Capital Account Openness and Financial Stability in Asian Emerging Markets

Post the Global Financial Crisis (GFC) of 2008, there has been an increased focus on financial stability along with the growth objectives. The role of capital flow measures like capital controls and macroprudential regulations has gained prominence in increasing the resilience of the financial system of an economy. In this context, this paper examines the ramification of capital account openness on the financial stability indicators with controls for macroeconomic fundamentals, for the Asian Emerging Markets using the annual data of seven economies from 1980 to 2019. The methodology in the paper employs panel data cointegration techniques along with Augmented Mean Group (AMG) estimation to control for cross-sectional dependence, cross-sectional heterogeneity, and nonstationarity. The results indicate that capital account openness and trade openness increase financial instability in the economy while global risk shows mixed results. The economic development of the country, proxied by the size of the economy has a mitigating effect by reducing volatility in the financial sector.
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Re¬flections on the Perceptions and Experience of International Students in the University of Delhi, India - A Primary Data-Based Analysis

The study takes the University of Delhi, India, as a case study to understand how to achieve internationalisation of higher education in India. Through a focus group discussion, it first attempts to understand the perceptions of International Students (ISs) regarding diverse aspects of the university in detail. By employing exploratory factor analysis on the data collected from 99 ISs, it then tries to identify and explain the factors that could have had a bearing on the student’s overall satisfaction with the university experience. Lastly, it segments the respondents into two clusters, differentiating them on varying satisfaction parameters using cluster analysis. Through the study, we have been able to identify the various challenges faced by ISs and suggest ways to make their experience more satisfactory. The results underline a substantial need for the university to emphasise the socio-cultural integration of ISs and streamline the admission process to attract them because satisfied ISs are more likely to recommend their institution to prospective students.
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Financial Literacy Levels amongst Salaried Women: Do they have a Bearing on their Financial Behaviour?

The introduction of a wide array of financial instruments, alongside increased complexity has rendered it crucial for financially vulnerable groups like women to understand the real premises on which they are centered as opposed to being simply aware of them. The study using statistical tools including Descriptives, ANOVA, Chi-Square, Factor analysis conducted during October 2020 - January 2021 assessed financial literacy levels among salaried women in Ludhiana City and its effect on financial behaviour, found the average financial literacy score to be 68%, being higher than OECD financial literacy survey score of 60.48%. Additionally, financial literacy had significant effect on respondents’ subsequent financial behaviour.
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Do Sectoral Indices React Differently to Lockdowns Imposed Due to Covid-19? Lessons for Wealth Generation

This research paper is an attempt to study the impact of Covid-19 on the sectoral indices using Event Study Methodology (EVM) and regression models. It tries to analyze the differences in mean returns of one composite and ten sectoral indices on India’s premier National Stock Exchange during four periods-before lockdowns, during the lockdown, during unlocking and post unlock. The analysis is based on 15346 daily observations. Imposition of Lockdown is found to have a positive impact on the daily mean return of the eleven Nifty indices under study. The mean returns of sectoral indices are compared using non-parametric tests. The mean returns across four periods are compared using Friedman’s ANOVA and are found to be significantly different over the four periods. Post Hoc Analysis using Wilcoxon signed-rank test revealed that the daily mean returns during the lockdown were more than the daily mean returns during the period before lockdown, during unlock period or post unlock period. Kruskal Wallis test was used to investigate the equality of means of eleven indices found, mean returns of indices to be equal to each other during all the four alternate periods studied separately. GARCH (1,1) model is then used to estimate returns and variance of sectoral indices A significant portion of variances in sectoral index returns was explained by the variances in market proxy Nifty 50. The study highlights the emerging relevance of the Energy, FMCG, Healthcare, IT and Pharma sector during the lockdown as the abnormal positive returns have increased in these sectors. Infrastructure, Media and realty sectors have been severely affected due to the lockdown. The robustness of estimated parameters is checked by using a dummy variable regression model and it is found that stock markets were strengthening during the period of lockdown. The results of the dummy variable regression model are in line with the results of the Event Study Methodology (EVM) and GARCH (1,1). Overall, the imposition of lockdown as a policy initiative by the Government of India helped in mitigating the effect of Covid-19 on the stock market.
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Evolution of Activity Based Costing (ABC) - A Bibliometric Analysis

