Pub Date : 2022-01-14DOI: 10.1108/jibr-03-2021-0112
Sanjay Mansabdar, Hussain C. Yaganti, Sankarshan Basu
Purpose Embedded options can create asymmetries in information impounded by cash and futures markets, causing errors in price discovery estimation. This paper aims to investigate the impact of embedded location options on measures of price discovery. Design/methodology/approach Various price discovery metrics are computed using observed futures prices that contain embedded location options and cash prices for Chana. Prices of a futures contract that contains no options using observed futures prices and estimates of location option value are synthesized. The price discovery measures are recomputed using synthetic option-adjusted futures contract prices and cash prices, and changes in these measures are attributed to the impact of the embedded location option. Findings If the presence of the location option is ignored, futures appear to dominate price discovery. Once the location option is adjusted for, cash markets are found to dominate price discovery. Research limitations/implications The lack of complete time-series data from the exchange for multiple commodities allows only limited empirical evidence for generalizing conclusions. Practical implications This paper highlights that regulators, exchanges and policymakers in India need to revisit delivery specifications of agricultural commodity futures contracts to enhance their utility from a price discovery perspective. Originality/value This work shows that ignoring the presence of embedded options can cause significant errors in price discovery assessment of agricultural futures contracts, particularly in heterogenous cash markets.
{"title":"The impact of embedded location options on price discovery of agricultural futures contracts – the evidence from the Chana contract","authors":"Sanjay Mansabdar, Hussain C. Yaganti, Sankarshan Basu","doi":"10.1108/jibr-03-2021-0112","DOIUrl":"https://doi.org/10.1108/jibr-03-2021-0112","url":null,"abstract":"\u0000Purpose\u0000Embedded options can create asymmetries in information impounded by cash and futures markets, causing errors in price discovery estimation. This paper aims to investigate the impact of embedded location options on measures of price discovery.\u0000\u0000\u0000Design/methodology/approach\u0000Various price discovery metrics are computed using observed futures prices that contain embedded location options and cash prices for Chana. Prices of a futures contract that contains no options using observed futures prices and estimates of location option value are synthesized. The price discovery measures are recomputed using synthetic option-adjusted futures contract prices and cash prices, and changes in these measures are attributed to the impact of the embedded location option.\u0000\u0000\u0000Findings\u0000If the presence of the location option is ignored, futures appear to dominate price discovery. Once the location option is adjusted for, cash markets are found to dominate price discovery.\u0000\u0000\u0000Research limitations/implications\u0000The lack of complete time-series data from the exchange for multiple commodities allows only limited empirical evidence for generalizing conclusions.\u0000\u0000\u0000Practical implications\u0000This paper highlights that regulators, exchanges and policymakers in India need to revisit delivery specifications of agricultural commodity futures contracts to enhance their utility from a price discovery perspective.\u0000\u0000\u0000Originality/value\u0000This work shows that ignoring the presence of embedded options can cause significant errors in price discovery assessment of agricultural futures contracts, particularly in heterogenous cash markets.\u0000","PeriodicalId":45364,"journal":{"name":"Journal of Indian Business Research","volume":" ","pages":""},"PeriodicalIF":2.5,"publicationDate":"2022-01-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45425955","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 : 2021-12-27DOI: 10.1108/jibr-02-2021-0060
Cdr S. Navaneetha Krishnan (Retd.), L. Ganesh, C. Rajendran
Purpose This paper aims to analyse various failures that Indian innovative start-ups (ISs) are exposed to and proposes interventions from management accounting tools (MATs) that can tackle their failure-causing risks. This paper justifies the applicability of contingency theory (CT) for applying MATs for failure prevention and risk management. Design/methodology/approach This paper uses multimethod research while undertaking two sequential studies. The methods include a Survey via semi-structured interviews of 51 specialists and media reports and the Delphi method. Findings Reasons for the failures of Indian ISs have been identified and grouped based on eight broad underlying risk factors. Appropriate MATs relevant to ISs have been identified and examined by relating them with the risk factors underlying failure. Applicability of CT is shown while using the MATs for failure prevention and risk management of ISs. Research limitations/implications This study is limited to the Indian context. Empirical validation of the applicability of MATs for each type of failure along the lifecycle stages of ISs needs to be undertaken. Practical implications Founders/owners of ISs can use this conceptual framework to tackle the risks underlying the failure of their firms. Policymakers can introduce appropriate policies to enhance the survival of ISs. Researchers can further explore the application of CT for failure prevention and risk management of ISs. Originality/value A conceptual framework has been developed relating failure-causing risk factors relevant to ISs and appropriate MATs, which justifies the applicability of CT.
