Pub Date : 2022-03-01DOI: 10.1177/02560909221079270
Hardeep Singh Mundi, P. Kaur
Executive Summary Capital structure decisions are vital for firms. Existing theories on capital structure partially explain the difference in capital structure decisions of identical firms. Researchers have integrated psychology with finance in recent years to explain the difference in capital structure decisions better. To help practitioners and academicians understand the role of psychology in capital structure decisions, this article focuses on CEO overconfidence and its influence on equity versus debt financing, short-term versus long-term debt financing, and level of debt financing concerning tax shields. Indian CEOs are unique in their leadership style, values and beliefs. Overconfidence among CEOs of S&P BSE 200 firms is measured using the press coverage of CEOs, and this proxy depicts how the press portrays CEOs. An extensive search on CEOs in relevant search engines helped measure overconfidence among CEOs. The results from regression models document that overconfident CEOs prefer debt over equity and short-term debt over long-term debt. In addition, overconfident CEOs are found to not avail the full benefits of tax shield and follow a conservative debt policy. The presence of bias of overconfidence among CEOs distorts optimal decision-making and deviates capital structure decisions from trade-off theory and pecking order theory of capital structure. The evidence on external versus internal financing helps explain the biased preference of overconfident CEOs for debt and short-term financing. The biased beliefs lead CEOs to form high expectations of cash flows. Overconfidence among CEOs is found to significantly influence capital structure decisions. The robustness of the results corroborates existing findings and documents the influence of behavioural biases on corporate decision-making.
{"title":"CEO Overconfidence and Capital Structure Decisions: Evidence from India","authors":"Hardeep Singh Mundi, P. Kaur","doi":"10.1177/02560909221079270","DOIUrl":"https://doi.org/10.1177/02560909221079270","url":null,"abstract":"Executive Summary Capital structure decisions are vital for firms. Existing theories on capital structure partially explain the difference in capital structure decisions of identical firms. Researchers have integrated psychology with finance in recent years to explain the difference in capital structure decisions better. To help practitioners and academicians understand the role of psychology in capital structure decisions, this article focuses on CEO overconfidence and its influence on equity versus debt financing, short-term versus long-term debt financing, and level of debt financing concerning tax shields. Indian CEOs are unique in their leadership style, values and beliefs. Overconfidence among CEOs of S&P BSE 200 firms is measured using the press coverage of CEOs, and this proxy depicts how the press portrays CEOs. An extensive search on CEOs in relevant search engines helped measure overconfidence among CEOs. The results from regression models document that overconfident CEOs prefer debt over equity and short-term debt over long-term debt. In addition, overconfident CEOs are found to not avail the full benefits of tax shield and follow a conservative debt policy. The presence of bias of overconfidence among CEOs distorts optimal decision-making and deviates capital structure decisions from trade-off theory and pecking order theory of capital structure. The evidence on external versus internal financing helps explain the biased preference of overconfident CEOs for debt and short-term financing. The biased beliefs lead CEOs to form high expectations of cash flows. Overconfidence among CEOs is found to significantly influence capital structure decisions. The robustness of the results corroborates existing findings and documents the influence of behavioural biases on corporate decision-making.","PeriodicalId":35878,"journal":{"name":"Vikalpa","volume":"53 1","pages":"19 - 37"},"PeriodicalIF":0.0,"publicationDate":"2022-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89116487","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-03-01DOI: 10.1177/02560909221083282
Anjni Anand, Veena Vohra
Executive Summary This study is located in the context of high-performance work systems (HPWS) in India. Extant literature indicates that the darker side of HPWS and work intensification impact employee lives and trigger work–family conflict (WFC) experiences. With the shift in organizational focus on employee well-being, it has become imperative to understand and unpack WFC experiences of employees in the Indian sociocultural context to design effective and contextual remedial mechanisms. Responding to this need, WFC experiences of employees in Indian HPWS contexts were closely examined in this study to unpack the role of prevalent sociocultural factors. Additionally, the study explored how employees coped with these life situations. Since organizations are now beginning to work towards enhancing the well-being of employees, this study offers insights into what coping mechanisms are deliberately or inadvertently in use to evaluate their effectiveness. Studying the nature of WFCs and coping mechanisms from a sociocultural lens, this study identifies and develops four major themes. Passive acceptance of WFC, unambiguous communication, emotional and instrumental support from family, informational support at work emerged as the four significant themes discussed at length in this article. Insights generated from the discussion of these themes point overarchingly towards the highly personalized and localized, individual-level approach prevalent amongst employees of HPWS in response to WFC episodes. The discussion and conclusion sections highlight the need for well-designed and mindful organizational interventions built upon an understanding of the sociocultural factors at work to effectively mitigate the employee stress generated by the HPWS environments. This work is especially relevant in an era of pandemic-related work models, millennial workers and work intensification due to the increased digitalization of workplace practices.
