Amit Rohilla, Neeta Tripathi and Varun Bhandari
In a first of its kind, this paper tries to explore the long-run relationship between investors' sentiment and selected industries' returns over the period January 2010 to…
Abstract
Purpose
In a first of its kind, this paper tries to explore the long-run relationship between investors' sentiment and selected industries' returns over the period January 2010 to December 2021.
Design/methodology/approach
The paper uses 23 market and macroeconomic proxies to measure investor sentiment. Principal component analysis has been used to create sentiment sub-indices that represent investor sentiment. The autoregressive distributed lag (ARDL) model and other sophisticated econometric techniques such as the unit root test, the cumulative sum (CUSUM) stability test, regression, etc. have been used to achieve the objectives of the study.
Findings
The authors find that there is a significant relationship between sentiment sub-indices and industries' returns over the period of study. Market and economic variables, market ratios, advance-decline ratio, high-low index, price-to-book value ratio and liquidity in the economy are some of the significant sub-indices explaining industries' returns.
Research limitations/implications
The study has relevant implications for retail investors, policy-makers and other decision-makers in the Indian stock market. Results are helpful for the investor in improving their decision-making and identifying those sentiment sub-indices and the variables therein that are relevant in explaining the return of a particular industry.
Originality/value
The study contributes to the existing literature by exploring the relationship between sentiment and industries' returns in the Indian stock market and by identifying relevant sentiment sub-indices. Also, the study supports the investors' irrationality, which arises due to a plethora of behavioral biases as enshrined in classical finance.
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Vanita Tripathi and Varun Bhandari
The purpose of this paper is to empirically examine the performance of socially responsible stocks portfolio vis-à-vis portfolios of general companies in the Indian stock market…
Abstract
Purpose
The purpose of this paper is to empirically examine the performance of socially responsible stocks portfolio vis-à-vis portfolios of general companies in the Indian stock market.
Design/methodology/approach
The study has used absolute rate of return as well as various risk adjusted measures like Sharpe ratio, Treynor ratio, Jensen’s α, Information ratio, Fama’s decomposition measure and dummy regression model to evaluate the performance of various portfolios.
Findings
Socially responsible stocks portfolios are found to have lower relative risk despite having higher systematic risk. Further the authors find that during crisis and post-crisis period, socially responsible stocks portfolio generated significantly higher return as compared to other portfolios in the Indian stock market. Environmental, social and governance (ESG) Index and GREENEX Index provided positive net selectivity returns in all the three sub periods, especially during crisis period. GREENEX and ESG outperformed NIFTY and SENSEX even on net selectivity basis. This indicates that the compromise made with respect to diversification by investing in socially responsible stocks portfolios was well rewarded in terms of higher returns in Indian context.
Practical implications
The findings lend support to the case of socially responsible investing (SRI) in India and are relevant for companies, regulators, policy makers and investors at large. Mutual funds and other investment funds should launch schemes which invest in socially responsible stocks so as to provide the benefits of SRI even to small investors in India.
Originality/value
The study contributes to the related literature by analysing the performance of socially responsible stocks portfolios in Indian stock market which is one of the emerging markets.
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Manoj Joshi, Apoorva Srivastava and Varun Ashwini Aggarwal
The case aims to deal with multigenerational entrepreneurship. The family business of sports goods was initiated by Yashpal Aggarwal and his friends in the 1950s. Yashpal acquired…
Abstract
Purpose
The case aims to deal with multigenerational entrepreneurship. The family business of sports goods was initiated by Yashpal Aggarwal and his friends in the 1950s. Yashpal acquired the art of doing business and started initially with trading of sporting goods in Mumbai. Yashpal had three sons, Ashok, Ashwini and Rajesh, who ventured into sports trading business as well. After the demise of Yashpal, Ashok shifted to Jalandhar and started a manufacturing unit, producing roller skates. Ashwini, being entrepreneurial and innovative, had always desired to professionalise the business and hence started with Okini Sports. Okini Sports emerged as the first organised professional sports mall in India.
Design/methodology/approach
Based on case research, individual interviews at different levels, testing the case several times and filling the case gaps during the process to authenticate information, multiple sources of information have been used.
Findings
Businesses largely compete on the basis of available talent, competency and capability. Family businesses must be open to induct competent people within the family with the required skills to lead the company. If a family nurtures a member with requisite skills, values, to keep shareholders, key customers, and suppliers loyal to the business, then family leadership is the best option. As the business grows in dimension, differential capabilities are required to run the business competitively, hence, inducting talented individuals as professionals is a better option. A family must be realistic about the talents available internally.
Research limitations/implications
This case is restricted to sports family business entrepreneurship in the context of India, but has a great learning towards multigenerational entrepreneurship.
Originality/value
The case is original with the family in its fourth generation, the youngest looking to diversify and professionalize the business, set his family dreams of setting up the biggest sports mall in India.