{"title":"Management accounting tools for failure prevention and risk management in the context of Indian innovative start-ups: a contingency theory approach","authors":"Cdr S. Navaneetha Krishnan (Retd.), L. Ganesh, C. Rajendran","doi":"10.1108/jibr-02-2021-0060","DOIUrl":"https://doi.org/10.1108/jibr-02-2021-0060","url":null,"abstract":"\u0000Purpose\u0000This paper aims to analyse various failures that Indian innovative start-ups (ISs) are exposed to and proposes interventions from management accounting tools (MATs) that can tackle their failure-causing risks. This paper justifies the applicability of contingency theory (CT) for applying MATs for failure prevention and risk management.\u0000\u0000\u0000Design/methodology/approach\u0000This paper uses multimethod research while undertaking two sequential studies. The methods include a Survey via semi-structured interviews of 51 specialists and media reports and the Delphi method.\u0000\u0000\u0000Findings\u0000Reasons for the failures of Indian ISs have been identified and grouped based on eight broad underlying risk factors. Appropriate MATs relevant to ISs have been identified and examined by relating them with the risk factors underlying failure. Applicability of CT is shown while using the MATs for failure prevention and risk management of ISs.\u0000\u0000\u0000Research limitations/implications\u0000This study is limited to the Indian context. Empirical validation of the applicability of MATs for each type of failure along the lifecycle stages of ISs needs to be undertaken.\u0000\u0000\u0000Practical implications\u0000Founders/owners of ISs can use this conceptual framework to tackle the risks underlying the failure of their firms. Policymakers can introduce appropriate policies to enhance the survival of ISs. Researchers can further explore the application of CT for failure prevention and risk management of ISs.\u0000\u0000\u0000Originality/value\u0000A conceptual framework has been developed relating failure-causing risk factors relevant to ISs and appropriate MATs, which justifies the applicability of CT.\u0000","PeriodicalId":45364,"journal":{"name":"Journal of Indian Business Research","volume":" ","pages":""},"PeriodicalIF":2.5,"publicationDate":"2021-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48805205","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: 10.1108/jibr-10-2021-0348
R. Naik Ramesh, S. Ananthram, V. Vijayalakshmi, Piyush Sharma
Purpose This paper aims to highlight the positive and negative effects of technostressors on employee attitudes using psychological need satisfaction as an explanatory mechanism and mindfulness as an individual resource, thereby developing an integrative conceptual model. Design/methodology/approach A narrative literature review was performed in the technostress, job demands-resources and mindfulness literature to develop the propositions of the integrative conceptual model. Findings This paper posits psychological need satisfaction as a mediator in the process by which technostressors impact important employee outcomes. It also proposes mindfulness as a personal resource that helps alleviate technostressor induced burnout and foster work engagement. Research limitations/implications The proposed integrative conceptual framework provides some useful directions for future empirical research on this topic of growing importance. Practical implications Based on the findings of this paper, managers can devise and implement a technostressor-specific mitigation strategy to cope with information and communication technology–induced work demands. They can also introduce mindfulness-based programs to support positive outcomes when technostressors are present. Originality/value This paper is the first to theoretically delineate specific characteristics of technostressors as challenge and hindrance demands and makes interdisciplinary contributions by extending the role of psychological mechanisms such as psychological need satisfaction and personal resources such as mindfulness in work-related technology use research.
