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Article
Publication date: 29 April 2021

Krishan Lal Grover and Pritpal Singh Bhullar

The main purpose of the present study is to stretch the theoretical framework of existing stock of literature with reference to Risk Disclosures in IPO Prospectus and IPO…

315

Abstract

Purpose

The main purpose of the present study is to stretch the theoretical framework of existing stock of literature with reference to Risk Disclosures in IPO Prospectus and IPO performance. The systematic literature review study endows easy and quick access to researchers as well as categorization of the available literature.

Design/methodology/approach

Fifty research papers, which has been published or presented from 2000 to 2019 and are related to IPO risk disclosures and IPO performance, have been finalized. Further, these research papers were categorized based upon the five different variables to identify the probable research gap in the selected topic.

Findings

This review provides a coherent summary of past studies related to topic and develop a comprehensive evidence on relationship between disclosure of risk factors and IPO underpricing in short run. It shows the existing research gap that needs to be fulfilled to expand the research horizon of future research studies.

Research limitations/implications

The sole limitation of the study is that being a systematic literature review study, it does not carry any empirical results.

Practical implications

The investors will be able to identify the key risk factors, disclosed in IPO prospectus, that may have probable dent on the short-term return from IPO. The findings will further help the investors and financial analyst to identify the degree of impact of risk disclosures that are listed in IPO prospectus.

Originality/value

The paper is a first of its kind to stretch the existing literature and develop theoretical framework in the context of risk factor discloses in IPO prospectus and IPO performance with reference to India. The present study is an attempt to integrate the existing gap between empirical research and existing literature and suggest the techniques to the future practitioners to widen the horizon of their research.

Details

World Journal of Entrepreneurship, Management and Sustainable Development, vol. 17 no. 4
Type: Research Article
ISSN: 2042-5961

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Article
Publication date: 4 April 2023

Chandra Shekhar Bhatnagar, Dyal Bhatnagar and Pritpal Singh Bhullar

The purpose of this study is to examine the impact of corporate social responsibility (CSR) expenditure and business responsibility report (BRR) on a firm’s financial performance…

481

Abstract

Purpose

The purpose of this study is to examine the impact of corporate social responsibility (CSR) expenditure and business responsibility report (BRR) on a firm’s financial performance. Additionally, the study explores whether CSR expenditure and firm performance are related linearly or otherwise. The study also assesses the influence of mandating CSR expenditure on a firm’s performance.

Design/methodology/approach

The study is set in India and uses a nine-year data set from 165 companies listed on the Bombay Stock Exchange. Data compilation and analysis are done by using content analysis and panel data regressions.

Findings

The main findings of the study are that the effect of CSR expenditure on firm performance in India is non-linear and can be characterized as parabolic for investigated firms. While some performance indicators suggest a U-shaped relationship, others show an inverted U-type pattern, making a definitive conclusion elusive in either direction. BRR scores themselves have a positive impact on firm performance. Mandatory CSR expenditure affects the financial performance negatively, but the market performance improves in general.

Originality/value

The study provides new insights on the relationship between CSR expenditure, BRR scores and firm performance from India, which is not only a notable emerging market but also has other gripping characteristics. It has a prolific history of philanthropy, and yet, it is the first country in the world to mandate CSR expenditure in recent times. The equation between reported economic progress and general quality of life remains intriguing, and yet the number of studies on the effects of CSR expenditure on firm performance are no match to the volume of ongoing and completed works in more developed markets. This study attempts to trim the gap and provide some useful insights for managers, policymakers and stakeholders, apart from prompting further research.

Details

Corporate Governance: The International Journal of Business in Society, vol. 23 no. 6
Type: Research Article
ISSN: 1472-0701

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Article
Publication date: 16 July 2024

Pritpal Singh Bhullar, Krishan Lal Grover and Ranjit Tiwari

This study aims to identify mutually exclusive risk categories and determine whether these categories effectively capture the potential impact of risk disclosures on the initial…

181

Abstract

Purpose

This study aims to identify mutually exclusive risk categories and determine whether these categories effectively capture the potential impact of risk disclosures on the initial returns of initial public offerings (IPOs) in the financial and non-financial sectors.

