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The purpose of this study is to present the overall trend and dynamics in global mergers and acquisitions activity while suggesting future research avenues in this domain. The analysis covers two aspects to examine the main contours of the domain, that is performance analysis followed by thematic cluster analysis.

Bibliometric analysis has been used for examining 1,433 publications extracted from the Scopus database to identify the research trend between 2000 and 2021. With the help of VosViewer (a bibliometric software), bibliographic coupling, citation, co-authorship, keyword and network analysis have been carried out.

The analysis reveals that most of the research on cross-border mergers and acquisitions (CBMA) is concentrated in the context of developed markets, USA and UK being the largest. Most of the research till date is confined to wealth effects, value creation, corporate governance, socio-cultural aspects and various determinants of CBMA, all from the standpoint of the acquirer.

The present study highlights numerous opportunities for future research based on empirical analysis. There exists a dearth of studies around CBMA in the context of emerging nations which provides a relatively unexplored field to carry out research work.

The study makes use of a comprehensive list of keywords to have an extensive analysis. This is a pioneering study that has used bibliographic coupling of documents for content analysis and to the best of authors’ knowledge, no previous works on cross-border acquisitions have performed bibliographic coupling for this.

Amidst the backdrop of a wide array of structural developments that have revolutionized the competitive landscape of Indian commercial banking, this paper aims to empirically examine the role of two external monitoring mechanisms – competition and concentration on financial stability and further highlights the significance of bank-level heterogeneity in the nexus.

The study uses the Lerner index, defined through a translog specification, as a measure of market power. A system generalized method of moments technique accounts for the dynamic associations among the competition-concentration-stability nexus. The study further examines the moderating effect of ownership, size and capitalization on the nexus. The study also uses the Boone indicator and comments on the competition-bank stability relationship after controlling for bank governance.

The findings indicate that banks are less stable in a more competitive and higher concentrated environment. Exploring bank-level heterogeneity, first, the authors report that as competition increases, state-owned banks have greater incentives to undertake risky activities than private and foreign banks, which point to implicit sovereign guarantees that characterize the former. Second, the authors document an adverse influence of competition on the soundness of larger banks consistent with the “too-big-to-fail” assertion. Third, results corroborate the disciplinary role of regulatory capital and lend support to stricter capital norms under Basel III in a more competitive environment.

This paper is perhaps the first to capture competition and concentration in a single model; to reconcile conflicting evidence on competition-risk nexus; to shed light on the joint effect of competition and Basel accords for Indian banks.

The present study assesses the commercial bank profit efficiency and its relationship to banking sector competition in a rapidly growing emerging economy, India from 2009 to 2019 using stochastic frontier analysis (SFA).

Lerner indices, conventional and efficiency-adjusted, quantify competition. Two SFA models are employed to calculate alternative profit efficiency (inefficiency) scores: the two-step time-decay approach proposed by Battese and Coelli (1992) and the recently developed single-step pairwise difference estimator (PDE) by Belotti and Ilardi (2018). In the first step of the BC92 framework, profit inefficiency is calculated, and in the second step, Tobit and Fractional Regression Model (FRM) are utilized to evaluate profit inefficiency correlates. PDE concurrently solves the frontier and inefficiency equations using the maximum likelihood process.

The results suggest that foreign banks are less profit efficient than domestic equivalents, supporting the “home-field advantage” hypothesis in India. Further, increasing competition drives bank managers to make riskier lending and investment choices, decreasing bank profit efficiency. However, this effect varies depending on bank ownership and size.

Literature on the competition bank efficiency link is conspicuously scant, with a focus on technical and cost efficiency. Less is known regarding the influence of competition on bank profit efficiency. The article is one of the first to examine commercial bank profit efficiency and its relationship to banking sector competition. Additionally, the study work represents one of the first applications of the FRM presented by Papke and Wooldridge (1996) and the PDE provided by Belotti and Ilardi (2018).

This paper empirically investigates the effect of the coronavirus pandemic (COVID-19) on the Indian financial market and firm betas, perhaps the first paper to do so. The results will be helpful for investors tracking betas during future the coronavirus waves.

A conditional capital asset pricing model (CAPM) and multivariate generalized autoregressive conditional heteroskedasticity (GARCH) model is used to estimate time-varying daily betas of the 50 largest Indian stocks spread across 16 industries over five years (Nov 2017 to May 2021), including the two waves of COVID-19 in India.

The results show that the betas increased during the COVID wave-1 (2020) but not during COVID wave-2 (2021). Moreover, the increase is more pronounced for consumer goods, infrastructure, insurance and information technology, unlike energy (oil and gas, power and mining) industries. Further, there are positive abnormal residual returns during the COVID waves. The results will be helpful for investors tracking betas during future COVID-19 waves.

This is perhaps the first paper to study the firm betas in light of the COVID-19 pandemic.

Firm-specific factors such as size, profitability, growth, risk and complexity, in addition to agency-related issues determine both auditor selection and firm life-cycle stage. This paper aims to examine whether and how the effect of Big-4 auditors (B4As) on client firms’ audit quality varies across firms’ life-cycle stages.

The sample comprises 1,813 firm-year observations in India’s emerging economy from 2011 to 2020. The Modified Jones model and Jones (signed, unsigned) model are used to compute discretionary accruals/audit quality. The authors use Koh et al.’s (2015) methodology to determine the firm life cycle.

The authors’ key findings show that the client firms employing B4As have superior audit quality than those employing non-Big-4 auditors (NB4As). The authors also show that the life-cycle stage significantly impacts the relationship between B4As and a firm’s audit quality. Furthermore, B4A client firms report superior audit quality vis-à-vis NB4A firms only in the birth- and decline-stages. The audit quality of growth- and mature-stage B4A and NB4A client firms is not significantly different.

