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Performance measurement framework of green supply chain implementation in the context of Indian manufacturing organizations 印度制造企业绿色供应链实施的绩效评估框架
IF 3.1 Q3 MANAGEMENT Pub Date : 2023-05-05 DOI: 10.1108/jamr-08-2022-0174
S. S. Panpatil, Swapnil Lahane, R. Kant
Purpose This research aims to explore the various green supply chain management (GSCM) performance measures and develop the efficient performance measurement framework for evaluation of influence of GSCM adoption on organizational performance.Design/methodology/approach This research proposes a hybrid framework of Pythagorean fuzzy analytic hierarchy process and Pythagorean fuzzy weighted aggregated sum product assessment technique. The usefulness of proposed framework is validated using empirical case example of Indian manufacturing organization.Findings The finding reveals that the overall performance of case organization is 67.03% based on define set of performance measures. Further, the proposed framework has been validated with other three Indian automobile manufacturing organizations. The results obtained were confirmed with selected empirical case company. The proposed hybrid framework provides the effective path to measure and benchmark the impact of each performance measures on system performance.Research limitations/implications This research is limited to automobile sector of India; hence the results obtained in this study may not be comprehensibly used to other sectors due to different product and process fields.Originality/valueThis research aids the industrial practitioners to effectively implement the green supply chain management (GSCM) and helps them to boost the overall performance of business organizations in three dimensions of sustainability.
本研究旨在探讨绿色供应链管理(GSCM)的各种绩效衡量指标,并开发有效的绩效衡量框架,以评估采用绿色供应链管理对组织绩效的影响。本研究提出一种毕达哥拉斯模糊层次分析法与毕达哥拉斯模糊加权总和积评价技术的混合框架。以印度制造企业为例,验证了该框架的有效性。研究结果表明,基于定义的绩效指标集,案例组织的总体绩效为67.03%。此外,提议的框架已与其他三家印度汽车制造组织进行了验证。选取的实证案例公司对所得结果进行了验证。所提出的混合框架提供了有效的路径来衡量和基准测试每个性能指标对系统性能的影响。本研究仅限于印度的汽车行业;因此,由于产品和工艺领域的不同,本研究的结果可能无法全面应用于其他部门。原创性/价值本研究有助于行业从业者有效实施绿色供应链管理,并帮助他们在可持续性三个维度上提升企业组织的整体绩效。
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引用次数: 1
A multi-objective optimization for a closed-loop sustainable pharmaceutical supply chain network design: a case study 闭环可持续医药供应链网络设计的多目标优化:一个案例研究
IF 3.1 Q3 MANAGEMENT Pub Date : 2023-04-27 DOI: 10.1108/jamr-05-2022-0100
Alimohammad Lotfi, Mandana Shakouri, Seyed Reza Abazari, A. Aghsami, M. Rabbani
PurposeThis paper deals with the combined management and design of a sustainable pharmaceutical supply chain network with considering recycling.Design/methodology/approachThis paper first utilizes the analytical hierarchy process to select and rank green manufacturers. Second, the authors proposed a multi-objective nonlinear mathematical model to design a sustainable pharmaceutical supply chain network. The proposed model has been linearized and solved using the LP-metric method using GAMS software.FindingsA real case study has been conducted in Iran. The results show that environmental and social issues can be improved while minimizing total costs.Originality/valueGiven the criticality and importance of drugs in human health and the importance of recycling in today's world, proper management and design of a sustainable drug supply chain are necessary. This study pays special attention to environmental issues by utilizing multi-criteria decision approaches and customer satisfaction.
