engine.

Findings

The findings of the study illustrated that M-CBDC arrangements, through various design options, have the potential to revolutionize the contemporary international payment system. M-CBDC arrangements will lead to more integrated financial systems and promote economic growth. However, m-CBDC arrangements will also have serious macroeconomic implications, such as contagion and currency substitution risks.

Research limitations/implications

The present review is one of the earliest reviews of m-CBDC arrangements. In addition, the findings of the study offer valuable insights for both academicians and policymakers.

Originality/value

The study is also one of the pioneer studies in management studies that apply a multivocal literature review methodology.

Article
Publication date: 24 August 2023

Tanveer Kajla, Kirti Sood, Sanjay Gupta, Sahil Raj and Harpreet Singh

The objective of this research is to identify and prioritize the critical factors that influence the adoption of blockchain technology within the banking sector.

Abstract

Purpose

The objective of this research is to identify and prioritize the critical factors that influence the adoption of blockchain technology within the banking sector.

Design/methodology/approach

A well-known theoretical framework, the “Technology Organization Environment (TOE),” was chosen to analyze what criteria and sub-criteria affect blockchain adoption in the banking sector after a thorough assessment of the prior literature. Following that, 3 evaluation criteria and 14 sub-criteria were selected and verified using expert opinion. A survey design was created, and data for the study has been collected from various information technology (IT) managers/officers in the banking sector. A fuzzy analytic hierarchy process (Fuzzy-AHP) was then used to meet the purpose of the research.

Findings

The study identified that the organizational dimension is the most significant criteria for blockchain adoption in the banking sector, followed by the environmental dimension. In contrast, the technological dimension is the least influential criterion. Clientele pressure, IT resources, financial resources, pressure from competitors and relative advantage are the most influential sub-criteria for blockchain adoption.

Research limitations/implications

This study provides valuable insights to bank managers, blockchain and IT developers, third-party service providers and policymakers. For instance, adopting the same blockchain platform is easier for both large and small banks for banking operations by using third-party service provider. At the same time, banks should have the banks' own core team to implement the blockchain-based systems or to have control over the third-party service providers during the adoption stage.

Originality/value

To the best of the authors' knowledge, no empirical studies have used a holistic organizational context to understand the factors influencing the adoption of blockchain technology from traditional to blockchain-based banking systems.

Details

International Journal of Quality & Reliability Management, vol. 41 no. 8
Type: Research Article
ISSN: 0265-671X

Keywords

Article
Publication date: 27 June 2023

Kirti Sood, Prachi Pathak, Jinesh Jain and Sanjay Gupta

Research in the domain of behavioral finance has proven that investors demonstrate irrational behavior while making investment decisions. In a similar domain, the primary…

Abstract

Purpose

Research in the domain of behavioral finance has proven that investors demonstrate irrational behavior while making investment decisions. In a similar domain, the primary objective of this research is to prioritize the behavioral biases that influence cryptocurrency investors' investment decisions in the Indian context.

Design/methodology/approach

A fuzzy analytic hierarchy process (F-AHP) was used to prioritize the behavioral factors impacting cryptocurrency investors' investment decisions. Overconfidence and optimism, anchoring, representativeness, information availability, herding, regret aversion, and loss aversion are among the primary biases evaluated in the present study.

Findings

The findings suggested that the two most important influential criteria were herding and regret aversion, with loss aversion and information availability being the least influential criteria. Opinions of family, friends, and colleagues about investment in cryptocurrency, the sale of cryptocurrencies that have increased in value, the avoidance of selling currencies that have decreased in value, the agony of holding losing cryptocurrencies for too long rather than selling winning cryptocurrencies too soon, and the purchase of cryptocurrencies that have fallen significantly from their all-time high are the most important sub-criteria.

Research limitations/implications

This survey only covered active cryptocurrency participants. Additionally, the study was limited to individual crypto investors in one country, India, with a sample size of 467 participants. Although the sample size is appropriate, a larger sample size might reflect the more realistic scenario of the Indian crypto market.

Practical implications

The study is relevant to individual and institutional cryptocurrency investors, crypto portfolio managers, policymakers, researchers, market regulators, and society at large.

Originality/value

To the best of the authors' knowledge, no prior research has attempted to explain how the overall importance of various criteria and sub-criteria related to behavioral factors that influence the decision-making process of crypto retail investors can be assessed and how the priority of focus can be established, particularly in the Indian context.

Details

International Journal of Emerging Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-8809

Keywords

Article
Publication date: 22 December 2022

Kirti Sood, Kumar Arijit, Prachi Pathak and H.C. Purohit

This paper aims to empirically examine the performance of the high-ESG (environment, social and governance) portfolio vis-à-vis the low-ESG portfolio at the Indian stock market…

Abstract

Purpose

This paper aims to empirically examine the performance of the high-ESG (environment, social and governance) portfolio vis-à-vis the low-ESG portfolio at the Indian stock market before and during the Covid19 pandemic.

Design/methodology/approach

The absolute rate of return and several risk-adjusted performance measures, for instance, Sharpe ratio, Modigliani–Modigliani measure, Treynor ratio, Jensen’s alpha, information ratio, Fama’s decomposition measure and Fama and French’s three-factor model, have been used in this study along with the t-test.

