Pub Date : 2025-09-01DOI: 10.1016/j.iimb.2025.100598
Anureet Saharan, Madhumathi Rajendran
We examine whether the relationship between natural hedging and its determinants is non-linear. We develop a novel tridimensional index for measuring the natural hedging of a firm through international diversification. Applying a panel quantile approach with non-additive fixed effects, we categorise firms into subgroups (parent-controlled, jointly-controlled, and locally-controlled) based on the level of international diversification. Using a sample of 1950 listed Indian firms spanning 1991–2022 (18,113 firm-years), we find that the relationship between natural hedging and its determinants varies with changes in the control structure. The non-linearity in the relationship is due to the interconnection between natural hedging and the firm’s operations.
{"title":"Unveiling the hidden patterns: Non-linear determinants of natural hedging","authors":"Anureet Saharan, Madhumathi Rajendran","doi":"10.1016/j.iimb.2025.100598","DOIUrl":"10.1016/j.iimb.2025.100598","url":null,"abstract":"<div><div>We examine whether the relationship between natural hedging and its determinants is non-linear. We develop a novel tridimensional index for measuring the natural hedging of a firm through international diversification. Applying a panel quantile approach with non-additive fixed effects, we categorise firms into subgroups (parent-controlled, jointly-controlled, and locally-controlled) based on the level of international diversification. Using a sample of 1950 listed Indian firms spanning 1991–2022 (18,113 firm-years), we find that the relationship between natural hedging and its determinants varies with changes in the control structure. The non-linearity in the relationship is due to the interconnection between natural hedging and the firm’s operations.</div></div>","PeriodicalId":46337,"journal":{"name":"IIMB Management Review","volume":"37 3","pages":"Article 100598"},"PeriodicalIF":1.0,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145109242","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 : 2025-09-01DOI: 10.1016/j.iimb.2025.100591
Mahalakshmi Manian, Parthajit Kayal
This study examines financial bubbles in the Indian stock market, where asset prices exceed their intrinsic value, using NIFTY 500 index data (2003–2021). The Phillips, Shi, and Yu (PSY) method detects bubbles through a right-tailed unit root test, revealing notable occurrences in 2007 and 2017. Machine learning algorithms, including Artificial Neural Networks, Random Forest, and Gradient Boosting, outperform traditional methods in predicting bubbles in real time. These findings emphasise the potential of advanced machine learning techniques for policymakers to enhance market regulation and mitigate risks through improved detection and management of financial bubbles.
本研究使用NIFTY 500指数数据（2003-2021年）研究了印度股市的金融泡沫，其中资产价格超过其内在价值。Phillips, Shi, and Yu （PSY）方法通过右尾单位根检验检测泡沫，揭示了2007年和2017年的显著现象。机器学习算法，包括人工神经网络、随机森林和梯度增强，在实时预测泡沫方面优于传统方法。这些发现强调了先进的机器学习技术对政策制定者的潜力，可以通过改进金融泡沫的检测和管理来加强市场监管和降低风险。
{"title":"Detecting and forecasting financial bubbles in the Indian stock market using machine learning models","authors":"Mahalakshmi Manian, Parthajit Kayal","doi":"10.1016/j.iimb.2025.100591","DOIUrl":"10.1016/j.iimb.2025.100591","url":null,"abstract":"<div><div>This study examines financial bubbles in the Indian stock market, where asset prices exceed their intrinsic value, using NIFTY 500 index data (2003–2021). The Phillips, Shi, and Yu (PSY) method detects bubbles through a right-tailed unit root test, revealing notable occurrences in 2007 and 2017. Machine learning algorithms, including Artificial Neural Networks, Random Forest, and Gradient Boosting, outperform traditional methods in predicting bubbles in real time. These findings emphasise the potential of advanced machine learning techniques for policymakers to enhance market regulation and mitigate risks through improved detection and management of financial bubbles.</div></div>","PeriodicalId":46337,"journal":{"name":"IIMB Management Review","volume":"37 3","pages":"Article 100591"},"PeriodicalIF":1.0,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145109240","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 : 2025-09-01DOI: 10.1016/j.iimb.2025.100594
Swati Dhir
This study aims to explore the relationship between workplace spirituality, work-related attitude as job satisfaction and well-being, and work-related outcomes as employee retention and organisational performance. Using survey method, data were collected from employees at all levels and analysed it using partial least square structural equation modelling (PLS SEM). The paper has established the significant link between workplace spirituality, employee well-being, and job satisfaction. Also, the study has explained how organisational politics affect employee retention and organisational performance. The results will help the practitioners to design the customised interventions for the employees to improve employee well-being and facilitate workplace spirituality.
