The purpose of this paper is to first, test for nonlinearity in Local Indian Exchange Traded Funds (ETFs) listed at NSE, India – NIFTYBEES, JUNIORBEES, BANKBEES, PSUBANKBEES, and…
Abstract
Purpose
The purpose of this paper is to first, test for nonlinearity in Local Indian Exchange Traded Funds (ETFs) listed at NSE, India – NIFTYBEES, JUNIORBEES, BANKBEES, PSUBANKBEES, and INFRABEES – using a battery of nonlinearity tests; second, to ascertain, using both metric and topological approaches, the adequacy of appropriate AR-GARCH models when it comes to capturing all of the nonlinearity in Indian ETFs; and third, to test for chaos in Indian ETFs.
Design/methodology/approach
To start with, a battery of tests such as and limited to McLeod Li test, Engle's LM test, Tsay F-test, Hinich Bispectrum Test and Hinich Bicorrelation test were employed to test for nonlinearity in Indian ETFs. Subsequently, the nature of nonlinearity in all the ETFs was systematically investigated by subjecting the ETF data sets to a metric (BDS test) and a topological test (close returns tests) at different stages of the model-building process. Finally, Lyapunov Exponent test was employed to test for chaos in Indian ETFs.
Findings
Test outcomes pertaining to a battery of nonlinearity tests indicate prevalence of nonlinearity amidst all ETFs except for INFRABEES. BDS test outcomes at the different stages of the model-building process indicated high sensitivity of the test outcomes to choice of embedding dimension, threshold value and residual transformations. Close returns test outcomes indicated that, but for BANKBEES, all of the nonlinearity in Indian ETFs could be captured by appropriate GARCH models. Finally, chaos was found to be absent in any of the ETFs considered for this study.
Practical implications
The collective take-way from this study is threefold in nature. First, in light of the many limitations of the BDS test, topological approaches such as close-returns test offer a better avenue to test for adequacy of AR-GARCH models in explaining the nature of nonlinearity in asset price movements. Second, adequacy of AR-GARCH models in capturing all of the nonlinearity in NIFTYBEES, JUNIORBEES, PSUBANKBEES, and INFRABEES, as indicated by close-returns test findings, is a reflection of multiplicative nature of nonlinearity in these five ETFs. Third, persistence of nonlinearity in AR-GARCH filtered standardized residuals of BANKBEES, coupled with the absence of chaos in any of the ETFs considered for this study, brings to light the possibility of existence of additive nonlinearity in conjunction with multiplicative nonlinearity.
Originality/value
This is possibly the first study that systematically investigates the nature of nonlinearity in Indian ETFs and ascertains the adequacy of AR-GARCH models when it comes to capturing all of the nonlinearity in Indian ETFs using a topological approach.
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Anand S. Patel and Kaushik M. Patel
India liberalized its economy in 1991, which resulted in intense global competition, quality-conscious and demanding customers. Additionally, significant technological…
Abstract
Purpose
India liberalized its economy in 1991, which resulted in intense global competition, quality-conscious and demanding customers. Additionally, significant technological advancements lead to enhancements in products and processes. These forced Indian organizations to adopt innovative business strategies in the past 30 years. Meanwhile, the Lean Six Sigma methodology has significantly grown with vast applicability during the past 30 years. Thus, the purpose of this study is to develop the learning on Lean Six Sigma methodology in the Indian context through investigation of literature.
Design/methodology/approach
A three-stage systematic literature review approach was adopted to investigate the literature during the present study. In total, 187 articles published in 62 journals/conference proceedings from 2005 to 2022 (18 years) were shortlisted. The first part of the article summarizes the significant milestones towards the quality journey in the Indian context, along with the evolution of the Lean Six Sigma methodology. The second part examines the shortlisted papers on Lean Six Sigma frameworks, their applicability in industrial sectors, performance metrics, outcomes realized, publication trends, authorship patterns and leading researchers from the Indian perspective.
Findings
Lean Six Sigma has emerged as a highly acclaimed and structured business improvement strategy worldwide. The Indian economy has seen remarkable growth in the past decade and is one of the fastest-growing economies in the 21st century. Lean Six Sigma implementation in India has significantly increased from 2014 onward. The study revealed that researchers have proposed several different frameworks for Lean Six Sigma implementation, the majority of which are conceptual. Furthermore, the balanced applicability of Lean Six Sigma in manufacturing and service sectors was observed with the highest implementation in the health-care sector. Additionally, the widely adopted tools, techniques along with performance metrics exploring case studies were reported along with a summary of eminent and leading researchers in the Indian context.