{"title":"What Helps Me Cope With Work–Family Conflict at My High-Performance Work System in India: A Thematic Analysis of Sociocultural Factors","authors":"Anjni Anand, Veena Vohra","doi":"10.1177/02560909221083282","DOIUrl":"https://doi.org/10.1177/02560909221083282","url":null,"abstract":"Executive Summary This study is located in the context of high-performance work systems (HPWS) in India. Extant literature indicates that the darker side of HPWS and work intensification impact employee lives and trigger work–family conflict (WFC) experiences. With the shift in organizational focus on employee well-being, it has become imperative to understand and unpack WFC experiences of employees in the Indian sociocultural context to design effective and contextual remedial mechanisms. Responding to this need, WFC experiences of employees in Indian HPWS contexts were closely examined in this study to unpack the role of prevalent sociocultural factors. Additionally, the study explored how employees coped with these life situations. Since organizations are now beginning to work towards enhancing the well-being of employees, this study offers insights into what coping mechanisms are deliberately or inadvertently in use to evaluate their effectiveness. Studying the nature of WFCs and coping mechanisms from a sociocultural lens, this study identifies and develops four major themes. Passive acceptance of WFC, unambiguous communication, emotional and instrumental support from family, informational support at work emerged as the four significant themes discussed at length in this article. Insights generated from the discussion of these themes point overarchingly towards the highly personalized and localized, individual-level approach prevalent amongst employees of HPWS in response to WFC episodes. The discussion and conclusion sections highlight the need for well-designed and mindful organizational interventions built upon an understanding of the sociocultural factors at work to effectively mitigate the employee stress generated by the HPWS environments. This work is especially relevant in an era of pandemic-related work models, millennial workers and work intensification due to the increased digitalization of workplace practices.","PeriodicalId":35878,"journal":{"name":"Vikalpa","volume":"71 2 1","pages":"38 - 52"},"PeriodicalIF":0.0,"publicationDate":"2022-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88230330","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-12-01DOI: 10.1177/02560909211065659
Kapil Verma
VIKALPA • VOLUME 46 • ISSUE 4 • OCTOBER-DECEMBER 2021 Creative Commons Non Commercial CC BY-NC: This article is distributed under the terms of the Creative Commons Attribution-NonCommercial 4.0 License (http://www.creativecommons.org/licenses/by-nc/4.0/) which permits non-Commercial use, reproduction and distribution of the work without further permission provided the original work is attributed as specified on the SAGE and Open Access pages (https://us.sagepub. com/en-us/nam/open-access-at-sage). First Among Equals: T-RE-A-T Leadership For L-E-A-P in a KnowledgeBased World
{"title":"First Among Equals: T-R-E-A-T Leadership For L-E-A-P in a Knowledge-Based World","authors":"Kapil Verma","doi":"10.1177/02560909211065659","DOIUrl":"https://doi.org/10.1177/02560909211065659","url":null,"abstract":"VIKALPA • VOLUME 46 • ISSUE 4 • OCTOBER-DECEMBER 2021 Creative Commons Non Commercial CC BY-NC: This article is distributed under the terms of the Creative Commons Attribution-NonCommercial 4.0 License (http://www.creativecommons.org/licenses/by-nc/4.0/) which permits non-Commercial use, reproduction and distribution of the work without further permission provided the original work is attributed as specified on the SAGE and Open Access pages (https://us.sagepub. com/en-us/nam/open-access-at-sage). First Among Equals: T-RE-A-T Leadership For L-E-A-P in a KnowledgeBased World","PeriodicalId":35878,"journal":{"name":"Vikalpa","volume":"32 1","pages":"248 - 250"},"PeriodicalIF":0.0,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73481223","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-12-01DOI: 10.1177/02560909211065386
