| 1 |
Author(s):
A. D. Amar .
Page No : 1-24
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HOW ANCIENT WISDOM GUIDES CORPORATE GOVERNANCE
Abstract
HOW ANCIENT WISDOM GUIDES CORPORATE GOVERNANCE
| 2 |
Author(s):
Deepali Malhotra.
Page No : 25-46
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EXPLORING BEHAVIORAL BIASES IN STOCK MARKET: EVIDENCE FROM INDIA
Abstract
Due to the positive association between investments and the development of the economy, the
rise of investment will progressively influence the economy's overall growth and vice versa.
Thus, investors’ decisions play a significant role in describing the market trend, which in turn
affects the economy. Individuals invest with unique planning or no planning at all based on
their available funds, time span, and financial goal. Ultimately, the majority of them want high
returns that will make them wealthy overnight Regardless of how strong the company
fundamentals are, strong negative emotions can wreck down a robust bullish market trend.
The investor behavior is guided by many factors, such as investment horizons, other investors'
actions, risk capacity, personality, and level of volatility in equity markets. Past studies have
highlighted that individuals commit various behavioral anomalies due to inc omplete
information, shortage of technical skills, and belief in their competencies to invest while
investing. This study has empirically tried to determine the presence of the predominant
behavioral anomalies; the herding bias, overconfidence bias, disposition effect, and noise
trading in the Indian stock market. Herding has been tested using the cross-sectional absolute
deviation methodology as described by Chang et al. (2000). The other biases have been tested
using a time-series regression model, such as VAR and Granger causality. Our sample consists
of Nifty 50 companies for 21 years (January, 2000-December, 2020). The research shows that
Indian stock markets are efficient as we fail to validate the herding bias for the overall market.
However, herd mentality exists in crisis and extreme market conditions. The results also
validate the existence of anomalies, such as the disposition effect, overconfidence, and noise
trading in the Indian stock market.
| 3 |
Author(s):
Sachitaa Srivastava, Lata Bajpai Singh.
Page No : 47-63
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INCLUSIVE LEADERSHIP AND INNOVATIVE WORK BEHAVIOR: MEDIATING ROLE OF THRIVING AT WORK
Abstract
The goal of this study is to examine the direct relationship between inclusive leadership and innovative work behaviour. In addition, the study examines the indirect influence of inclusive leadership on innovative work behaviour through thriving at work. With the aid of a validated instrument, 380 respondents from the hospitality industry provided primary data for the study. Using PLS-sem, the measurement model, structural model, and mediation analysis were analysed. The study's structural model explored the direct and indirect effects of inclusive leadership on innovative work behaviour, as mediated by thriving at work. Positive and significant correlations were found between inclusive leadership and thriving at work, as well as inclusive leadership and innovative work behaviour. In addition, a favourable and statistically significant correlation was also identified between thriving at work and innovative work behaviour. Moreover, thriving at work strongly mediated the positive association between inclusive leadership and innovative work behaviour.The offered research is beneficial to both academics and practitioners. The study makes a substantial contribution to the literature on thriving at work and innovative work behaviour. HR professionals and managers in the hospitality industry should be made more aware of the advantages of being inclusive and how it helps employees be more innovative and performing better at work.
| 4 |
Author(s):
Swati Tejawat, Sudip Chakraborty, Nikhil Bhusan Dey.
Page No : 64-87
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CORPORATE GOVERNANCE DISCLOSURE PRACTISES UNDER THE COMPANIES ACT 2013: A STUDY OF SELECT AUTOMOBILE COMPANIES IN INDIA
Abstract
Disclosure, in the context of corporate reporting refers to making information and facts available to stakeholders so as to enable them to arrive at a decision. The Companies Act 2013 was a landmark legislation which set forth various disclosure requirements for companies in order to enhance their corporate governance reporting and fixing accountability to stakeholders. This paper aims at evaluating the corporate governance disclosure practises of select automobile sector companies vis-a-vis the requirements of the Companies Act 2013. Study has been done to analyse certain factors which affect the disclosure practises of the companies. The methodology includes arriving at scores for different disclosure criteria for a period of 5 years post implementation of the Companies Act 2013 and correlating them to certain factors. The paper concludes that there is still substantial scope for improvement in disclosure of corporate governance practises even post 5 years of implementation of the Companies Act 2013.
| 5 |
Author(s):
Renu Gupta, Ameeta Motwani.
Page No : 88-104
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ESG REPORTING IN INDIA: CURRENT SCENARIO
Abstract
The paper describes the development of reporting on Environment, Social and Governance (ESG) issues in India and analyse the current situation with respect to ESG reporting by Indian Companies. This paper uses a review of academic studies on sustainability/ESG reporting practices among Indian companies as well as surveys undertaken by professional accounting and credit rating firms such as KPMG, PWC, Ernst & Young and CRISIL. While a few large Indian companies have been reporting on their ESG performance for quite some time now, many more have begun reporting in recent years as it allows them to showcase their commitment towards the sustainability agenda. The rising trend in ESG Disclosures is a result of the increasing demand from stakeholders for relevant and accurate data on the one hand and the increasing regulatory imperatives on the other. The lack of regulatory requirements so far has resulted in less attention being paid to the E and S issues as compared to the mandatory G factors. A systematic study of the developments in Sustainability/ESG reporting in the context of India specially after the recent changes in the regulatory landscape is expected to add to the knowledge on the subject. Massive environmental changes happening across the globe, technological advances and the global pandemic have brought about a noticeable change in the way stakeholders assess the resilience and sustainability of businesses. The conventional financial metrics reported by corporates are no longer perceived as tools to understand the value a company can create and the business corporates are expected by stakeholders and regulators to report about the Environmental, Social and Governance aspects of their business. This study highlights the need for understanding the large part of corporate reporting which has not yet been incorporated into the mainstream accounting and reporting knowledge and curriculum frameworks.
