| 1 |
Author(s):
Rachna Mahalwala, Sonika Sharma, Girish Ahuja.
Page No : 1-11
|
DOES CORPORATE PERFORMANCE OF LISTED COMPANIES IN INDIA IMPROVE WITH INDEPENDENT DIRECTORS ON BOARD?
Abstract
As the separation between ownership and control in public listed companies steers the managershareholder agency problem and therefore, independent directors on board have become an
essential element of good corporate governance and laws of different countries have also mandated
the same. However, the question arises “Does the existence of independent directors on the board
lead to improved corporate performance as well?” The present study aims to investigate the impact
of independent directors on the financial performance of select companies listed on the S&P BSE100 Index during the period 2016-17 to 2022-23. The study employs regression analysis on
longitudinal data using panel least squares, fixed effects model, and random effects model. The
results of the study confirm that the higher the percentage of independent directors on the board,
the higher the corporate performance measured with return on assets. The results provide insight
to owners of the business to decide the board structure of their companies wisely to protect their
interest to get desired financial results.
| 2 |
Author(s):
Amit Kumar Singh, Priya Harjai.
Page No : 12-22
|
DECODING THE IMPACT OF INFORMATION EMBEDDED IN THE HINDENBURG RESEARCH REPORT ON ADANI ENTERPRISES
Abstract
This case tries to analyse and uncover the sentiment expressed in a report published dated 24
January 2023 by Hindenburg Research on Adani Enterprises. The study emphasizes the
significance of qualitative data (textual data) by employing the novel empirical textual sentiment
analysis technique to quantify the information present in a voluminous report with the intention of
studying its impact on Adani Enterprises stock prices. It introduces a novel dimension of
examining a qualitative aspect of the report rather than the conventional event study approach with
numerical figures. The case elucidates that the negative sentiment expressed via the research report
resulted in a decrease in stock prices. It portrays the power of qualitative data to change the
perceptions and beliefs of investors. However, the more pronounced effect of a decrease in the
stock price over days shows that the information embedded in the report took time to be
incorporated into the stock price which pertains to the inefficiency of the semi-strong form of
market efficiency
| 3 |
Author(s):
Saket Mishra, Rachana Vishwakarma.
Page No : 23-36
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EFFECTS OF SUSTAINABLE REPORTING PRACTICES ON CORPORATE PERFORMANCE OF MAHARATNA COMPANIES
Abstract
This study investigates the impact of sustainability reporting on the corporate performance of
Indian Maharatna companies. This study gathered data on sustainability performance through the
Bloomberg database and employs the panel OLS method to measure the impact of sustainability
reporting on the corporate performance of Maharatna Companies. The study findings revealed a
negative relationship between sustainability performance and with financial performance of the
firm. This study also revealed that firms that invest more in reporting authentic information about
their sustainability practices and risks tend to bring down their corporate performance. The study
concludes that sustainable investing and reporting can be an effective tool for firms to improve
their corporate performance. However empirical evidences show a negative impact of sustainable
environmental investing and its reporting on market & operational performances of the firm. This
study points out the need to determine the gestation period of negative returns for sustainable
investments.
| 4 |
Author(s):
Kiran yadav, Shikha Daga.
Page No : 37-51
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PROSPECT DRIVEN BIASES AFFECTING INVESTMENT DECISION MAKING: MEDIATING BY RISK PERCEPTION AND MODERATING BY ROBO-ADVISORY
Abstract
There is a debate in the investing world that revolves around whether investors adhere to classical
theory or accord with the prospect theory. This study aims to examine the impact of prospect theory
on the process of making investment decisions. The study has employed a hypothesis deductive
technique, in which the suggested research model was tested using structural equation modelling
in AMOSS Data that was obtained from 278 individual investors who participated in the Indian
stock market for this study. The empirical findings indicate that biases driven by prospect theory
have an impact on the irrational decision-making process among individual investors. The study
also introduced a second-order measurement invariance related to prospect theory which has not
been widely explored before. Investors tend to avoid losses and experience fear about potential
losses; consequently, they may make irrational decisions. Surprisingly, even knowledgeable
investors are susceptible to biases associated with prospect theory demonstrating significant and a
positive relationship between prospect bias and irrational investment decision-making amongst
individual investors. Risk perception of individual investors partially mediates and robo-advisory
moderates the relationship between irrational investment decision-making and individual investors
biases. The study's conclusions exhort individual investors to recognise and assess their prejudices
and emotions. This research will assist in raising investor understanding so they can determine
their financial capability after weighing all of their options
| 5 |
Author(s):
Amandeep Singh.
Page No : 52-75
|
COUPLING ARTIFICIAL INTELLIGENCE WITH FINTECH AND BANKS: A BIBLIOMETRIC ANALYSIS AND FUTURE RESEARCH AGEND
Abstract
The study examines the coupling of artificial intelligence (AI) and machine learning (ML) with
fintech and banks for the growth and resilience of the financial sector. This paper deciphers and
maps the growth of the intellectual structure of research in the domain of AI and ML for
strengthening the financial sector either through fintech or banks. This study ex amines the
development of the literature on AI/ML in finance from 2012 to 2022 using 211 documents from
the Scopus database with the goal of identifying key trends and patterns in terms of research focus,
publication year, and geographic distribution. This study adds to our understanding of this field by
highlighting the themes originating from these trends and patterns. By considering a wide range
of subjects, including document types, annual publishing volumes, subject areas, affluent nations,
institutions, journals, and authors, we have provided scientific evaluations and findings based on
bibliometric analysis. We additionally looked at citation and co-citation networks to offer light on
the connections between authors and publications to identify the challenges and growth prospects.
We identified four key clusters through content analysis: applications of AI/ML in finance, digital
banking, new-era technology in banks, and financial data analytics. In conclusion, this paper
provided detailed discussions on the theoretical and practical implications of existing research and
future research agenda.