目的研究考虑回收利用的可持续药品供应链网络的组合管理和设计。设计/方法论/方法本文首先利用层次分析法对绿色制造商进行选择和排名。其次,提出了一个多目标非线性数学模型来设计可持续的药品供应链网络。所提出的模型已经线性化,并使用GAMS软件使用LP度量方法求解。调查结果在伊朗进行了一项真实的案例研究。结果表明,在最大限度地降低总成本的同时,可以改善环境和社会问题。独创性/价值鉴于药物在人类健康中的重要性和重要性,以及当今世界回收利用的重要性,有必要对可持续的药物供应链进行适当的管理和设计。本研究利用多准则决策方法和客户满意度,特别关注环境问题。
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引用次数: 1
Corporate governance and risk management: a systematic review and synthesis for future research 公司治理与风险管理:对未来研究的系统回顾和综合
IF 3.1 Q3 MANAGEMENT Pub Date : 2023-04-26 DOI: 10.1108/jamr-07-2022-0151
Ankit Kalia, Suveera Gill
PurposeThe world economy has experienced several economic downturns, and each phase emphasised that no industry is immune to inappropriate risk-management practices. Against the backdrop of the recent COVID-19 pandemic, which had far more effects than a financial crisis, the existing paper reviewed the state of current research in the realm of corporate governance and risk-management practices.Design/methodology/approachThis study rigorously followed a systematic approach in identifying, selecting and critically synthesising the existing literature on corporate governance and risk management. The review was carried out on the Web of Science and Scopus database until December 31, 2022. In total, 72 research works were examined and reviewed.FindingsThis systematic literature review showed that companies with strong governance mechanisms are less exposed to corporate risks. Several attributes, such as higher institutional ownership stakes, concentrated family ownership structures, lower CEO compensation and duality, higher presence of females in the management, better board dynamics in terms of independent boards and gender diversity are all strong mechanisms for mitigating risk. Additionally, socially responsible companies are better positioned to mitigate corporate risks. Furthermore, several themes emphasising the governance risk link have been identified to understand this domain further.Originality/valueBy analysing and synthesising existing corporate governance and risk-management themes, this study ascertained various research gaps that can be addressed in future studies. Furthermore, drawing on this paper's essential cues, researchers can significantly differentiate their work from existing ones in the field.
世界经济经历了几次经济衰退,每个阶段都强调,没有哪个行业能够免受不适当的风险管理措施的影响。在最近的COVID-19大流行的背景下,其影响远远超过金融危机,现有文件审查了公司治理和风险管理实践领域的当前研究状况。设计/方法/方法本研究严格遵循一种系统的方法来识别、选择和批判性地综合现有的关于公司治理和风险管理的文献。本次评审在Web of Science和Scopus数据库上进行,截止到2022年12月31日。共审查和审查了72项研究工作。通过系统的文献综述,我们发现治理机制强的公司面临的公司风险更小。较高的机构股权、集中的家族股权结构、较低的首席执行官薪酬和双重性、管理层中女性比例较高、独立董事会中更好的董事会动态以及性别多样性等因素,都是降低风险的有力机制。此外,有社会责任的公司更有能力降低企业风险。此外,已经确定了几个强调治理风险联系的主题,以进一步理解该领域。原创性/价值通过分析和综合现有的公司治理和风险管理主题,本研究确定了可以在未来研究中解决的各种研究空白。此外,利用本文的基本线索,研究人员可以显著地将他们的工作与该领域现有的工作区分开来。
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引用次数: 0
A systematic review of meaningful work unifying 20 years of theoretical and substantive contributions (2000–2020) 对有意义的工作的系统回顾,将20年的理论和实质性贡献统一起来(2000-2002)
IF 3.1 Q3 MANAGEMENT Pub Date : 2023-04-26 DOI: 10.1108/jamr-11-2022-0225
Kim-Lim Tan, Adriel K. S. Sim, Steffi Sze-Nee Yap, Sanhakot Vithayaporn, A. Rachmawati
PurposeMeaningful work is gaining importance in the core domains of human resources research. However, there is confusion regarding what constitutes meaningful work and its determinants and outcomes. Earlier studies have conflated conceptual and empirical arguments. Hence, researchers lack clear insights into factors related to employees' experiences of meaningfulness. This study aims to discuss the aforementioned issue.Design/methodology/approachThe authorsconducted a systematic literature review (SLR) of 88 studies (2000–2020) meeting relevant criteria to identify dominant trends and significant gaps in the authors’ understanding of meaningful work.FindingsThis review identified six aspects to conceptualize meaningful work. At the same time, the authors highlighted the dominant theory and the instrument used to explain and measure meaningful work. Based on the same, the authors identified different groups of individual and organizational-level determinants and outcomes of finding meaning in work. The analysis also indicates that the comprehension of meaningful work was restricted because most data were obtained from the USA, Europe and certain regions of Asia. During this assessment, the authors observed that several studies emphasized individual-level effects, self-reporting and cross-sectional studies, which restricted the ability to make causal inferences.Originality/valueThis study extends earlier works where the authors stock-take existing research for the past 20 years and build on past trajectories to enrich the authors’ understanding of meaningful work. Unlike earlier works that focused on a specific domain, such as human resource development, this work differentiates by taking an integrated framework-based approach leveraging the antecedents, decisions and outcomes (ADO) and the theories, contexts and method (TCM) framework to consolidate and advance knowledge in the field thoroughly.