Research limitations/implications
This study is confined to reviewed papers as per the research criteria with a significant focus on the Indian context and might have missed some papers due to the adopted papers selection strategy.
Originality/value
The present study is one of the initial attempts to investigate the literature published on Lean Six Sigma in the Indian context, including perspective on the Indian quality movement. Therefore, the present study will provide an understanding of Lean Six Sigma methodology in the Indian context to graduating students in engineering and management and entry-level executives. The analysis and findings on Lean Six Sigma frameworks, research approach, publications details, etc., will be helpful to potential research scholars and academia. Additionally, analysis of case studies on Lean Six Sigma implementation by Indian industries will assist the managers and professionals in decision making.
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G. Citybabu and S. Yamini
The purpose of this work is to gain insights about Lean Six Sigma (LSS) in the Indian context by reviewing the related literature for one decade based on various perspectives…
Abstract
Purpose
The purpose of this work is to gain insights about Lean Six Sigma (LSS) in the Indian context by reviewing the related literature for one decade based on various perspectives, such as author profile, year of publication, type of firm, type of methodology used, type of industry for which the research work is carried out and the key findings from the research.
Design/methodology/approach
This study reviews the research related to LSS from the articles published in the reputed journals. The literature used for reviewing is derived from the sources, including Science direct, Google scholar, IEEE, Taylor and Francis Group, Emerald Insight, Springer, Inderscience and Elsevier during the period between 2010 and 2021. Totally, the authors have included 141 LSS-related research articles that are published in the Indian context. The keywords used are Lean Six Sigma, Lean Six Sigma in the Indian context, Lean Sigma and LSS to identify and consolidate the research papers published during this timeframe.
Findings
The research papers collected from various reputed journals, including Scopus and non- Scopus enlisted, are classified and grouped under various categories to identify the class of author who publishes more in this field, research trend over the years, the type of firm which implements LSS, the research methodology which is commonly used in LSS and related research and also the key takeaway from these articles are highlighted. Further, the authors have also identified the major contributions of researchers in various sectors during this period in India.
Originality/value
This classification framework and the systematic review help in identifying the research gap and in giving directions for future researchers. It will be useful for researchers and practitioners working on the area of LSS, rural and urban entrepreneurs, start-up managers, professionals working in micro, small and medium enterprises (MSMEs) and executives of the Make in India Project to make India as Aatmanirbhar Bharat Abhiyan. Further, the clear direction of progress over the current decade in manufacturing industries, service sectors and processing industries can help the professionals working in these sectors.
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Hemant Sharma, Nagendra Sohani and Ashish Yadav
In the recent scenario, there has been an increasing trend toward lean practices and implementation in production systems for the improvement of an organization’s performance as…
Abstract
Purpose
In the recent scenario, there has been an increasing trend toward lean practices and implementation in production systems for the improvement of an organization’s performance as its basic nature is to eliminate the wastes. The increasing interest of customers in customized products and the fulfillment of customers’ demand with good productivity and efficiency within time are the challenges for the manufacturing organization; that is why adopting lean manufacturing concept is very crucial in the current scenario.
Design/methodology/approach
In this paper, the authors considered three different methodologies for fulfilling the objective of our research. The analytical hierarchy process, best–worst method and fuzzy step-wise weight assessment ratio analysis are the three methods employed for weighting all the enablers and finding the priority among them and their final rankings.
Findings
Further, the best results among these methodologies could be used to analyze their interrelationships for successful lean supply chain management implementation in an organization. In this paper, 35 key enablers were identified after the rigorous analysis of literature review and the opinion of a group of experts consisting of academicians, practitioners and consultants. Thereafter, the brainstorming sessions were conducted to finalize 28 lean supply chain enablers (LSCEs).
Practical implications
For lean manufacturing practitioners, the result of this study can be beneficial where the manufacturer is required to increase efficiency and reduce cost and wastage of resources in the lean manufacturing process.
Originality/value
This paper is the first of the research papers that considered deep literature review of identified LSCEs as the initial step, followed by finding the best priority weightage and developing the ranking of various lean enablers of supply chain with the help of various methodologies.
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Smart manufacturing is revolutionizing the manufacturing industry by shifting the focus from traditional manufacturing to a more intelligent, interconnected and responsive system…
Abstract
Purpose
Smart manufacturing is revolutionizing the manufacturing industry by shifting the focus from traditional manufacturing to a more intelligent, interconnected and responsive system. Despite being the backbone of the economy and despite the government’s efforts in supporting and encouraging the transformation to smart manufacturing, small and medium enterprises (SMEs) have been struggling to transform their operations. This study aims to identify the challenges for SMEs’ transformation and the benefits they can get from this transformation, following a systematic review of existing literature.