{"title":"Technostressors – a boon or bane? Toward an integrative conceptual model","authors":"R. Naik Ramesh, S. Ananthram, V. Vijayalakshmi, Piyush Sharma","doi":"10.1108/jibr-10-2021-0348","DOIUrl":"https://doi.org/10.1108/jibr-10-2021-0348","url":null,"abstract":"\u0000Purpose\u0000This paper aims to highlight the positive and negative effects of technostressors on employee attitudes using psychological need satisfaction as an explanatory mechanism and mindfulness as an individual resource, thereby developing an integrative conceptual model.\u0000\u0000\u0000Design/methodology/approach\u0000A narrative literature review was performed in the technostress, job demands-resources and mindfulness literature to develop the propositions of the integrative conceptual model.\u0000\u0000\u0000Findings\u0000This paper posits psychological need satisfaction as a mediator in the process by which technostressors impact important employee outcomes. It also proposes mindfulness as a personal resource that helps alleviate technostressor induced burnout and foster work engagement.\u0000\u0000\u0000Research limitations/implications\u0000The proposed integrative conceptual framework provides some useful directions for future empirical research on this topic of growing importance.\u0000\u0000\u0000Practical implications\u0000Based on the findings of this paper, managers can devise and implement a technostressor-specific mitigation strategy to cope with information and communication technology–induced work demands. They can also introduce mindfulness-based programs to support positive outcomes when technostressors are present.\u0000\u0000\u0000Originality/value\u0000This paper is the first to theoretically delineate specific characteristics of technostressors as challenge and hindrance demands and makes interdisciplinary contributions by extending the role of psychological mechanisms such as psychological need satisfaction and personal resources such as mindfulness in work-related technology use research.\u0000","PeriodicalId":45364,"journal":{"name":"Journal of Indian Business Research","volume":" ","pages":""},"PeriodicalIF":2.5,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43857198","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: 10.1108/jibr-04-2021-0145
Sapna Poti, Simy Joy
Purpose This paper aims to explore the development of digital platforms in agtech space as a mechanism to mitigate the disconnects among the various actors in the innovation, business and entrepreneurship and extension ecosystems that impede the journey of technology from labs to farms. It does so by tracing the birth and evolution of KisanMitr, an agriculture digital platform created in India. Design/methodology/approach The research follows a participatory action research approach. Findings Digital platforms can be useful for integrating varied actor groups, in particular by facilitating the open flow of information among actors, and thus bringing to light the ways in which they can collaborate. Practical implications The paper demonstrates that digital platforms can become the backbone of integrated agricultural innovation systems, just as in the high-tech industries. Greater information flow enabled by such platforms allows the actors to collaborate more effectively. However, it is necessary to maintain farmer-focus, undertake off-platform activities to facilitate mutual engagement among actors and watch for potential governance issues if these platforms were to make a true impact for farmers. Social implications KisanMitr was initiated with the motive of helping the Indian farmers, especially the reverse migrants during the COViD-19 pandemic, specifically for increasing the range of technology options available to them to make agriculture a viable livelihood option. Originality/value KisanMitr platform is one the first of its kind in India and in the agricultural sector. Unlike the digital platforms developed by private corporations, it was created by a government agency.
{"title":"Digital platforms for connecting actors in the agtech space: insights on platform development from participatory action research on KisanMitr","authors":"Sapna Poti, Simy Joy","doi":"10.1108/jibr-04-2021-0145","DOIUrl":"https://doi.org/10.1108/jibr-04-2021-0145","url":null,"abstract":"\u0000Purpose\u0000This paper aims to explore the development of digital platforms in agtech space as a mechanism to mitigate the disconnects among the various actors in the innovation, business and entrepreneurship and extension ecosystems that impede the journey of technology from labs to farms. It does so by tracing the birth and evolution of KisanMitr, an agriculture digital platform created in India.\u0000\u0000\u0000Design/methodology/approach\u0000The research follows a participatory action research approach.\u0000\u0000\u0000Findings\u0000Digital platforms can be useful for integrating varied actor groups, in particular by facilitating the open flow of information among actors, and thus bringing to light the ways in which they can collaborate.\u0000\u0000\u0000Practical implications\u0000The paper demonstrates that digital platforms can become the backbone of integrated agricultural innovation systems, just as in the high-tech industries. Greater information flow enabled by such platforms allows the actors to collaborate more effectively. However, it is necessary to maintain farmer-focus, undertake off-platform activities to facilitate mutual engagement among actors and watch for potential governance issues if these platforms were to make a true impact for farmers.\u0000\u0000\u0000Social implications\u0000KisanMitr was initiated with the motive of helping the Indian farmers, especially the reverse migrants during the COViD-19 pandemic, specifically for increasing the range of technology options available to them to make agriculture a viable livelihood option.\u0000\u0000\u0000Originality/value\u0000KisanMitr platform is one the first of its kind in India and in the agricultural sector. Unlike the digital platforms developed by private corporations, it was created by a government agency.\u0000","PeriodicalId":45364,"journal":{"name":"Journal of Indian Business Research","volume":" ","pages":""},"PeriodicalIF":2.5,"publicationDate":"2021-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46017250","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 : 2021-11-04DOI: 10.1108/jibr-02-2021-0069