有意义的工作在人力资源研究的核心领域越来越重要。然而,对于什么是有意义的工作及其决定因素和结果,人们感到困惑。早期的研究将概念论点和实证论点混为一谈。因此,研究人员对与员工意义体验相关的因素缺乏明确的见解。本研究旨在讨论上述问题。设计/方法论/方法作者对88项符合相关标准的研究(2000-2002)进行了系统的文献综述(SLR),以确定作者对有意义工作的理解中的主要趋势和重大差距。发现这篇综述确定了六个方面来概念化有意义的工作。同时,作者强调了主导理论以及用于解释和衡量有意义工作的工具。基于此,作者确定了不同群体的个人和组织层面的决定因素以及在工作中寻找意义的结果。分析还表明,对有意义的工作的理解受到限制,因为大多数数据来自美国、欧洲和亚洲的某些地区。在这项评估中,作者观察到,几项研究强调了个人层面的影响、自我报告和横断面研究,这限制了做出因果推断的能力。原创性/价值这项研究扩展了早期的工作,作者对过去20年的现有研究进行了总结,并在过去的轨迹上进行了构建,以丰富作者对有意义的工作的理解。与早期专注于特定领域(如人力资源开发)的工作不同,这项工作采用了一种基于框架的综合方法,利用先例、决策和结果(ADO)以及理论、背景和方法(TCM)框架来彻底巩固和推进该领域的知识。
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引用次数: 0
Travelling in the digital world: exploring the adoption of augmented reality (AR) through mobile application in hospitality business sector 在数字世界中旅行:探索通过移动应用程序在酒店业采用增强现实(AR)
IF 3.1 Q3 MANAGEMENT Pub Date : 2023-04-25 DOI: 10.1108/jamr-01-2023-0023
K. Yawised, Darlin Apasrawirote, Maneerut Chatrangsan, P. Muneesawang
PurposeThe study aims to advance understanding of the intention of Augmented Reality (AR) technology adoption by conducting a systematic review of relevant literature articles in the hospitality sector where 93 articles were chosen and synthesized by generating a theme and proposing a conceptual framework with their research proposals.Design/methodology/approachA systematic literature review (SLR) has been conducted incorporating thematic analysis to investigate various determinants from selected articles and to identify the key themes in order to propose a conceptual framework and research proposal.FindingsThe findings reveal seven major themes in its research proposal for future research directions. This includes “Technology Engagement”, “Resilience”, “Knowledge is key”, “Readiness for changes”, “Uncertainty management”, “Environmental conditions” and “Business performance”.Originality/valueThe novel contribution of this study is that it focuses on both theoretical and practical knowledge. On the theoretical level, this study comprises factors that apply relevant theory in the areas of information technology and business management, whose integrative theoretical orientation provided insight into the AR adoption initiatives and to further examine the relationship between its proposed factors. On the practical level, it provides insights and information with a new body of knowledge that business owner–managers, policymakers and practitioners should consider in order to craft a strategic adoption of AR technology.