Anita Goyal
{"title":"Service Experience at Passport Seva Kendra: Case Analysis","authors":"Anita Goyal","doi":"10.1177/02560909211065386","DOIUrl":"https://doi.org/10.1177/02560909211065386","url":null,"abstract":"","PeriodicalId":35878,"journal":{"name":"Vikalpa","volume":"62 1","pages":"244 - 247"},"PeriodicalIF":0.0,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85336503","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-11-30DOI: 10.1177/02560909211062592
Dimple Dhiman, H. Sharma
223 Creative Commons Non Commercial CC BY-NC: This article is distributed under the terms of the Creative Commons Attribution-NonCommercial 4.0 License (http://www.creativecommons.org/licenses/by-nc/4.0/) which permits non-Commercial use, reproduction and distribution of the work without further permission provided the original work is attributed as specified on the SAGE and Open Access pages (https://us.sagepub. com/en-us/nam/open-access-at-sage). Does Organizational Trust Mediate the CSR– OCB Relationship? A PLS-SEM Analysis
{"title":"Does Organizational Trust Mediate the CSR–OCB Relationship? A PLS-SEM Analysis","authors":"Dimple Dhiman, H. Sharma","doi":"10.1177/02560909211062592","DOIUrl":"https://doi.org/10.1177/02560909211062592","url":null,"abstract":"223 Creative Commons Non Commercial CC BY-NC: This article is distributed under the terms of the Creative Commons Attribution-NonCommercial 4.0 License (http://www.creativecommons.org/licenses/by-nc/4.0/) which permits non-Commercial use, reproduction and distribution of the work without further permission provided the original work is attributed as specified on the SAGE and Open Access pages (https://us.sagepub. com/en-us/nam/open-access-at-sage). Does Organizational Trust Mediate the CSR– OCB Relationship? A PLS-SEM Analysis","PeriodicalId":35878,"journal":{"name":"Vikalpa","volume":"113 1","pages":"223 - 235"},"PeriodicalIF":0.0,"publicationDate":"2021-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85131270","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-11-23DOI: 10.1177/02560909211059992
Akhilesh Prasad, A. Seetharaman
Executive Summary Predicting stock trends in the financial market is always demanding but satisfying as well. With the growing power of computing and the recent development of graphics processing unit and tensor processing unit, analysts and researchers are applying advanced techniques such as machine learning techniques more and more to predict stock price trends. In recent years, researchers have developed several algorithms to predict stock trends. To assist investors interested in investing in the stock market, preferably for a short period, it has become necessary to review research papers dealing on machine learning and analyse the importance of their findings in the context of how stock price trends generate trading signals. In this article, to achieve the stated task, authors scrutinized more than 50 research papers focusing on various machine learning algorithms with varied levels of input variables and found that though the performance of models measured by root-mean-square error (RMSE) for regression and accuracy score for classification models varied greatly, long short-term memory (LSTM) model displayed higher accuracy amongst the machine and deep learning models reviewed. However, reinforcement learning algorithm performance measured by profitability and Sharpe ratio outperformed all. In general, traders can maximize their profits by using machine learning instead of using technical analysis. Technical analysis is very easy to implement, but the profit based on it can vanish too soon or making a profit using technical analysis is almost difficult because of its simplicity. Hence, studying machine, deep and reinforcement learning algorithms is vital for traders and investors. These findings were based on the literature review consolidated in the result section.