Archana Poonia, S. Sindhu, Vikas Arya, Anupama Panghal
Purpose This study aims to identify and analyse the interactions among drivers of anti-food waste behaviour at the consumer level. By understanding the mutual interactions among the drivers, an effort is made to identify the most driving and most dependent drivers through the total interpretive structural modelling (TISM) approach. Modelling offers inputs to propose focused interventions for reinforcing the identified drivers of anti-food waste consumer behaviour using the theoretical lens of social practices theory. Design/methodology/approach A proposed model of factors affecting anti-food waste behaviour is arrived at to suggest the most effective anti-food waste behavioural interventions. The factors were identified through an extensive literature search. A hierarchical structure of identified factors has been developed using TISM and MICMAC analysis through expert opinion. Focused marketing strategies towards promoting the identified factors for encouraging anti-food waste behaviour were suggested further. Findings This study identifies nine drivers based on extensive literature review, brainstorming and expert opinion. The TISM hierarchical model portrays the most important and least important drivers of household anti-food waste behaviour. It establishes that fundamental knowledge and socio-cultural norms are the most critical factors to drive the consumers. Marketers can focus on designing effective interventions to enhance the essential knowledge of the consumers and orient the socio-cultural norms towards anti-food waste behaviour. Practical implications This study offers implications for practitioners, policymakers and cause-driven marketing campaigns targeting anti-food waste behaviour. It provides an indicative list of critical factors relevant to household food waste behaviour, which can be used to drive effective marketing campaigns to nudge anti-food waste behaviours. Originality/value The proposed food waste behaviour management model was developed through modelling technique (TISM) and Cross-Impact Matrix Multiplication Applied to Classification (MICMAC) analysis, and relating them to marketing interventions is a novel effort in the food waste domain.
{"title":"Analysis of drivers for anti-food waste behaviour - TISM and MICMAC approach","authors":"Archana Poonia, S. Sindhu, Vikas Arya, Anupama Panghal","doi":"10.1108/jibr-02-2021-0069","DOIUrl":"https://doi.org/10.1108/jibr-02-2021-0069","url":null,"abstract":"\u0000Purpose\u0000This study aims to identify and analyse the interactions among drivers of anti-food waste behaviour at the consumer level. By understanding the mutual interactions among the drivers, an effort is made to identify the most driving and most dependent drivers through the total interpretive structural modelling (TISM) approach. Modelling offers inputs to propose focused interventions for reinforcing the identified drivers of anti-food waste consumer behaviour using the theoretical lens of social practices theory.\u0000\u0000\u0000Design/methodology/approach\u0000A proposed model of factors affecting anti-food waste behaviour is arrived at to suggest the most effective anti-food waste behavioural interventions. The factors were identified through an extensive literature search. A hierarchical structure of identified factors has been developed using TISM and MICMAC analysis through expert opinion. Focused marketing strategies towards promoting the identified factors for encouraging anti-food waste behaviour were suggested further.\u0000\u0000\u0000Findings\u0000This study identifies nine drivers based on extensive literature review, brainstorming and expert opinion. The TISM hierarchical model portrays the most important and least important drivers of household anti-food waste behaviour. It establishes that fundamental knowledge and socio-cultural norms are the most critical factors to drive the consumers. Marketers can focus on designing effective interventions to enhance the essential knowledge of the consumers and orient the socio-cultural norms towards anti-food waste behaviour.\u0000\u0000\u0000Practical implications\u0000This study offers implications for practitioners, policymakers and cause-driven marketing campaigns targeting anti-food waste behaviour. It provides an indicative list of critical factors relevant to household food waste behaviour, which can be used to drive effective marketing campaigns to nudge anti-food waste behaviours.\u0000\u0000\u0000Originality/value\u0000The proposed food waste behaviour management model was developed through modelling technique (TISM) and Cross-Impact Matrix Multiplication Applied to Classification (MICMAC) analysis, and relating them to marketing interventions is a novel effort in the food waste domain.\u0000","PeriodicalId":45364,"journal":{"name":"Journal of Indian Business Research","volume":" ","pages":""},"PeriodicalIF":2.5,"publicationDate":"2021-11-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47618820","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 : 2021-10-25DOI: 10.1108/jibr-06-2020-0207
Ullal Manohar Bhat, Dhananjay Bapat, A. Mookerjee