Findings

All three indices (CARBONEX, GREENEX and BSE 500) had better returns during Covid19 period as compared to the pre-Covid19 period. However, these returns were not statistically significant. During Covid19, the risk of the indices also rose, but they provided better returns for the additional risk taken. Finally, it is concluded that the performance of high-ESG and low-ESG stock portfolios did not differ significantly in both periods.

Practical implications

The study is relevant to individual and institutional investors, financial advisors, portfolio managers, corporations, policymakers, market regulators and society at large.

Social implications

This study emphasized the need to expand the role of ESG investment in India for the benefit of people, communities and society as a whole.

Originality/value

This research is the first of its kind, to the best of the authors’ knowledge, that compares the performance of a high-ESG portfolio with a low-ESG portfolio both before and during the Covid19, particularly in the Indian context.

Details

Sustainability Accounting, Management and Policy Journal, vol. 14 no. 5
Type: Research Article
ISSN: 2040-8021

Keywords

Article
Publication date: 9 August 2022

Kirti Sood, Prachi Pathak, Jinesh Jain and Sanjay Gupta

The primary objective of the study is to discover the most prominent criteria and sub-criteria among environmental issues, social dimensions and corporate governance factors that…

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Abstract

Purpose

The primary objective of the study is to discover the most prominent criteria and sub-criteria among environmental issues, social dimensions and corporate governance factors that may impact individual equity investors' investment decisions.

Design/methodology/approach

The present study collected data from 438 individual equity investors from the North Indian region. To achieve the objectives of the study, a fuzzy analytic hierarchy process (Fuzzy AHP) was applied. The key considerations of the study were environmental, social and governance (ESG) factors.

Findings

The governance criterion was discovered to be the most significant factor influencing individual equity investors' investment decisions among the three ESG factors, followed by environmental criteria, while social criteria were shown to be the least influential.

Research limitations/implications

The present study solely looked at ESG issues as drivers of stock investors' investment decisions. In the current world, however, many other factors, including behavioral biases, accounting information, ownership structure and fundamental analysis, can have a substantial influence on investors' investment decisions.

Practical implications

The study's findings widen the theoretical contribution in the field of responsible investment by asserting how ESG factors influence investors' investment decisions in the equity market. From a practical standpoint, this study applies to retail and institutional investors, portfolio managers, financial advisors, market regulators, corporations and society at large.

Originality/value

To the best of authors knowledge, no attempt has been made to prioritize the ESG issues that impact the investment decisions of individual equity investors. Ergo, this study contributes to the existing literature on socially responsible investment.

Details

Managerial Finance, vol. 49 no. 1
Type: Research Article
ISSN: 0307-4358

Keywords

Abstract

Details

Qualitative Research in Financial Markets, vol. 15 no. 5
Type: Research Article
ISSN: 1755-4179

Book part
Publication date: 2 December 2024

Vishal Sharma, Rajesh Kumar and Kirti Sood

The purpose of the present study is to synthesize and organize the existing literature on sustainable supply chain management (SSCM) challenges and potential solutions to overcome…

Abstract

The purpose of the present study is to synthesize and organize the existing literature on sustainable supply chain management (SSCM) challenges and potential solutions to overcome these challenges. The four-step research method has been used to collect and analyze pertinent literature, define the unit of analysis, select the classification context, collect publications, and evaluate the material. The study found 10 prevalent SSCM challenges and 18 potential solutions to overcome these challenges. By implementing these solutions, organizations can implement SSCM practices and contribute to achieving various Sustainable Development Goals (SDGs). The study significantly contributes to stakeholder theory, triple bottom-line theory, and resource-based view theory. The current study provides insights to managers working in supply chain management on SSCM implementation. Furthermore, the study also has practical implications for academicians and policymakers. This study is the first of its kind to amalgamate the SSCM challenges and solutions to overcome these challenges in a single framework by reviewing the literature.

Book part
Publication date: 12 September 2024

Dr Priyanka Verma, Dr Deepa Gupta and Dr Mukul Gupta

Environmental, Social and Governance (ESG) reporting is crucial for organizations, especially in the current era where sustainability holds significant importance. Proper…

Abstract

Environmental, Social and Governance (ESG) reporting is crucial for organizations, especially in the current era where sustainability holds significant importance. Proper utilization of ESG reporting offers long-term benefits and enhances overall corporate well-being. This study explores fundamental aspects of ESG reporting, elucidating the reporting process, its advantages and requirements. An analysis highlights key impacts on businesses and their influence on consumer behaviour. The disclosure of ESG reporting and its determinants, such as business size and profitability, is discussed. Additionally, the study underscores the role of promoting diversity and inclusion as a Corporate Social Responsibility (CSR) function. Global firms undertake diverse initiatives to advance sustainability. The study emphasizes the triple bottom line theory as a strategy for sustainable development. ESG is recognized as a valuable tool for ensuring sustained growth and development in businesses. The research underscores the imperative for businesses to adopt sustainable measures consistently. Overall, the findings stress the significance of ESG reporting in the contemporary business landscape, linking it to corporate success, responsibility and the pursuit of sustainable practices.

Content available
Book part
Publication date: 2 December 2024

Abstract

Details

Impact of Industry 4.0 on Supply Chain Sustainability
Type: Book
ISBN: 978-1-83797-778-9

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