{"title":"Importance of Machine Learning in Making Investment Decision in Stock Market","authors":"Akhilesh Prasad, A. Seetharaman","doi":"10.1177/02560909211059992","DOIUrl":"https://doi.org/10.1177/02560909211059992","url":null,"abstract":"Executive Summary Predicting stock trends in the financial market is always demanding but satisfying as well. With the growing power of computing and the recent development of graphics processing unit and tensor processing unit, analysts and researchers are applying advanced techniques such as machine learning techniques more and more to predict stock price trends. In recent years, researchers have developed several algorithms to predict stock trends. To assist investors interested in investing in the stock market, preferably for a short period, it has become necessary to review research papers dealing on machine learning and analyse the importance of their findings in the context of how stock price trends generate trading signals. In this article, to achieve the stated task, authors scrutinized more than 50 research papers focusing on various machine learning algorithms with varied levels of input variables and found that though the performance of models measured by root-mean-square error (RMSE) for regression and accuracy score for classification models varied greatly, long short-term memory (LSTM) model displayed higher accuracy amongst the machine and deep learning models reviewed. However, reinforcement learning algorithm performance measured by profitability and Sharpe ratio outperformed all. In general, traders can maximize their profits by using machine learning instead of using technical analysis. Technical analysis is very easy to implement, but the profit based on it can vanish too soon or making a profit using technical analysis is almost difficult because of its simplicity. Hence, studying machine, deep and reinforcement learning algorithms is vital for traders and investors. These findings were based on the literature review consolidated in the result section.","PeriodicalId":35878,"journal":{"name":"Vikalpa","volume":"124 1","pages":"209 - 222"},"PeriodicalIF":0.0,"publicationDate":"2021-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87907356","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-11-12DOI: 10.1177/02560909211054700
Peeyush Gupta, Michelle D. Steward, James A. Narus, D. Seshadri
197 Creative Commons Non Commercial CC BY-NC: This article is distributed under the terms of the Creative Commons Attribution-NonCommercial 4.0 License (http://www.creativecommons.org/licenses/by-nc/4.0/) which permits non-Commercial use, reproduction and distribution of the work without further permission provided the original work is attributed as specified on the SAGE and Open Access pages (https://us.sagepub. com/en-us/nam/open-access-at-sage). Pursuing Digital Marketing and Sales Transformation in an Emerging Market: Lessons from India’s Tata Steel
{"title":"Pursuing Digital Marketing and Sales Transformation in an Emerging Market: Lessons from India’s Tata Steel","authors":"Peeyush Gupta, Michelle D. Steward, James A. Narus, D. Seshadri","doi":"10.1177/02560909211054700","DOIUrl":"https://doi.org/10.1177/02560909211054700","url":null,"abstract":"197 Creative Commons Non Commercial CC BY-NC: This article is distributed under the terms of the Creative Commons Attribution-NonCommercial 4.0 License (http://www.creativecommons.org/licenses/by-nc/4.0/) which permits non-Commercial use, reproduction and distribution of the work without further permission provided the original work is attributed as specified on the SAGE and Open Access pages (https://us.sagepub. com/en-us/nam/open-access-at-sage). Pursuing Digital Marketing and Sales Transformation in an Emerging Market: Lessons from India’s Tata Steel","PeriodicalId":35878,"journal":{"name":"Vikalpa","volume":"49 1","pages":"197 - 208"},"PeriodicalIF":0.0,"publicationDate":"2021-11-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83778444","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-09-01DOI: 10.1177/02560909211041796
R. K. Tiwari, Jasojit Debnath
Executive Summary The provision of non-audit services (NAS) by an incumbent auditor has remained a highly contentious issue. One school argues that the joint provision does not impair an auditor’s independence. Instead, it reduces total costs, enhances the ability to detect material misstatements, increases technical competence due to knowledge spillovers and leads to intense competition. However, a substantial tranche of an audit firms’ income is derived from NAS, and the joint provision increases economic ties with the client. Therefore, another school of thought perceives that the joint provision impairs auditor independence. It is also alleged that auditors expect non-audit work after finishing the auditing job. Their independence is also affected by the risks of self-review. Extant literature reveals that the majority of the studies on the issue are archival and experimental. The studies are concentrated in the US, UK, Australia, Malaysia, Nigeria, South Africa, China, and some of the European Union Nations. The article examines the perspective of chartered accountants (CAs) on the joint provision of NAS in India. The study samples 119 CAs. The reliability of the survey result was measured using Cronbach’s α, and a score of 0.77 indicated acceptable internal consistency reliability. The data were analysed using Wilcoxon signed-rank test and the Mann Whitney U test statistic. The summary of their suggestions for ensuring auditor independence is presented separately. The findings reflect that existing prohibitions imposed by the Companies Act, 2013, are not enough to ensure auditor independence, and the Management Services u/s 144 of the Act needs to be clearly defined. Practitioners do not support the proposition that joint provision should end and a separate category of professionals be mandated to render NAS. However, the recommendations include strengthening provisions to reduce the conflict of interest.