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This paper asks what was the state of building-code enforcement and citizen – government collaboration in disaster preparedness when an earthquake hit Kathmandu metropolitan city…
Abstract
Purpose
This paper asks what was the state of building-code enforcement and citizen – government collaboration in disaster preparedness when an earthquake hit Kathmandu metropolitan city (KMC) in 2015? It reviewed government documents, analyzed media reports, interviewed building-code monitoring officers and carried out a detailed case study of the earthquake-damaged Park View Horizon Housing Apartment (PVHA) Complex. The research found several earthquake-resilience issues. They were enforcement-vulnerability (Building bylaws, planning permit and building code); institutional-coordination vulnerability; Apartment-regulation vulnerability; technological vulnerability; and citizen-government-collaboration vulnerability.
Design/methodology/approach
The study area of this research is KMC, and this research is based on content analysis, field observation and interview. It has reviewed all the newspapers and media reports that had covered earthquake issues during and after the 2015 disaster, as well as the articles published in Nepal, South Asia, the USA, New Zealand and Haiti. The literature on Nepal’s building code, seismic history and institutional arrangements for governing earthquake-related issues were reviewed. After field observation of some of the damaged apartments, a detailed case study of PVHA Complex was carried out.
Findings
The research found several earthquake-resilience issues. They were enforcement-vulnerability (Building bylaws, planning permit and building code); institutional-coordination vulnerability; Apartment-regulation vulnerability; technological vulnerability; and citizen-government-collaboration vulnerability
Research limitations/implications
A limitation of this study was its heavy reliance on content analysis, one case study and a few interviews and discussions with affected residents, local governments and developers.
Practical implications
This study would help enhance disaster governance in developing nations.
Social implications
The citizen–government collaborative approach to earthquake resilience would enhance human resilience to disaster at individual and community levels.
Originality/value
Since this is the first research carried out on the state of building code and institutional resilience at the time of the 2015 earthquake in Nepal, it is original and provides policy insights for earthquake resilience in Nepal.
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Erik Hofmann and Kerstin Lampe
Despite the relevance of financial information relating to logistics service providers (LSPs), recent research has paid little attention to the financial analysis of LSPs. The aim…
Abstract
Purpose
Despite the relevance of financial information relating to logistics service providers (LSPs), recent research has paid little attention to the financial analysis of LSPs. The aim of this paper is to examine the balance sheet structure of LSPs in order to find out if there are differences between single providers or defined LSP groups (clusters), respectively. Furthermore, the dependency of asset, capital and liquidity structures on LSPs specific characteristics is pointed out. Finally, we show which financial indicators positively influence profitability.
Design/methodology/approach
A total of 150 quoted LSPs from all over the world, allocated to six different clusters depending on scope of service were examined. A detailed balance sheet analysis using contingency theory, complemented by a correlation analysis, provides information about the financial structure, similarities and differences within and in-between the LSP clusters.
Findings
It was found that there are many differences regarding the financial structures of LSPs. The asset and liquidity structure of LSPs show significant differences, while the capital structure is mostly homogeneous. Profitability is achieved in various ways: Focusing on high net profit margin or asset turnover rates.
Research limitations/implications
Only quoted LSPs are analyzed. With this broad research approach the authors point out the range of possibilities for financial statement analysis of LSPs and demonstrate the potential for future research.
Practical implications
Financial analysis yields information for making strategic decisions including organic growth, outsourcing, mergers and acquisitions or cooperation between LSPs.
Originality/value
This paper contributes to further performance examinations of LSPs by providing a profound financial statement analysis with potential benefits for logistics executives, analysts and researchers.
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Sajid Ahmed Qureshi, Vishnu Appa Dorugade, Seyoum Bihonegn, Tewodros Agazie, Abebe Marie, Seid Shiferaw, Leykun Fentaw and Ahmed Mohammed
The skin is the largest organ of human, and its care and health are, therefore, important. Cosmetotextiles development transforms daily ordinary textile products into cosmetically…
Abstract
Purpose
The skin is the largest organ of human, and its care and health are, therefore, important. Cosmetotextiles development transforms daily ordinary textile products into cosmetically active products, ending the need to actively apply the cosmetic substance.
Design/methodology/approach
The textiles can act as delivery systems of bioactive compounds such as vitamins, fragrances, metallic compounds and drugs, as well as some plant-based compounds. Encapsulation and grafting/coating technologies have provided these cosmetic ingredients with effective stabilization, sustained dermal delivery and prolonged dermocosmetic efficiency.
Findings
Current cosmetotextiles in the market claim to be moisturizing, cellulite-reducing, perfumed, body slimming, energizing, rejuvenating, refreshing, improving the firmness and elasticity of skin or reducing the appearance of fine lines and wrinkles. This paper provides an overview of the development history, important cosmetic ingredients and their applications and commercial cosmetotextile products available in the market.
Originality/value
For the past few years, the emergence of cosmetic textiles has created even further synergy between the benefits provided by products offered by the textile and cosmetic industries. Thus, cosmetic textiles appear on the market as part of two megatrends – one is a strong movement toward general well-being, and the second is embracing more technology into our everyday lives.