{"title":"Role of workplace spirituality on work-related attitudes and outcomes: The moderating role of organisational politics","authors":"Swati Dhir","doi":"10.1016/j.iimb.2025.100594","DOIUrl":"10.1016/j.iimb.2025.100594","url":null,"abstract":"<div><div>This study aims to explore the relationship between workplace spirituality, work-related attitude as job satisfaction and well-being, and work-related outcomes as employee retention and organisational performance. Using survey method, data were collected from employees at all levels and analysed it using partial least square structural equation modelling (PLS SEM). The paper has established the significant link between workplace spirituality, employee well-being, and job satisfaction. Also, the study has explained how organisational politics affect employee retention and organisational performance. The results will help the practitioners to design the customised interventions for the employees to improve employee well-being and facilitate workplace spirituality.</div></div>","PeriodicalId":46337,"journal":{"name":"IIMB Management Review","volume":"37 3","pages":"Article 100594"},"PeriodicalIF":1.0,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145109244","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 : 2025-09-01DOI: 10.1016/j.iimb.2025.100596
Satyaban Sahoo , Deepti Singh
This study employs novel quantile time-frequency connectedness approach to explore the dynamic connectedness among sustainable assets (sustainable, green bond, and clean energy index), traditional assets (traditional index and crude oil), and cryptocurrency. This method assesses the impact of uncertain events on asset relationships. Findings indicate median connectedness of 36.94% in the short run and 4.81% in the long run, with short-term dynamics dominating system transmission. The traditional index is the primary transmitter of short-run shocks, while the green bond index leads in long-run shocks. Diversification across asset classes is recommended for effective hedging and optimal returns during extreme market conditions.
{"title":"Return volatility connectedness and portfolio strategies among sustainable assets with traditional counterparts and cryptocurrency: Insights from extreme markets","authors":"Satyaban Sahoo , Deepti Singh","doi":"10.1016/j.iimb.2025.100596","DOIUrl":"10.1016/j.iimb.2025.100596","url":null,"abstract":"<div><div>This study employs novel quantile time-frequency connectedness approach to explore the dynamic connectedness among sustainable assets (sustainable, green bond, and clean energy index), traditional assets (traditional index and crude oil), and cryptocurrency. This method assesses the impact of uncertain events on asset relationships. Findings indicate median connectedness of 36.94% in the short run and 4.81% in the long run, with short-term dynamics dominating system transmission. The traditional index is the primary transmitter of short-run shocks, while the green bond index leads in long-run shocks. Diversification across asset classes is recommended for effective hedging and optimal returns during extreme market conditions.</div></div>","PeriodicalId":46337,"journal":{"name":"IIMB Management Review","volume":"37 3","pages":"Article 100596"},"PeriodicalIF":1.0,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145109241","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 : 2025-09-01DOI: 10.1016/j.iimb.2025.100593
Debanjana Deb Biswas , Sitamma Mikkilineni , Neha Gahlawat
Resilience models developed in child psychology and in high stress situations have been directly adapted to the Indian workplaces, ignoring the contextual differences. The interdependence principle, that has a major role in manifesting resources into resilient behaviour, has been largely ignored. This study conducted 20 in-depth interviews with working professionals in India, belonging to six different industries. The aim was to identify the specific factors that helped in the development of employee resilience in the emerging economy of India. Several themes and sub-themes emerged. Based on these results and the social cognitive theory, a dynamic framework is proposed.