{"title":"Joint Provision of Non-audit Services to Audit Clients: Empirical Evidences from India","authors":"R. K. Tiwari, Jasojit Debnath","doi":"10.1177/02560909211041796","DOIUrl":"https://doi.org/10.1177/02560909211041796","url":null,"abstract":"Executive Summary The provision of non-audit services (NAS) by an incumbent auditor has remained a highly contentious issue. One school argues that the joint provision does not impair an auditor’s independence. Instead, it reduces total costs, enhances the ability to detect material misstatements, increases technical competence due to knowledge spillovers and leads to intense competition. However, a substantial tranche of an audit firms’ income is derived from NAS, and the joint provision increases economic ties with the client. Therefore, another school of thought perceives that the joint provision impairs auditor independence. It is also alleged that auditors expect non-audit work after finishing the auditing job. Their independence is also affected by the risks of self-review. Extant literature reveals that the majority of the studies on the issue are archival and experimental. The studies are concentrated in the US, UK, Australia, Malaysia, Nigeria, South Africa, China, and some of the European Union Nations. The article examines the perspective of chartered accountants (CAs) on the joint provision of NAS in India. The study samples 119 CAs. The reliability of the survey result was measured using Cronbach’s α, and a score of 0.77 indicated acceptable internal consistency reliability. The data were analysed using Wilcoxon signed-rank test and the Mann Whitney U test statistic. The summary of their suggestions for ensuring auditor independence is presented separately. The findings reflect that existing prohibitions imposed by the Companies Act, 2013, are not enough to ensure auditor independence, and the Management Services u/s 144 of the Act needs to be clearly defined. Practitioners do not support the proposition that joint provision should end and a separate category of professionals be mandated to render NAS. However, the recommendations include strengthening provisions to reduce the conflict of interest.","PeriodicalId":35878,"journal":{"name":"Vikalpa","volume":"125 1","pages":"153 - 165"},"PeriodicalIF":0.0,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83713489","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-09-01DOI: 10.1177/02560909211041817
B. Panda, Sara Joy
143 Creative Commons Non Commercial CC BY-NC: This article is distributed under the terms of the Creative Commons Attribution-NonCommercial 4.0 License (http://www.creativecommons.org/licenses/by-nc/4.0/) which permits non-Commercial use, reproduction and distribution of the work without further permission provided the original work is attributed as specified on the SAGE and Open Access pages (https://us.sagepub. com/en-us/nam/open-access-at-sage). Intellectual Property Rights-based Debt Financing to Startups: Need for a Changing Role of Indian Banks
{"title":"Intellectual Property Rights-based Debt Financing to Startups: Need for a Changing Role of Indian Banks","authors":"B. Panda, Sara Joy","doi":"10.1177/02560909211041817","DOIUrl":"https://doi.org/10.1177/02560909211041817","url":null,"abstract":"143 Creative Commons Non Commercial CC BY-NC: This article is distributed under the terms of the Creative Commons Attribution-NonCommercial 4.0 License (http://www.creativecommons.org/licenses/by-nc/4.0/) which permits non-Commercial use, reproduction and distribution of the work without further permission provided the original work is attributed as specified on the SAGE and Open Access pages (https://us.sagepub. com/en-us/nam/open-access-at-sage). Intellectual Property Rights-based Debt Financing to Startups: Need for a Changing Role of Indian Banks","PeriodicalId":35878,"journal":{"name":"Vikalpa","volume":"4 1","pages":"143 - 152"},"PeriodicalIF":0.0,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78388192","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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