Activity Based Costing is an advanced accounting technique that is widely discussed among cost controllers and managers. Through this study, an attempt has been made to identify the recent trends in its evolution and to see further research prospects by doing analysis of the numerous national and international published researches in the related domain. By applying bibliographic analysis technique, output extracted from the Scopus database is analyzed using bibliometrix package in R-software. The results present a structured view of trends in scientific studies on Activity Based Costing in different countries, contribution of pioneer authors and major sectors/industries to which most of the researches catered to. The analysis is carried out using three field plot, most trending topics, a word cloud, arriving at a conceptual structure using co-occurrence map and finally drawing a thematic map. As an application, study may well be a guiding tool for the researchers working in similar area. They can get insights as to what sector to consider for performing further investigations such as case studies or quantitative analysis and to see the effect of applying Activity Based Costing on some particular thematic factors.
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Impact of Corporate Attributes on Sustainability (ESG) Reporting: Evidence from Listed Banks in India

The present study aims to examine the Sustainability (ESG) reporting practices and the impact of some corporate characteristics (age, size, profitability, leverage, and international presence) on the extent of sustainability disclosure of listed banks in India. The sample consisted of all ten banks listed on S&P BSE Bankex representing a large market share of the Indian banking sector. The Sustainability/CSR/Business responsibility reports of the sample companies for the F.Y 2019-20 were examined through the content analysis method using a self-developed Sustainability Reporting Disclosure Index (SRDI) based on the review of literature and standards on sustainability disclosure. The multiple regression technique is used to identify significant corporate attributes affecting Sustainability Reporting (SR). The findings indicate that dimensions like environment, human rights and labour practices are the least reported by selected banks. The regression results show that there is a positive and significant impact of size and leverage on the level of sustainability disclosure whereas age, profitability, and international presence are found to be insignificant. Corporate attributes like size, leverage and international presence are found to be positively and significantly associated with sustainability reporting among the selected banks. However, age and profitability are found to have a negative relationship. The empirical studies on the extent of ESG disclosure and its relationship with firm characteristics especially in the banking sector of developing countries like India are scarce, so this study is an attempt to fill this gap.
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Role of ‘Guru Ka Langar’ in Pandemic Management During COVID-19: Guided by Religious Belief

COVID-19 has impacted people worldwide irrespective of their economic and social status, but the most affected have been the poor and vulnerable. The migrant labourers deserted by their employers during the pandemic is one such example. The widespread challenge was to ensure the supply of food and other essential stuff. This study highlights the food-management skills in the form of gratis community kitchens (langars) that provided free food and other related stuff to millions during the pandemic. Purely guided by its religious beliefs, the Sikh community came forward to rescue the people in its neighbourhood. This paper is based on descriptive methodology. It uses content analysis as its primary tool, along with a literature review. News reports and articles published in the print media have been used to analyse the social and economic value attached to the Sewa (selfless service) and langar (free food) benefits. Analysis indicates that Langar run by the Sikh community as gratis guided by their religious beliefs ensured free food supply to the millions across the world. These free kitchens turned into professionally managed ‘Free Food Management Centres’ and ensured food supply to the people impacted by pandemic. Academic research has concentrated mainly on the role of NGOs and the government in relief measures during COVID-19. This study is an attempt to highlight the role of religious communities in managing Covid inflicted challenges. The discussion in this paper is limited to the part of the Sikh community in ensuring a free food supply during COVID-19.
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Impact of Word of Mouth Communication on Consumer Purchase Decision

Corporate executives are searching for new ways to make consumers aware of a product or service as the market is highly competitive. They adopt different methods to achieve this goal. Consumers make decisions using a variety of methods, including word of mouth. Therefore, this study was done to investigate the effect of WOM communication (word of mouth) on the outcome of a brand or the brand image effect on the decisions of consumers to purchase a television. The study focuses on television brands mainly. A sample of 552 was collected from Karaikal, Puducherry State, using the questionnaire method. The data thus generated was analysed with the help of PLS-SEM. The findings reveal that offline WOM, online WOM, E-WOM quality, and information consumption all have a significant impact on the brand image, whereas the brand image has a direct influence on the consumer purchase decision of television. The impact of prior purchase satisfaction and expertise of the sender was found to be not significant.
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