本研究旨在通过对酒店行业的相关文献文章进行系统回顾,通过生成主题并提出研究建议的概念框架,选择和合成了93篇文章,从而促进对增强现实(AR)技术采用意图的理解。设计/方法/方法进行了系统文献综述(SLR),结合专题分析,从选定的文章中调查各种决定因素,并确定关键主题,以便提出概念框架和研究建议。研究结果揭示了其未来研究方向的七个主要研究主题。这包括“技术参与”、“弹性”、“知识是关键”、“为变化做好准备”、“不确定性管理”、“环境条件”和“业务绩效”。独创性/价值本研究的新颖之处在于它同时关注理论知识和实践知识。在理论层面上,本研究包含了应用信息技术和企业管理领域相关理论的因素,其整合的理论取向提供了对AR采用举措的洞察,并进一步研究其提出的因素之间的关系。在实践层面,它提供了新的知识体系的见解和信息,企业所有者-管理者,政策制定者和从业者应该考虑,以便制定AR技术的战略采用。
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引用次数: 2
Assessing the kid's behaviour with factors of social media advertising: DEMATEL application 基于社交媒体广告因素的儿童行为评估:DEMATEL应用
IF 3.1 Q3 MANAGEMENT Pub Date : 2023-04-24 DOI: 10.1108/jamr-07-2022-0130
Deepika Bandil, V. Agrawal, R. P. Mohanty
PurposeKids get exposed to advertising on social media platforms when they visit them to perform various goals. The purpose of this study is to find out the factors which affect kids' behaviour when the kids encounter advertising on social media and also to establish causal relationships amongst the factors of social media advertising (SMA).Design/methodology/approachA total of 11 factors of SMA have been identified with the help of experts and the causal relationships amongst the SMA factors have been constructed by the implementation of decision-making trail and laboratory evaluation (DEMATEL). Based on the established relationships, a causal diagram has been also developed to understand the structural nature of interdependence amongst the factors.FindingsDEMATEL technique is based on logical steps, which have assisted in categorising the identified factors into two groups: cause group and effect group. Cause group factors are the reasons for the effect group factors to occur. Customisation, entertainment, information and interactivity have been observed as cause factors whereas, relevance, engagement with SMA, purchase intention, product involvement, advertising value, attitude towards SMA and irritation have been observed as effect factors. Product involvement is found to have the highest level of interaction with all other factors. Information and interactivity are observed to influence all other factors.Research limitations/implicationsKids possess a limited understanding of the selling intent of advertisers which makes kids vulnerable to advertising. This study supports that the content of the advertisement should be kept in accordance with the need of kids and also suggests that marketers should emphasise cause group factors which derive subsequent consequences on effect group factors. The foremost limitation of this study lies in the process of identifying the factors through expert opinions. The sets of contextual relationships may vary when different experts are considered.Originality/valueThis study strives to identify the factors which affect kids' understanding of SMA and also establishes causal relationships amongst them. This kind of study is unique in state of the art and to the authors' knowledge no significant research has been conducted in India which involves establishment of inter-relationships amongst SMA factors that affect kids' behaviour.
当孩子们访问社交媒体平台来完成各种目标时,他们会接触到社交媒体平台上的广告。本研究的目的是找出影响儿童在社交媒体上遇到广告时行为的因素,并建立社交媒体广告因素之间的因果关系(SMA)。设计/方法/方法在专家的帮助下,共确定了11个SMA因素,并通过实施决策跟踪和实验室评估(DEMATEL)构建了SMA因素之间的因果关系。基于已建立的关系,还开发了因果图,以了解因素之间相互依存的结构性质。dematel技术基于逻辑步骤,有助于将已确定的因素分为两组:原因组和结果组。因群因素是效应群因素发生的原因。定制、娱乐、信息和互动性被认为是原因因素,而相关性、SMA参与、购买意愿、产品参与、广告价值、对SMA的态度和刺激被认为是影响因素。产品参与被发现与所有其他因素具有最高水平的相互作用。信息和交互性被观察到影响所有其他因素。研究局限/启示孩子们对广告商的销售意图理解有限,这使得孩子们容易受到广告的影响。本研究支持广告内容应与儿童的需求保持一致,并建议营销人员应强调原因组因素,这些因素对结果组因素产生后续影响。本研究最主要的局限性在于通过专家意见识别因素的过程。当考虑到不同的专家时,上下文关系的集合可能会有所不同。原创性/价值本研究旨在找出影响儿童对SMA理解的因素,并建立这些因素之间的因果关系。这种研究在目前的技术水平上是独一无二的,据作者所知,在印度还没有进行过涉及建立影响儿童行为的SMA因素之间相互关系的重大研究。
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引用次数: 0
Employee trust-repair practices: scale development and validation 员工信任修复实践:规模开发和验证
IF 3.1 Q3 MANAGEMENT Pub Date : 2023-04-20 DOI: 10.1108/jamr-08-2021-0294
T. Kähkönen, M. Vanhala, K. Blomqvist
PurposeIn this paper, the authors describe the step-by-step approach used to develop a trust-repair construct and a valid measurement scale for assessing employee perceptions of the most effective employee trust-repair practices.Design/methodology/approachThe initial employee trust-repair scale (ETRS) was completed by 282 employees of a non-profit organization and validated by 101 employees of the administrative unit of the Finnish Army.FindingsThe 14-item seven-factor model was found to be reliable, valid and stable across the samples.Research limitations/implicationsThis study contributes to the current literature on trust repair by presenting the first validated measure for employee trust repair.Practical implicationsThe findings provide a valuable instrument for practitioners to assess the state of employee trust-repair practices.Originality/valueTo the best of the authors’ knowledge, this is the first study in an organizational context demonstrating an operationally valid and comprehensive measure for employee trust-repair practices.
