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Article
Publication date: 20 November 2024

Sonal Kumar, Rahul Ravi and Nilanjan Basu

This paper offers a fresh perspective on this debate by exploring the direct relationship between a firm’s stock price performance and its CSR activities, placing particular…

Abstract

Purpose

This paper offers a fresh perspective on this debate by exploring the direct relationship between a firm’s stock price performance and its CSR activities, placing particular emphasis on the underlying intent or motive behind the CSR initiatives.

Design/methodology/approach

This research examines the relationship between a firm’s stock price and its corporate social responsibility (CSR) activities, distinguishing between responsive and adaptive CSR. While responsive CSR, often a response to negative events, elicits immediate positive stock performance, adaptive CSR initially triggers negative stock performance. However, long-term analysis reveals adaptive CSR leads to positive stock performance, especially for family firms. The study challenges the notion of market myopia, suggesting the market values responsive CSR in the short term but recognizes the long-term benefits of adaptive CSR over time. Clear communication about adaptive CSR intentions and benefits may help in accurate market valuation.

Findings

This research examines the relationship between a firm’s stock price and its CSR activities, distinguishing between responsive and adaptive CSR. While responsive CSR, often a response to negative events, elicits immediate positive market reactions, adaptive CSR initially triggers negative reactions. However, long-term analysis reveals adaptive CSR leads to positive returns, especially for family firms.

Practical implications

The study challenges the notion of market myopia, suggesting the market values responsive CSR in the short term but recognizes the long-term benefits of adaptive CSR over time. Clear communication about adaptive CSR intentions and benefits may help in accurate market valuation.

Originality/value

First, it expands on previous studies by exploring how the different motivations behind CSR activities lead to varying effects on stock returns. Second, it sheds new light on the subject of market myopia. The findings demonstrate that adaptive CSR initiatives can initially trigger market reactions similar to those caused by perceived over-investment, in contrast to the more favorable response to responsive CSR activities.

Details

Managerial Finance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0307-4358

Keywords

Article
Publication date: 9 March 2023

Pedram Fardnia, Maher Kooli and Sonal Kumar

The purpose of the study is to examine the zero-leverage (ZL) phenomenon in family and non-family firms.

Abstract

Purpose

The purpose of the study is to examine the zero-leverage (ZL) phenomenon in family and non-family firms.

Design/methodology/approach

The authors consider three hypotheses and empirically test them using a sample of the largest US firms over the 2001–2016 period.

Findings

The authors find that, on average, 19.20% of family firms have zero debt vs 10.42% for non-family firms. The authors also find that family firms strategically choose to be ZL to maintain financial flexibility for future investments and exercise control over the decision-making process, consistent with the hypotheses of financial flexibility and control considerations. However, non-family firms are more likely to have zero debt if they have financial constraints and the credit market does not lend them money at affordable credit rates, consistent with the financial constraint hypothesis.

Originality/value

This paper contributes to different strands of literature. First, the authors contribute to the literature examining family firms' financial decisions. Second, the authors complement previous studies by exploring the reasons for the ZL behavior of family firms compared to non-family firms. The authors also examine the previously unexplored impact of ownership concentration on the ZL question.

Details

Managerial Finance, vol. 49 no. 9
Type: Research Article
ISSN: 0307-4358

Keywords

Article
Publication date: 15 December 2022

Sonal Kumar and Rahul Ravi

Research on gender and finance finds that women chief executive officers (CEOs) are relatively risk-averse and more ethical than their male counterparts. These differences are…

Abstract

Purpose

Research on gender and finance finds that women chief executive officers (CEOs) are relatively risk-averse and more ethical than their male counterparts. These differences are often presented as reasons for lower earnings management by firms led by women. A strand of contrasting literature however finds the notions of women being risk-averse and ethical not necessarily true for women occupying top leadership positions as women successful in shattering the glass ceiling adopt behaviors like men. This study attempts to understand the differences between the ethical tendencies of the two genders by examining if CEO power impacts the relation between CEO gender and earnings management.