Design/methodology/approach

Data were collected from 131 Indian IPO prospectuses (104 non-financial and 27 financial) issued between 2015 and 2021. Content analysis was performed to identify mutually exclusive risk categories, and the effects of these categories on initial IPO returns were assessed by regression analysis

Findings

The findings revealed that risk factor disclosures have a significant impact on underpricing, but not all risk factors are relevant. In the current study, in the financial sector, IPO underpricing was mostly driven by technological and competitive risk factors. In the non-financial sector, underpricing was predominantly influenced by operating risk and compliance risk factors.

Research limitations/implications

The limitations of this study include the use of sentence-based context analysis, which does not assess the quality of risk disclosures. The statistical data reduction technique used to generate mutually exclusive risk categories may also be a limitation.

Practical implications

This research has the potential to assist companies in standardizing the disclosure of risks within IPO prospectuses. The insights gained can inform market regulators in designing policies aimed at aiding investors in formulating investment strategies, ultimately enhancing transparency and clarity regarding information disclosure. Moreover, the findings offer valuable guidance to investors in selecting IPOs aligned with their risk tolerance levels.

Social implications

From a societal perspective, this study represents advancements by guiding regulators towards developing and regulating standardized, mutually exclusive risk factors. Such measures can aid investors in enhancing their decision-making perspectives regarding IPOs, promoting a more informed and confident investment environment.

Originality/value

This study is a pioneering attempt to address knowledge gaps by identifying distinct categories of risk disclosures in IPO prospectuses and examining their potential influence on IPO underpricing in the financial and non-financial sectors in India.

Details

The Bottom Line, vol. 37 no. 3
Type: Research Article
ISSN: 0888-045X

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Article
Publication date: 17 January 2023

Shilpa Manocha, Pritpal Singh Bhullar and Timcy Sachdeva

The purpose of this study is to investigate the determinants that determine the investment behaviour of rural farmers. This study further examines the moderation effect of socio…

764

Abstract

Purpose

The purpose of this study is to investigate the determinants that determine the investment behaviour of rural farmers. This study further examines the moderation effect of socio traits in the association between investment behaviour and its determined factors.

Design/methodology/approach

This study used a cross-sectional research design to gather information. The information for this research survey was gathered using a structured questionnaire from 400 individual investors in the rural area of Punjab, who participated in the study. It has been decided to use the Cronbach’s alpha test to determine the validity and reliability of the questionnaire. To evaluate the hypothesis, structural equation modelling has been used in the research process.

Findings

The results of this study reveal that attitude, financial risk inclination, financial planning and investment intention determine the investment behaviour of the rural people of Punjab. The results for the interaction effect of socio traits with investment intention, financial risk propensity and investment attitude were found statistically significant amongst rural people. The results of the moderation effect stated that interaction between the attitude and investment intention and financial risk propensity and investment intention is significantly influenced by age of respondents. The results further reveal that marital status of rural people affect the interaction between attitude and investment intention and financial risk propensity and investment intention. Nothing about education seems to be a moderating influence on any of the relationships studied.

Originality/value

The authors contribute to the literature in two aspects. Firstly, to the best of the authors’ knowledge, this is the only study of its kind that focuses on the investment behaviour of farmers. Secondly, by looking at the farmer’s investing behaviour, the moderation effect of demographic variables is also studied which set this study apart from another existing scholarly research. This study contributes to the growing literature on investment behaviour of farmers in developing and developed markets.

Details

Journal of Indian Business Research, vol. 15 no. 3
Type: Research Article
ISSN: 1755-4195

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Article
Publication date: 12 April 2023

Chandra Shekhar Bhatnagar, Dyal Bhatnagar, Vineeta Kumari and Pritpal Singh Bhullar

Increasing focus on socially responsible investments (SRIs) and green projects in recent times, coupled with the arrival of COVID pandemic, are the main drivers of this study. The…

327

Abstract

Purpose

Increasing focus on socially responsible investments (SRIs) and green projects in recent times, coupled with the arrival of COVID pandemic, are the main drivers of this study. The authors conduct a post-factum analysis of investor choice between sin and green investments before and through the COVID outbreak.