Implications for managers include the decision to hire B4As. Given that B4As earn a significant fee premium, managers leading birth- and decline-stage firms should hire B4As, while managers of growth- and mature-stage firms should not.

To the best of the authors’ knowledge, this is the first paper to examine the moderating effect of the firm life-cycle stage on the selection of B4As and their impact on audit quality.

This paper aims to measure outcome quality in banks in India and to make a comparative assessment of its influence on customer service quality perceptions. Though both functional quality (i.e. how service is delivered) and outcome quality (i.e. what is delivered) are important aspects of service quality, it is the functional quality which has primarily been the focus of past studies.

The data used in the study are based on a survey of bank customers located in Delhi and National Capital Region. Using the exploratory factor analysis and confirmatory factor analysis, validity and dimensionality of the multi-item functional and outcome quality scales used in the study were assessed. A structural model of relationships of functional and outcome quality with overall service quality was tested through use of the structural equation modeling (SEM) approach.

The study finds outcome quality as being a significant and major determinant of customer service quality perceptions in banks. Inclusion of outcome quality in the analysis is, moreover, found to be helpful in capturing more exhaustively the variations present in customer overall service quality perceptions.

Both the functional and outcome quality in the study have been measured through scales adapted from past studies. But the same have not been found able to fully capture variations in customer service quality perceptions. More psychometrically sound scales to measure functional and outcome quality are needed. Studies in both the developing and developed countries and additional service sectors are called for to increase the generalizability of the study findings. Furthermore, nomological validity of the outcome quality scale needs to be investigated by relating it with other anent constructs, such as customer satisfaction and their behavioral intentions.

Instead of simply remaining preoccupied with functional quality, i.e. process or how part of service delivery, bank management also needs to gauze customer outcome quality perceptions (i.e. what the customers think they are eventually getting out of their transactions with the service provider) and exercise due care to see that customers in fact are getting the core banking tasks performed for which they approach the banks in the first instance.

Present study is first of its kind in investigating role of outcome quality in banking services sector in the context of an emerging market like India. Use of SEM for analyzing both the measurement and structural models constitutes another noteworthy feature of the study.

This chapter deals with an important but neglected aspect of female labor force participation (FLFP) in urban India. Contemporary literature typically focuses on the entire urban sector and ignores one important aspect of urban living – the slums and its dwellers. This study fills that critical gap by examining two different household surveys side-by-side: a primary survey of households living in slums and slum-rehabilitated colonies, and the nationally representative Indian Human Development survey-II. This study brings outs a comparative picture of nature/type of FLFP and its various correlates from both slum and non-slum areas of three metro cities of India, viz. Delhi, Kolkata and Mumbai. It further explores the similarities and the differences of the correlates for FLFP among the slum clusters of these cities. It is found that despite being poorer and marginalized, the slum dwelling women’s LFP rate is not extra-ordinarily high vis-á-vis their non-slum urban counterparts. In slums, a higher proportion of women are engaged in self-employment (including family business) and casual employments (includes domestic helps), whereas in non-slum areas relatively more women are engaged in regular salaried jobs. Regression analysis identifies correlates that have similar effects, but with different intensity, across-the-board – relationship between education and FLFP reflects a flat-bottom J-shaped pattern; being married, higher child dependency ratio and household heads with higher education significantly constrain women’s work choice; strong income effect of other household members earning on FLFP, but asset holding has no bearing. However, there are other factors that affect FLFP differently in slums and non-slum areas. Policy prescriptions are drawn.

The coronavirus pandemic led to supply chain disruptions resulting in adverse economic impacts on global supply chains. Nationwide lockdowns in countries that play key roles in global manufacturing restricted freight movements through air, ocean, and land routes resulting in delivery delays, higher freight rates and congestion. At the same time, the pandemic has accelerated the growth of the e-commerce sector. Concern around infections has led to a surge in first-time online consumers for categories such as health and pharmaceuticals and fast-moving consumer goods. Companies have had to rethink their approaches to optimising warehouse locations and inventory to meet customer demand. From a freight perspective, the focus has shifted from a single-mode model towards multi-modal logistics to reduce costs and dependence on any one mode. This chapter will review recent developments, long term impacts and opportunities for growth in the context of this important sector and illustrate some of the key impacts of the pandemic using the example of the emerging economy in India. It concludes by synthesising key takeaways and reflecting on the future of the sector.

Education is one among the major service sectors which is continuously growing and contributing significantly to a country’s economy. Students’ positive feedback through word-of-mouth (WOM) is one of the key influences attracting new admissions thereby providing competitive advantage for a university to sustain. There are numerous antecedents identified and implemented to enhance positive WOM and increase intakes in higher education however the students’ choice is still being unpredicted. This study attempts to develop a framework that exemplifies the links between service quality (SQ), relational trust (RT) and students' attitudes toward institutions.

A correlational research design was adopted with a non-probability convenience sampling technique, the data were collected from students in public and private higher education institutions (HEIs) across India. Multivariate regression was the statistical tool used to estimate the path model. SmartPLS 3.0 software performing structural equation modelling (SEM) helped in determining the coefficient values.

The result of the study indicated the magnitude and directional relationship between SQ and trust and justified that they are the key determinants of building a positive attitude towards the institution, enhancing the intention to recommend it among peer groups.

Academic institutions and their public relations departments must prioritize reducing SQ gaps and create strategies to build strong RT among all institution stakeholders to gain a competitive advantage. Socially, this study aims in assisting universities in establishing high-quality education.

The empirical estimation of the relationships between trust, attitude, quality and intention provides the reasons for incorporating and building positive WOM among students’ benefit institutions over the long run.