Purpose The purpose of this paper is to identify critical personality traits affecting and influencing buying behaviour in high involvement consumer durables. It also intends to guide practitioners in selecting appropriate marketing frameworks, consumer segments and processes considering the characteristics of consumer behaviour in developing economies. Design/methodology/approach It systematically reviews the literature on consumer personality traits, its measurement and related consumer buying behaviour. It uses data collected from potential car buyers at various car showrooms across the Indian subcontinent. The authors have worked with the online survey firm Qualtrics, to gather a data set of 328 car purchase intenders’ responses to their validated survey. The model was tested using the SmartPLS. Findings The personality traits of imagination, agreeableness and social factors positively influenced attitude towards automobiles with advanced technology. Further, in line with the theory of planned behaviour, it is seen that a positive attitude towards advanced technology and design for automobiles makes a person more willing to pay for the same. Research limitations/implications The study is confined to consumers intending to purchase a car, who are Indian residents. Originality/value It adds to the comparatively lesser body of study on the impact of personality traits on intentions and attitudes in high involvement consumer durable purchases. Further, it serves as an empirical examination of the adoption of new technologies, in the context of high involvement consumer durables. For practicing managers, it provides a reference for deciding future development directions and approaches related to the effective market launch strategies and commercialization of advanced technology automobiles in India.
{"title":"Impact of personality factors on purchase and adoption of consumer durables with advanced technology","authors":"Ullal Manohar Bhat, Dhananjay Bapat, A. Mookerjee","doi":"10.1108/jibr-06-2020-0207","DOIUrl":"https://doi.org/10.1108/jibr-06-2020-0207","url":null,"abstract":"\u0000Purpose\u0000The purpose of this paper is to identify critical personality traits affecting and influencing buying behaviour in high involvement consumer durables. It also intends to guide practitioners in selecting appropriate marketing frameworks, consumer segments and processes considering the characteristics of consumer behaviour in developing economies.\u0000\u0000\u0000Design/methodology/approach\u0000It systematically reviews the literature on consumer personality traits, its measurement and related consumer buying behaviour. It uses data collected from potential car buyers at various car showrooms across the Indian subcontinent. The authors have worked with the online survey firm Qualtrics, to gather a data set of 328 car purchase intenders’ responses to their validated survey. The model was tested using the SmartPLS.\u0000\u0000\u0000Findings\u0000The personality traits of imagination, agreeableness and social factors positively influenced attitude towards automobiles with advanced technology. Further, in line with the theory of planned behaviour, it is seen that a positive attitude towards advanced technology and design for automobiles makes a person more willing to pay for the same.\u0000\u0000\u0000Research limitations/implications\u0000The study is confined to consumers intending to purchase a car, who are Indian residents.\u0000\u0000\u0000Originality/value\u0000It adds to the comparatively lesser body of study on the impact of personality traits on intentions and attitudes in high involvement consumer durable purchases. Further, it serves as an empirical examination of the adoption of new technologies, in the context of high involvement consumer durables. For practicing managers, it provides a reference for deciding future development directions and approaches related to the effective market launch strategies and commercialization of advanced technology automobiles in India.\u0000","PeriodicalId":45364,"journal":{"name":"Journal of Indian Business Research","volume":" ","pages":""},"PeriodicalIF":2.5,"publicationDate":"2021-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44655148","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 : 2021-10-23DOI: 10.1108/JIBR-01-2021-0006
J. Dominic, A. Gopalaswamy
{"title":"Decoding VC exit returns: the Indian experience","authors":"J. Dominic, A. Gopalaswamy","doi":"10.1108/JIBR-01-2021-0006","DOIUrl":"https://doi.org/10.1108/JIBR-01-2021-0006","url":null,"abstract":"","PeriodicalId":45364,"journal":{"name":"Journal of Indian Business Research","volume":" ","pages":""},"PeriodicalIF":2.5,"publicationDate":"2021-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49011365","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 : 2021-10-11DOI: 10.1108/jibr-01-2021-0024
A. N. R. Annamalaisami
Purpose Angel investments are increasingly getting specialized. In recent years, start-ups are raising pre-seed funding before seed-stage funding. Investors in pre-seed and seed-stage companies commonly are angel investors. The purpose of this paper is to understand the differences between these two groups of angel investors. Design/methodology/approach Data for this study obtained from angel funding deals from the sources such as Venture Intelligence, VCCEdge, Keiretsu Forum, Dealcurry and The Chennai Angels. A total of 732 angel investments made by 405 investors during 2014–18 were used in the analysis. Non-parametric tests and regression estimations were used to identify the differences between angel investors investing in pre-seed and seed-stage ventures. An index was developed to measure the extent of syndication in angel investments and used as an independent variable in the regression. Findings There are significant differences between angel investors investing in pre-seed and seed-stage ventures. The results show that angels with more industry-specific experience make a higher proportion of investment in seed-stage ventures. Seed-stage ventures attract investors from Tier-1 cities, whereas the pre-seed stage has higher investors from smaller cities. Though the investment size is smaller, the extent of syndication is greater in pre-seed stage investments. Originality/value To differentiate the angel investments between pre-seed and seed-stage funding, this study uses data from Indian start-ups. Further, this study develops a composite syndication index to measure the extent of syndication in angel investments and assesses its impact on an angel investor’s choice of pre-seed stage investments.