Design/methodology/approach

A passive investor is introduced who seeks maximum risk-adjusted return and/or investment variance. When presented an opportunity to add sin and/or green investments to her initial one-asset market-only investment position, she views and handles this issue as a portfolio problem (MPT). She estimates value-at-risk (VaR) and conditional-value-at-risk (CVaR) for portfolios to account for downside risk.

Findings

Green investments offer better overall risk-return optimization in spite of major inter-period differences in return-risk dynamics and substantial downside risk. Portfolios optimized for minimum variance perform just as well as the ones optimized for minimum downside risk. Return and risk have settled at higher levels since the onset of COVID, resulting in shifting the efficient frontier towards north-east in the return-risk space.

Originality/value

The study contributes to the literature in two ways: One, it examines investor choice between sin and green investments during a global health emergency and views this choice against the one made during normal times. Two, instead of using the principles of modern portfolio theory (MPT) explicitly for diversification, the study uses them to identify investor preference for one over the other investment type. This has not been widely done thus far.

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Article
Publication date: 4 February 2025

Vikas Deep, Samandeep Kaur Bath and Pritpal Singh Bhullar

The purpose of this research is to address a gap in the existing literature by thoroughly examining how organizational political behavior influences employee job satisfaction. The…

7

Abstract

Purpose

The purpose of this research is to address a gap in the existing literature by thoroughly examining how organizational political behavior influences employee job satisfaction. The study aims to provide new insights and contribute valuable understanding to the university setting.

Design/methodology/approach

Data were collected using self-administered questionnaires from educators at public and private universities in India. The hypothesized model was tested using variance-based partial least squares structural equation modeling (PLS-SEM) on a sample of 405 university employees. The study further explores key constructs based on the reactions of teaching faculty to political behavior within organizations.

Findings

The study reveals that constructs such as reasons, friendliness, bargaining, assertiveness, coalitions and upward appeal are positively correlated with job satisfaction. Additionally, the results highlight a strong predictive relevance between job satisfaction and organizational political behavior. The findings also confirm that employees’ job satisfaction is significantly influenced by their experiences with political behavior within their organizations.

Practical implications

This study offers insightful findings that can be utilized by higher education institutions in crafting their policies and improving job satisfaction among their teaching staff. The study’s findings indicate that a high level of employee engagement can mitigate the adverse effects of organizational politics on job satisfaction.

Originality/value

There is a notable gap in research regarding the impact of organizational politics on employee job satisfaction within the workplace. This study addresses this gap by providing valuable insights into how organizational politics affect job satisfaction, specifically among university employees.

Details

Journal of Economic and Administrative Sciences, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2054-6238

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Article
Publication date: 28 January 2025

Pritpal Singh Bhullar, Mahesh Joshi, Sharad Sharma, Duc Hong Thi Phan and Anh Lan Nguyen

The purpose of the current study is to contribute to the existing body of knowledge by understanding the rationale, benefits and consequences of taxing cryptocurrency…

30

Abstract

Purpose

The purpose of the current study is to contribute to the existing body of knowledge by understanding the rationale, benefits and consequences of taxing cryptocurrency transactions. This study investigates where taxation and cryptocurrencies meet from an investment standpoint.

Design/methodology/approach

A comprehensive bibliometric study was conducted to offer a thorough examination of the published literature in the last decade pertaining to the intersection of cryptocurrencies and taxation across nations. This study provides an analysis of citation patterns, prominent authors, publication trends and thematic clusters by applying VOSviewer and R-studio.

Findings

The results indicate a tendency in the existing literature to address the taxes concerns associated with cryptocurrency transactions. The findings demonstrate that cryptocurrency taxation discrepancies across countries create tax evasion, transaction risks and market uncertainties.

Practical implications

The report provides a theoretical framework for policymakers and financial experts to create a global cryptocurrency tax regime. The study emphasizes the need to incorporate technology start-ups to mitigate public safety and security risks, strengthen financial systems and provide regulators with necessary supervision.

Originality/value

The study provides an extensive on taxation issues such as tax evasion and money laundering in the context of cryptocurrency. There has been no prior effort to explore this research domain so deeply and provide comprehensive details on cryptocurrency.

Details

Journal of Accounting Literature, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0737-4607

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