在本文中,作者描述了用于开发信任修复结构和有效测量量表的逐步方法,以评估员工对最有效的员工信任修复实践的看法。最初的雇员信任修复量表(ETRS)由一家非营利组织的282名雇员完成,并由芬兰军队行政单位的101名雇员进行验证。结果14项7因素模型在样本中是可靠、有效和稳定的。本研究提出了第一个有效的员工信任修复测量方法,对现有的信任修复文献做出了贡献。实践意义本研究结果为从业人员评估员工信任修复实践状况提供了有价值的工具。原创性/价值据作者所知,这是第一个在组织背景下展示员工信任修复实践操作有效和全面措施的研究。
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引用次数: 0
Work motivation in three-way interaction with organizational justice across four different managerial positions 四个不同管理职位的工作动机与组织公正的三方互动
IF 3.1 Q3 MANAGEMENT Pub Date : 2023-04-20 DOI: 10.1108/jamr-09-2022-0195
Dimitris Giamos, Or Shkoler, Aharon Tziner, Cristinel Vasiliu, Yonatan Shertzer
PurposeThe current study aims to propose a novel three-way interaction of work motivation (intrinsic/extrinsic) and work environment (organizational justice), in a Romanian context. Moreover, as managers and employees do not have the same needs, workloads and performance assessments, so the research model is tested in four groups: employees, office managers, department managers and executives. Additionally, a minor goal is to replicate known relationships in the literature in a non-Western country.Design/methodology/approachTo this end, a total sample of N = 3,287 Romanian participants was obtained, using established, valid and known measures. Statistical analyses included common-method bias analysis, zero-order Pearson correlations and linear regressions with bootstrapping.FindingsResults support the hypothesized three-way interaction, such that only when both motivations are high does the work environment have a profound effect on organizational outcomes, but when both are low, the employee becomes indifferent to the work.Originality/valueWorkplace fairness and work motivation are topics concerning employees and managers alike. While their roles in contributing to reduce work misbehaviors and increase extra role behaviors have been outlined in the past as, they may interact in surprising ways, and differently in every managerial level. On one hand, the current article replicates established associations but, on the other hand, it does so from a non-Western perspective and with the not-yet-researched addition of a three-way interaction between work environment (i.e. perceptions of organizational justice) and the individual's motivational dispositions (i.e. intrinsic and extrinsic work motivations).