天使投资越来越专业化。近年来，在种子期融资之前，初创企业开始筹集种子期前融资。种子期前和种子期公司的投资者通常是天使投资者。本文的目的是了解这两类天使投资者之间的差异。设计/方法/方法本研究的数据来自vc Intelligence、VCCEdge、Keiretsu Forum、Dealcurry和the Chennai Angels等天使融资交易。在2014-18年期间，共有405名投资者进行了732笔天使投资。使用非参数检验和回归估计来确定天使投资者投资于种子期和种子期企业之间的差异。开发了一个指数来衡量天使投资中辛迪加的程度，并将其用作回归中的自变量。天使投资人投资于种子期前和种子期企业之间存在显著差异。结果表明，具有更多行业特定经验的天使投资人对种子期企业的投资比例更高。种子期企业吸引的投资者来自一线城市，而种子期企业吸引的投资者更多来自小城市。虽然投资规模较小，但在种子期前的投资中，辛迪加的程度更大。独创性/价值为了区分天使投资在种子期前和种子期融资之间的区别，本研究使用了印度初创企业的数据。此外，本研究开发了一个综合辛迪加指数来衡量辛迪加在天使投资中的程度，并评估其对天使投资者选择种子期前投资的影响。
{"title":"What differentiates angel investors in pre-seed versus seed-stage investments? Evidence from India","authors":"A. N. R. Annamalaisami","doi":"10.1108/jibr-01-2021-0024","DOIUrl":"https://doi.org/10.1108/jibr-01-2021-0024","url":null,"abstract":"\u0000Purpose\u0000Angel investments are increasingly getting specialized. In recent years, start-ups are raising pre-seed funding before seed-stage funding. Investors in pre-seed and seed-stage companies commonly are angel investors. The purpose of this paper is to understand the differences between these two groups of angel investors.\u0000\u0000\u0000Design/methodology/approach\u0000Data for this study obtained from angel funding deals from the sources such as Venture Intelligence, VCCEdge, Keiretsu Forum, Dealcurry and The Chennai Angels. A total of 732 angel investments made by 405 investors during 2014–18 were used in the analysis. Non-parametric tests and regression estimations were used to identify the differences between angel investors investing in pre-seed and seed-stage ventures. An index was developed to measure the extent of syndication in angel investments and used as an independent variable in the regression.\u0000\u0000\u0000Findings\u0000There are significant differences between angel investors investing in pre-seed and seed-stage ventures. The results show that angels with more industry-specific experience make a higher proportion of investment in seed-stage ventures. Seed-stage ventures attract investors from Tier-1 cities, whereas the pre-seed stage has higher investors from smaller cities. Though the investment size is smaller, the extent of syndication is greater in pre-seed stage investments.\u0000\u0000\u0000Originality/value\u0000To differentiate the angel investments between pre-seed and seed-stage funding, this study uses data from Indian start-ups. Further, this study develops a composite syndication index to measure the extent of syndication in angel investments and assesses its impact on an angel investor’s choice of pre-seed stage investments.\u0000","PeriodicalId":45364,"journal":{"name":"Journal of Indian Business Research","volume":" ","pages":""},"PeriodicalIF":2.5,"publicationDate":"2021-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46271778","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 : 2021-10-11DOI: 10.1108/jibr-07-2020-0236
N. Nigam, Kirtivardhan Singh, P. Arya
Purpose The existing literature point that the presence of women directors in a firm reduces its risk. However, the relation between boardroom gender diversity and a firm’s return is widely disputed leading to no concrete answer. Some studies mention that women directors have a positive impact on firm performance, whereas, on the other hand, some findings suggest that women directors reduce financial performance. This paper aims to study the relationship of firm risk and return with boardroom gender diversity and the net impact on firm performance in the Indian context. This study uses not only traditional measures of risk and return but also the third measure of risk-adjusted returns to postulate its findings. Design/methodology/approach Based upon the data of the top 100 of the Bombay Stock Exchange-500 firms for the period FY 2009–2010 to FY 2018–2019, this study applied fixed effect panel regression and random effects Tobit regression to examine the effect of board gender diversity on firm performance. Findings The study concludes that firms with women directors on board have lower risk and lower returns. It also results in a higher risk-adjusted return, creating a positive impact on a firm’s performance. Originality/value The paper contributes to the existing literature on corporate governance by considering return, risk and risk-adjusted returns in single research to have a holistic measure of firm performance. It provides empirical evidence from one of the largest emerging economies, India where the female director and independent female director have been introduced recently.