Design/methodology/approach

The authors begin the analysis using standard regressions using the propensity score matched (PSM) samples and examine if CEO power mediates or amplifies relationship between CEO gender and earnings management. The authors use ordinary least squares (OLS) regression approach and instrumental variables (IV) estimation to address the endogeneity concerns.

Findings

This study’s results suggest that the relationship between CEO gender and earnings management is mediated by CEO power. The authors find that women CEOs with lower power engage in lower earnings management. However, women CEOs with more power tend to engage in greater levels of earnings management than their male counterparts.

Originality/value

This study contributes the finance literature by showing women leaders successful in occupying top leadership positions are not necessarily more risk averse and more ethical. Less powerful women CEOs are subjected to potentially higher levels of scrutiny and are forced into an environment where they have to be seen as ethical. However, powerful women face the same concerns as their male counterparts and not necessarily more ethical.

Details

Managerial Finance, vol. 49 no. 6
Type: Research Article
ISSN: 0307-4358

Keywords

Article
Publication date: 18 October 2021

Asad Ullah Khan, Zhiqiang Zhang, Sohail Raza Chohan and Wajid Rafique

In the modern era, libraries confront significant service challenges. Some challenges are linked to information resource management which includes direct availability of…

1233

Abstract

Purpose

In the modern era, libraries confront significant service challenges. Some challenges are linked to information resource management which includes direct availability of information for immediate decision making. The Internet of Things (IoT) is a recent technological shift that library personnel should be aware of because it has the potential to enhance information resource management. The purpose of the research is to highlight the willingness to adopt IoT technology in libraries.

Design/methodology/approach

This study uses a quantitative research design in which a survey of public sector universities in Nanjing, China, is conducted to investigate the determinants of IoT adoption intention in libraries. A total of 389 responses were captured from experienced library personnel. The literature on technology adoption is then used to formulate quantitative theories. For data analysis, partial least squares structural equation modeling using SmartPLS.

Findings

The research highlights the various success factors which support the IoT service adoption process. It is concluded that IoT augmented services in academic libraries must be supported through robust management practices and effective utilization of technological resources. Many libraries have made substantial modifications to their structure in terms of technology and design to satisfy the demands of patrons.

Originality/value

This is an empirical paper that looks at IoT adoption intention in libraries using a quantitative approach through surveying library personnel. The library personnel can aid in the understanding of the motivations behind technology adoption in libraries, particularly of IoT services that may bring about advances in the libraries' capability to provide information access services.

Details

Library Hi Tech, vol. 40 no. 6
Type: Research Article
ISSN: 0737-8831

Keywords

Article
Publication date: 1 September 2005

Jan Ulijn, Anne Françoise Rutkowski, Rajesh Kumar and Yunxia Zhu

We conducted a pilot study to compare the emotions experienced by Dutch and Chinese students during a face‐to‐face negotiation role play. Emotions play an important role in…

4548

Abstract

We conducted a pilot study to compare the emotions experienced by Dutch and Chinese students during a face‐to‐face negotiation role play. Emotions play an important role in negotiations because they influence the behaviour and judgments of negotiators. The Data Printer case developed by Greenhalgh was used to examine the patterns of feelings that emerge during negotiations. One hundred and four participants (62 Chinese and 42 Dutch post graduate students) role‐played two different characters who were confronted with a payment dispute regarding the servicing of a defective printer. The results of the MANOVA and of the Factorial Analysis demonstrates that culture as a carrier of social values and norms did influence the emotional reactions of the people socialised in different cultural contexts. The paper concludes that in order to facilitate conflict resolution and interpersonal communication amongst protagonists in mono as well as in inter‐cultural negotiation context individuals should learn to manage their emotions constructively.

Details

Cross Cultural Management: An International Journal, vol. 12 no. 3
Type: Research Article
ISSN: 1352-7606

Keywords

Article
Publication date: 21 July 2021

Vibhash Kumar, Sonal Jain and Ajay Kumar Singh

This study investigates the various factors which lead to the higher employer brand and studies the relationship of employer branding (EBR) with essential aspects of corporate…

1081

Abstract

Purpose

This study investigates the various factors which lead to the higher employer brand and studies the relationship of employer branding (EBR) with essential aspects of corporate life, namely, corporate social responsibility (CSR), levels of motivation experienced by employees and the intention to stay (ITS).