目的本研究旨在提出罗马尼亚背景下工作动机(内在/外在)和工作环境(组织公正)的新的三元互动。此外,由于经理和员工的需求、工作量和绩效评估不相同,因此该研究模型分为四组进行了测试:员工、办公室经理、部门经理和高管。此外,一个次要目标是在非西方国家复制文献中已知的关系。设计/方法/方法为此,使用既定、有效和已知的测量方法,获得了3287名罗马尼亚参与者的总样本。统计分析包括常用方法偏差分析、零阶皮尔逊相关性和自举线性回归。FindingsResults支持假设的三方互动,即只有当两种动机都很高时,工作环境才会对组织结果产生深远影响,但当两者都很低时,员工就会对工作漠不关心。创意/价值工作场所的公平性和工作动机是员工和管理者共同关心的话题。虽然他们在减少工作不当行为和增加额外角色行为方面的作用在过去已经被概述为,但他们可能会以令人惊讶的方式互动,并且在每个管理层都会有所不同。一方面,本文复制了既定的关联,但另一方面,它是从非西方的角度进行的,并添加了尚未研究的工作环境(即对组织正义的感知)和个人动机倾向(即内在和外在的工作动机)之间的三方互动。
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引用次数: 0
Toyota's production efficiency improvement management: best practice for productivity evaluation and operation improvement 丰田的生产效率改进管理:生产力评估和运营改进的最佳实践
IF 3.1 Q3 MANAGEMENT Pub Date : 2023-04-19 DOI: 10.1108/jamr-02-2022-0042
N. Minh
PurposeThe purpose of this study is to introduce an enterprise's productivity management named “Production efficiency improvement - PEFF”. This study shows the way of developing the management system to keep their shop floor “flexible to change” and “continuously controlling and improving” from the different levels and in various factories.Design/methodology/approachThis study refers to Toyota's PEFF management system in the context of productivity enhancement through detailed management processes including yearly management, monthly management, daily management and its application in a case study from another sector as a model case of PEFF expansion. The methodology of this study is to introduce a method for production efficiency analysis, measure and select standard time through PEFF calculation.FindingsToyota's PEFF management can be extremely effective at developing management's ability to conduct day-to-day shop-floor management, know-how sharing and how Toyota applies PEFF to develop the world-standard on manpower efficiency for their factories. Besides, this study shows the applicable of PEFF improvement has successfully conducted in other manufacturers in a flexible way to achieve the improvement targets.Research limitations/implicationsThe results of this study will aid the managers in production lines to find the method of calculating and evaluating production efficiency through Toyota's management techniques such as PEFF, YIP, WVACT and standard time. However, the approach for this paper was from a synchronized system as Toyota is limited to generalized to small and medium-sized enterprises.Originality/valueThis paper is introducing the original Toyota's management technique to sustainable enhance their manpower performance and efficiency and answer the question of why TPS still exists in the age of digital management. PEFF management serves as an example of a value management process to help manufacturers to set guidelines to improve their productivity.
本研究的目的是介绍一个企业的生产力管理,名为“生产效率改进- PEFF”。本研究展示了如何从不同层次和不同工厂开发管理系统,以保持车间“灵活变化”和“持续控制和改进”。设计/方法/途径本研究参考了丰田公司的PEFF管理体系,通过年度管理、月度管理、日常管理等详细的管理流程来提高生产率,并将其应用于另一个行业的案例研究中,作为PEFF扩展的典范案例。本文的研究方法是介绍一种通过PEFF计算进行生产效率分析、测量和选择标准时间的方法。发现丰田的PEFF管理可以非常有效地发展管理层进行日常车间管理的能力,知识共享以及丰田如何应用PEFF为其工厂制定世界标准的人力效率。此外,本研究表明,PEFF改进的应用已经成功地在其他制造商中以灵活的方式进行,以实现改进目标。研究的局限性/启示本研究的结果将帮助生产线的管理者通过丰田的PEFF、YIP、WVACT和标准时间等管理技术,找到计算和评估生产效率的方法。然而,本文的方法是从一个同步系统,因为丰田仅限于推广到中小企业。原创性/价值本文介绍了原始丰田的管理技术,以可持续地提高其人力绩效和效率,并回答了TPS为什么在数字化管理时代仍然存在的问题。PEFF管理作为价值管理过程的一个例子,帮助制造商制定指导方针以提高他们的生产力。
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引用次数: 0
Effect of subprime crisis on financing decisions and capital structure of Indian firms: a pre- and post- crisis study using system GMM methodology 次贷危机对印度企业融资决策和资本结构的影响:危机前后使用系统GMM方法的研究
IF 3.1 Q3 MANAGEMENT Pub Date : 2023-03-31 DOI: 10.1108/jamr-01-2021-0034
P. Sinha, Sandeep Vodwal