Design/methodology/approach
A systematic review of existing literature has been performed to identify the peer-reviewed journal articles that focus on smart manufacturing for SMEs. First, a comprehensive list of keywords relevant to the review questions are identified. Second, Scopus and Web of Science databases were then used to search for articles, applying filters for English language and peer-reviewed status. Third, after manually assessing abstracts for relevance, 175 articles are considered for further review and analysis.
Findings
The benefits and challenges of SMEs’ transformation to smart manufacturing are identified. The identified challenges are categorized using the Smart Industry Readiness Index (SIRI) framework. Further, to address the identified challenges and initiate the SME’s transition toward smart manufacturing, a framework has been proposed that shows how SMEs can start their transition with minimum investment and existing resources.
Originality/value
Several studies have concentrated on understanding how smart manufacturing enhances sustainability, productivity and preventive maintenance. However, there is a lack of studies comprehensively analyzing the challenges for smart manufacturing adoption for SMEs. The originality of this study lies in identifying the challenges and benefits of smart manufacturing transformation and proposing a framework as a roadmap for SMEs' smart manufacturing adoption.
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Nikolaos A. Panayiotou, Konstantinos E. Stergiou and Nikolaos Panagiotou
The purpose of this paper is the implementation of Lean Six Sigma (LSS) in a manufacturing small and medium-sized enterprise (SME) in Greece in order to understand the…
Abstract
Purpose
The purpose of this paper is the implementation of Lean Six Sigma (LSS) in a manufacturing small and medium-sized enterprise (SME) in Greece in order to understand the contribution of LSS in its process improvement and to identify the parameters playing a crucial role in LSS adoption by SMEs. The ability to achieve high-effect improvements without cost investment is also examined to cope with low investment margin that is a characteristic of SMEs.
Design/methodology/approach
This case study is based on the combination of Define, Measure, Analyze, Improve and Control (DMAIC) phases with the Yin's method for case studies for a complete and efficient implementation and presentation of the project.
Findings
The analysis of this case study revealed that by accomplishing specific critical success factors for the fulfillment of the LSS project, the company attained important benefits by utilizing only the working hours of employees. It was also found that the improvements of LSS projects can be measured using other metrics which can indirectly be translated into monetary terms.
Practical implications
The paper can be a useful guide of how SMEs can achieve high-impact improvements with low or no investment cost utilizing LSS initiatives in small-scale projects.
Originality/value
According to the literature, there is a need for more case studies concerning LSS implementation in SMEs. Examples of how low-cost/high-effect improvement initiatives can be implemented have not been adequately presented before. The assessment of the impact of improvement initiatives with non-monetary measures is also innovative.
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This study aims to identify the most frequently used tools and techniques within the measure phase of the define, measure, analyze, improve and control (DMAIC) methodology in the…
Abstract
Purpose
This study aims to identify the most frequently used tools and techniques within the measure phase of the define, measure, analyze, improve and control (DMAIC) methodology in the Six Sigma Green Belt body of knowledge (BOK) to standardize training curriculum and reduce barriers to Six Sigma adoption.
Design/methodology/approach
This study measures the most frequently used tools within the Measure Phase of the Green Belt body of knowledge by surveying Six Sigma professionals from all industries as to how often they use tools specific to the Measure Phase. Professionals rated ten categories of tools based on frequency use as it pertains to a Green Belt level Six Sigma project. Descriptive analysis, t-tests, and ANOVA were performed on the data using Minitab to identify the most frequently used tool categories.
Findings
The findings of this study indicate that the most frequently used measure phase tools and techniques within in the Six Sigma Green Belt BOK are process mapping, control charts, descriptive statistics, graphical analysis, collecting and summarizing data, process capability analysis and Six Sigma statistics (defects per unit, defects per million opportunities, etc.). The research findings indicate that several tools that require a higher level of statistical understanding are used less frequently.
Research limitations/implications
The research study solely analyzed the measure phase tools within the Green Belt Six Sigma BOK. Other Six Sigma bodies of knowledge should be evaluated in their entirety.
Practical implications
Six Sigma training has been identified in previous research studies as a barrier to implementation. By identifying the most frequently used tools and determining that those tools are less statistically intensive, companies may be more inclined to adopt Six Sigma. Reducing the tools required to master to lead and carryout Six Sigma projects can also help to reduce the cost and time required for Six Sigma training.
Originality/value
Many studies have identified the lack of a standardized curriculum for Six Sigma and Lean Six Sigma. This research serves to function as a supportive analysis in identifying the most optimal and useful tools to lead successful Six Sigma and process improvement projects and contributes to the journey of establishing a standardized Six Sigma training curriculum.