Design/methodology/approach

The study solicited a research sample from employees working in five sectors, information technology, hospitality, banking and consulting sector (n = 296). The study employed structural equation modeling (SEM) to test the nomological network of EBR.

Findings

The study underpins the sub-constructs of EBR. A direct positive and significant relationship was found between EBR and CSR and motivation fully mediated between EBR and ITS.

Originality/value

This study uniquely contributes to the literature by exploring the mediating role of motivation on EBR and ITS's relationship. The study validates the nomological network of EBR by considering its various organizational aspects and the corresponding intertwined relationships.

Details

Asia-Pacific Journal of Business Administration, vol. 13 no. 4
Type: Research Article
ISSN: 1757-4323

Keywords

Article
Publication date: 2 April 2024

Sonal Ahuja and Brajesh Kumar

Millennials are a vital generational cohort of the Indian population, and understanding their motivation to participate in the stock market is crucial. This study aims to…

Abstract

Purpose

Millennials are a vital generational cohort of the Indian population, and understanding their motivation to participate in the stock market is crucial. This study aims to understand the investment decision-making behavior among millennials in the Indian Stock Market.

Design/methodology/approach

Using a cross-sectional research design that entails in-depth personal interviews, this study aims to understand the equity investment behavior of millennials. Verbatim texts from interview transcripts were used to analyze the content and arrive at themes.

Findings

The study investigated the motivation to enter the stock market and gained insights into how individuals make equity investment decisions considering economic and behavioral dimensions. The basis for stock selection was predominantly on the self-analysis of investors. Multiple stock selection priorities are also discussed. In addition, informants ensured asset diversification and exercised various strategies to overcome emotions. Furthermore, they suffered from various behavioral biases.

Practical implications

Individual investors are the least informed and most impacted stakeholders in the stock markets; therefore, this study contributes fresh insights to enhance their financial security. The paper also examines some noticeable behavioral tendencies retail investors exhibit and gathers helpful strategies for mitigating behavioral biases.

Originality/value

The uniqueness of the research lies in its adoption of a qualitative methodology that uses the investment experience of millennial investors to reveal the components of decision-making behavior and investor psychology. The findings are thereby unique and have significant managerial implications.

Details

Qualitative Research in Financial Markets, vol. 17 no. 1
Type: Research Article
ISSN: 1755-4179

Keywords

Article
Publication date: 31 December 2018

Abid Haleem, Bisma Mannan, Sunil Luthra, Sanjay Kumar and Sonal Khurana

Technology forecasting (TF) and assessment (TA), all in all, apply to any intentional and deliberate endeavours to forecast and view the potential heading, rate, attributes and…

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Abstract

Purpose

Technology forecasting (TF) and assessment (TA), all in all, apply to any intentional and deliberate endeavours to forecast and view the potential heading, rate, attributes and impacts of technological change, especially for development, advancement, selection and utilisation of resources, which ultimately helps in the benchmarking. A vast variety of methods are available for TF and TA. Till now, practically, no exertion has been made to choose proper, satisfactory innovation methods or technology. The paper aims to discuss this issue.

Design/methodology/approach

In this paper, there is an endeavour to summarise the vast field of TF and TA, through its evolution, functions, applications and techniques. This paper provides the in-depth review of the utilisation of TF and TA methodologies and its improvement, which helps the users in selecting the appropriate method of TF and TA for a specific situation.

Findings

This study concludes that the quest for a single strategy for doing forecast and assessment is a misconception. This neglects to perceive that forecast and assessment oblige a suitable blend of strategies and methods drawn from a variety of fields. Researchers and practitioners must be innovative, imperative and specialised in choosing TF and TA methodologies, and cannot be programmed.