{"title":"The synergistic resilience framework: Unravelling the interplay of personal, social, and organisational factors of employee resilience in the Indian workplace","authors":"Debanjana Deb Biswas , Sitamma Mikkilineni , Neha Gahlawat","doi":"10.1016/j.iimb.2025.100593","DOIUrl":"10.1016/j.iimb.2025.100593","url":null,"abstract":"<div><div>Resilience models developed in child psychology and in high stress situations have been directly adapted to the Indian workplaces, ignoring the contextual differences. The interdependence principle, that has a major role in manifesting resources into resilient behaviour, has been largely ignored. This study conducted 20 in-depth interviews with working professionals in India, belonging to six different industries. The aim was to identify the specific factors that helped in the development of employee resilience in the emerging economy of India. Several themes and sub-themes emerged. Based on these results and the social cognitive theory, a dynamic framework is proposed.</div></div>","PeriodicalId":46337,"journal":{"name":"IIMB Management Review","volume":"37 3","pages":"Article 100593"},"PeriodicalIF":1.0,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145109245","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}
The work scrutinises the predictive prowess of ensemble machine learning models, namely Random Forest, Gradient Boosting, and XGBoost, in the domain of stock prediction by training models at two different stages. In stage 1, we restrict our evaluation to 18 technical indicators alongside holding period returns of 20 Indian Banks between January 2013 and March 2022, for short-term (20, 40, and 60 days), medium-term (180 days), and long-term durations (240 days); in stage 2, we further develop the study by including an additional combination of 6 firm-specific fundamental factors and 6 macroeconomic variables along with 18 technical indicators designed using price, volume, and momentum. During stage 1, we observe a modest range of performance, that is, between 62% and 78% across metrics, namely, accuracy score, F1 score, precision values, recall score, and specificity numbers. However, with the inclusion of fundamental and macroeconomic factors in stage 2, we observe a significant improvement in performance metrics to the tune of 90% across models for different holding periods. Particularly, for XGBoost, the reported accuracy range lies between 96% and 98%. Results indicate that while technical indicators are extremely important for short-term returns, the feature importance of fundamental and macroeconomic variables is highlighted during medium-term and long-term, respectively.
{"title":"Exploring predictive prowess of ensemble machine learning models in banking stocks: A technical, fundamental, and macroeconomic analysis","authors":"Sabyasachi Mohapatra , Rohan Mukherjee , Nicholas Apergis , Anirban Sengupta","doi":"10.1016/j.iimb.2025.100570","DOIUrl":"10.1016/j.iimb.2025.100570","url":null,"abstract":"<div><div>The work scrutinises the predictive prowess of ensemble machine learning models, namely Random Forest, Gradient Boosting, and XGBoost, in the domain of stock prediction by training models at two different stages. In stage 1, we restrict our evaluation to 18 technical indicators alongside holding period returns of 20 Indian Banks between January 2013 and March 2022, for short-term (20, 40, and 60 days), medium-term (180 days), and long-term durations (240 days); in stage 2, we further develop the study by including an additional combination of 6 firm-specific fundamental factors and 6 macroeconomic variables along with 18 technical indicators designed using price, volume, and momentum. During stage 1, we observe a modest range of performance, that is, between 62% and 78% across metrics, namely, accuracy score, F1 score, precision values, recall score, and specificity numbers. However, with the inclusion of fundamental and macroeconomic factors in stage 2, we observe a significant improvement in performance metrics to the tune of 90% across models for different holding periods. Particularly, for XGBoost, the reported accuracy range lies between 96% and 98%. Results indicate that while technical indicators are extremely important for short-term returns, the feature importance of fundamental and macroeconomic variables is highlighted during medium-term and long-term, respectively.</div></div>","PeriodicalId":46337,"journal":{"name":"IIMB Management Review","volume":"37 2","pages":"Article 100570"},"PeriodicalIF":1.7,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144253420","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 : 2025-06-01DOI: 10.1016/j.iimb.2025.100571
Sudipto Mazumder , Swapnil Garg
Capabilities enable performance, but how does their absence constrain performance? We ask this critical question as firms continuously adapt to the fast-evolving environment, refreshing their capabilities. Studying outsourcing service provider capabilities in digital transformational outsourcing in the IT-enabled business services industry, we explore the capability constraining query by adopting a necessary but not sufficient logic. By developing and testing necessity hypotheses, we identify an inherent hierarchy in dynamic capabilities, depicting how different levels of capabilities constrain performance to varying levels. The above enables us to guide an order of capability development in provider firms.