PurposeThe subprime crisis (SPC) (2007–2008) has severely affected the economies across the globe. The Indian economy was also troubled because the SPC led to a sharp reduction in foreign trade and investment, a rise in the exchange rate volatility and disproportionate foreign-currency reserves. The present paper analyzes the financing pattern of Indian listed companies during the SPC. This study aims to ascertain the impacts of the SPC-2008 on the long-term and short-term financing decisions of Indian listed companies using novel data set and appropriate robust methodology.Design/methodology/approachThe study uses fixed effect model autoregressive of order 1 (FEM AR (1)) and system generalised method of moments (GMM) methodology on a sample data of 1,032 Indian non-financial listed companies on the Bombay Stock Exchange (BSE) for the period 1999 to 2019 to analyze the financing pattern during the crisis.FindingsThe study finds that the Indian firms opted for de-leveraging, shortening the maturity of debt and short-term borrowing. This significant decline in the leverage and maturity of debt indicates that the companies in India generally followed the “rat race” model of the financing mix in the crisis. After the crisis, the firms have re-leveraged and expanded the maturity of debt up to 90%. This considerable expansion in leverage and maturity implies that the Indian firms are exposed to the “rollover risk.” This re-leverage risk is asymmetrically distributed for manufacturing and services firms. Manufacturing firms are found to be more exposed to this risk. Furthermore, tangibility, free cash flows and the liquidity available within the firms are the compelling elements of the financing decision during the crisis.Research limitations/implicationsThe study has not included the private firms and unorganized sectors in India. Moreover, the study has not analyzed disasters such as the Asian liquidity crisis, the information technology (IT) bubble crisis, the euro bond crisis and coronavirus disease 2019 (COVID-19) pandemic.Practical implicationsThe study finds that Indian firms are exposed to higher risk during the financial crisis and this risk is further aggravated by the rollover risk. Therefore, investors and creditors should consider these additional risks in the financial decisions and take more precautions. The study suggests that the regulators should make necessary adjustments in lending policy, corporate restructuring and tax policy to deal with the menace of a financial crisis.Social implicationsIndian firms should avoid following the rate race financing model.Originality/valueThis study aims to ascertain the impacts of the SPC-2008 on the long-term and short-term financing decisions of Indian listed companies using novel data set and appropriate robust methodology.
目的次贷危机(SPC)(2007-2008)严重影响了全球经济。印度经济也陷入困境,因为SPC导致外贸和投资大幅减少,汇率波动加剧,外汇储备不成比例。本文分析了印度上市公司在SPC-2008期间的融资模式。本研究旨在利用新的数据集和适当的稳健方法来确定SPC-2008对印度上市公司长期和短期融资决策的影响。设计/方法/方法该研究使用固定效应模型1阶自回归(FEM AR(1))和系统广义矩量法(GMM)对孟买证券交易所(BSE)1032家印度非金融上市公司1999年至2019年的样本数据进行分析,以分析危机期间的融资模式。研究发现,印度公司选择了去杠杆化,缩短了债务和短期借款的到期日。债务杠杆率和到期日的显著下降表明,印度公司在危机中普遍遵循融资组合的“老鼠赛跑”模式。危机发生后,这些公司重新举债,并将债务到期日延长至90%。杠杆率和成熟度的大幅扩张意味着印度企业面临“展期风险”。这种再杠杆风险在制造业和服务业企业中的分布不对称。制造企业被发现更容易受到这种风险的影响。此外,有形性、自由现金流和公司内部可用的流动性是危机期间融资决策的重要因素。研究局限性/含义该研究不包括印度的私营公司和无组织部门。此外,该研究没有分析亚洲流动性危机、信息技术泡沫危机、欧元债券危机和2019冠状病毒病(新冠肺炎)大流行等灾难。实际含义研究发现,印度公司在金融危机期间面临更高的风险,而展期风险进一步加剧了这种风险。因此,投资者和债权人应在财务决策中考虑这些额外的风险,并采取更多的预防措施。研究表明,监管机构应在贷款政策、公司重组和税收政策方面做出必要调整,以应对金融危机的威胁。社会影响印度企业应避免遵循利率竞赛融资模式。原创性/价值本研究旨在使用新颖的数据集和适当的稳健方法,确定SPC-2008对印度上市公司长期和短期融资决策的影响。
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Journal of Advances in Management Research
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