Practical implications

The technology seems to be the most significant driver of the present day global developments. Some technologies have far-reaching implications, and the authors need to understand these issues regarding its’ forecasting and its assessment.

Originality/value

The decision of proper worthy procedure amid a circumstance may have an impact on the exactness and reliability of the forecast and assessment. Significant observations regarding learning, action/s, actor/s and expected outcomes are discussed.

Details

Benchmarking: An International Journal, vol. 26 no. 1
Type: Research Article
ISSN: 1463-5771

Keywords

Article
Publication date: 16 April 2024

Pabitra Kumar Das, Mohammad Younus Bhat, Sonal Gupta and Javeed Ahmad Gaine

This study aims to examine the links between carbon emissions, electric vehicles, economic growth, energy use, and urbanisation in 15 countries from 2010 to 2020.

Abstract

Purpose

This study aims to examine the links between carbon emissions, electric vehicles, economic growth, energy use, and urbanisation in 15 countries from 2010 to 2020.

Design/methodology/approach

This study adopts seminal panel methods of moments quantile regression with fixed effects to trace the distributional aspect of the relationship. The reliability of methods is confirmed via fully modified ordinary least squares coefficients.

Findings

This study reveals that fossil fuel use, economic activity, and urbanisation negatively impact environmental quality, whereas renewable energy sources have a significant positive long-term effect on environmental quality in the selected panel of countries.

Research limitations/implications

The main limitation of this study is the generalisability of the findings, as the study is confined to a limited number of countries, and focuses on non-renewable and renewable energy sources.

Practical implications

Finally, this study proposes several policy recommendations for decision-makers and policymakers in the 15 nations to address climate change, boost sales of electric vehicles, and increase the use of renewable energy sources.

Originality/value

This study calls for a comprehensive transition towards green energy in the transportation sector, enhancing economic growth, fostering employment opportunities, and improving environmental quality.

Details

International Journal of Energy Sector Management, vol. 18 no. 6
Type: Research Article
ISSN: 1750-6220

Keywords

Open Access
Article
Publication date: 1 May 2024

Subhanjan Sengupta, Sonal Choudhary, Raymond Obayi and Rakesh Nayak

This study aims to explore how sustainable business models (SBM) can be developed within agri-innovation systems (AIS) and emphasize an integration of the two with a systemic…

1976

Abstract

Purpose

This study aims to explore how sustainable business models (SBM) can be developed within agri-innovation systems (AIS) and emphasize an integration of the two with a systemic understanding for reducing food loss and value loss in postharvest agri-food supply chain.

Design/methodology/approach

This study conducted longitudinal qualitative research in a developing country with food loss challenges in the postharvest supply chain. This study collected data through multiple rounds of fieldwork, interviews and focus groups over four years. Thematic analysis and “sensemaking” were used for inductive data analysis to generate rich contextual knowledge by drawing upon the lived realities of the agri-food supply chain actors.

Findings

First, this study finds that the value losses are varied in the supply chain, encompassing production value, intrinsic value, extrinsic value, market value, institutional value and future food value. This happens through two cumulative effects including multiplier losses, where losses in one model cascade into others, amplifying their impact and stacking losses, where the absence of data stacks or infrastructure pools hampers the realisation of food value. Thereafter, this study proposes four strategies for moving from the loss-incurring current business model to a networked SBM for mitigating losses. This emphasises the need to redefine ownership as stewardship, enable formal and informal beneficiary identification, strengthen value addition and build capacities for empowering communities to benefit from networked SBM with AIS initiatives. Finally, this study puts forth ten propositions for future research in aligning AIS with networked SBM.

Originality/value

This study contributes to understanding the interplay between AIS and SBM; emphasising the integration of the two to effectively address food loss challenges in the early stages of agri-food supply chains. The identified strategies and research propositions provide implications for researchers and practitioners seeking to accelerate sustainable practices for reducing food loss and waste in agri-food supply chains.

Details

Supply Chain Management: An International Journal, vol. 29 no. 3
Type: Research Article
ISSN: 1359-8546

Keywords

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