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Pub Date : 2021-10-11DOI: 10.1108/jibr-03-2021-0104
Aprajita Pandey, J. K. Pattanayak, Prakash J. Singh
Purpose The purpose of this paper is to investigate the effect of corporate governance on both accrual-based and real earnings management practices in select firms of the two world's largest economies, i.e. India and China. Design/methodology/approach The study has implemented a feasible generalized least square regression (FGLS) method to analyse the effect of corporate governance on accrual-based and real earnings management. Findings The study exhibits the significant contribution of large board sizes and independent boards in constraining the use of both accruals as well as real earnings management practices. However, audit quality had an impact on accrual earnings management only. The study also documents that accrual earnings management practices are controlled when the government’s potential to develop and enactment of policies increases. Practical implications The findings of the study provide insights to analysts, prospective investors and regulators to evaluate the effectiveness of the board in a new issue firm and help the firm to enhance its corporate governance policies. Originality/value Unlike previous studies who mostly examined the impact of corporate governance factors on accrual earnings management, the present study has, first, considered both accruals as well as real earnings management. Second, the present study has used the unique sample of new issue firms listed on the Indian and Chinese stock market, and third, the study did an additional analysis to examine the impact of country-level governance factors on accrual earnings management.
{"title":"Role of corporate governance in constraining earnings management practices: a study of select Indian and Chinese firms","authors":"Aprajita Pandey, J. K. Pattanayak, Prakash J. Singh","doi":"10.1108/jibr-03-2021-0104","DOIUrl":"https://doi.org/10.1108/jibr-03-2021-0104","url":null,"abstract":"\u0000Purpose\u0000The purpose of this paper is to investigate the effect of corporate governance on both accrual-based and real earnings management practices in select firms of the two world's largest economies, i.e. India and China.\u0000\u0000\u0000Design/methodology/approach\u0000The study has implemented a feasible generalized least square regression (FGLS) method to analyse the effect of corporate governance on accrual-based and real earnings management.\u0000\u0000\u0000Findings\u0000The study exhibits the significant contribution of large board sizes and independent boards in constraining the use of both accruals as well as real earnings management practices. However, audit quality had an impact on accrual earnings management only. The study also documents that accrual earnings management practices are controlled when the government’s potential to develop and enactment of policies increases.\u0000\u0000\u0000Practical implications\u0000The findings of the study provide insights to analysts, prospective investors and regulators to evaluate the effectiveness of the board in a new issue firm and help the firm to enhance its corporate governance policies.\u0000\u0000\u0000Originality/value\u0000Unlike previous studies who mostly examined the impact of corporate governance factors on accrual earnings management, the present study has, first, considered both accruals as well as real earnings management. Second, the present study has used the unique sample of new issue firms listed on the Indian and Chinese stock market, and third, the study did an additional analysis to examine the impact of country-level governance factors on accrual earnings management.\u0000","PeriodicalId":45364,"journal":{"name":"Journal of Indian Business Research","volume":" ","pages":""},"PeriodicalIF":2.5,"publicationDate":"2021-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46231962","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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