{"title":"Digital transformational outsourcing: A necessity analysis of service provider capabilities","authors":"Sudipto Mazumder , Swapnil Garg","doi":"10.1016/j.iimb.2025.100571","DOIUrl":"10.1016/j.iimb.2025.100571","url":null,"abstract":"<div><div>Capabilities enable performance, but how does their absence constrain performance? We ask this critical question as firms continuously adapt to the fast-evolving environment, refreshing their capabilities. Studying outsourcing service provider capabilities in digital transformational outsourcing in the IT-enabled business services industry, we explore the capability constraining query by adopting a necessary but not sufficient logic. By developing and testing necessity hypotheses, we identify an inherent hierarchy in dynamic capabilities, depicting how different levels of capabilities constrain performance to varying levels. The above enables us to guide an order of capability development in provider firms.</div></div>","PeriodicalId":46337,"journal":{"name":"IIMB Management Review","volume":"37 2","pages":"Article 100571"},"PeriodicalIF":1.7,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144253421","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 : 2025-06-01DOI: 10.1016/j.iimb.2025.100572
Mimi Banerjee, V.N. Giri
Drawing on the job demands and resources theory and the spillover effect theory, we test an empirical model examining the association of job crafting dimensions with life satisfaction. The mediating role of person-job fit (PJF) is considered in the relationship. Data were sourced cross-sectionally from 643 employees associated with the Indian IT and ITeS sector across the country. Relevant statistics such as EFA, CFA, and SEM-based modelling were executed. For mediation analysis, bootstrapping was conducted in AMOS. The study’s findings indicate the effect of job crafting dimensions on life satisfaction. It was observed that PJF emerged as a successful mediator of the relationship for all facets of job crafting. The results advance the job crafting theory by empirically testing employee proactivity in the work domain and its influence on overall life satisfaction. The results attest to the notion of the spillover effect. The study’s findings have theoretical and practical implications for occupational psychology and human resource development.
{"title":"Job crafting leading to employee life satisfaction amongst service sector professionals: Can person-job fit be a possible mediator?","authors":"Mimi Banerjee, V.N. Giri","doi":"10.1016/j.iimb.2025.100572","DOIUrl":"10.1016/j.iimb.2025.100572","url":null,"abstract":"<div><div>Drawing on the job demands and resources theory and the spillover effect theory, we test an empirical model examining the association of job crafting dimensions with life satisfaction. The mediating role of person-job fit (PJF) is considered in the relationship. Data were sourced cross-sectionally from 643 employees associated with the Indian IT and ITeS sector across the country. Relevant statistics such as EFA, CFA, and SEM-based modelling were executed. For mediation analysis, bootstrapping was conducted in AMOS. The study’s findings indicate the effect of job crafting dimensions on life satisfaction. It was observed that PJF emerged as a successful mediator of the relationship for all facets of job crafting. The results advance the job crafting theory by empirically testing employee proactivity in the work domain and its influence on overall life satisfaction. The results attest to the notion of the spillover effect. The study’s findings have theoretical and practical implications for occupational psychology and human resource development.</div></div>","PeriodicalId":46337,"journal":{"name":"IIMB Management Review","volume":"37 2","pages":"Article 100572"},"PeriodicalIF":1.7,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144253356","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}
Drawing from the theoretical foundations of the conservation of resources theory (Hobfoll, 1989, 2002), work-family enrichment theory (Greenhaus & Powell, 2006), and the work-home resources model (ten Brummelhuis & Bakker, 2012), we investigate the interplay of role engagement and work passion that shapes the remote work experience. Using structural equation modelling, we analysed data collected from 539 working adults working-from-home in India. Notably, we observed a positive association between engagement in family roles and positive affect, which subsequently fosters work engagement. When channelled through harmonious work passion, this work engagement contributes to increased work-life enrichment. Conversely, when filtered through obsessive work passion, it tends to amplify work-life conflict. Furthermore, our study highlights the significant influence of external factors, such as work-supportive family behaviour, family-supportive supervisor behaviour, age, income, and family type, on the model’s dynamics. By adopting a comprehensive approach, our study helps gain insights into the intricate mechanisms that govern the work-life interface of an individual when pursuing a remote career from home.
{"title":"Building a remote career: Navigating work-life interface from role engagement to work passion while working from home","authors":"Munmun Goswami , Anita Sarkar , Lalatendu Kesari Jena , Duraipandian Israel","doi":"10.1016/j.iimb.2025.100573","DOIUrl":"10.1016/j.iimb.2025.100573","url":null,"abstract":"<div><div>Drawing from the theoretical foundations of the conservation of resources theory (<span><span>Hobfoll, 1989</span></span>, <span><span>2002</span></span>), work-family enrichment theory (<span><span>Greenhaus & Powell, 2006</span></span>), and the work-home resources model (<span><span>ten Brummelhuis & Bakker, 2012</span></span>), we investigate the interplay of role engagement and work passion that shapes the remote work experience. Using structural equation modelling, we analysed data collected from 539 working adults working-from-home in India. Notably, we observed a positive association between engagement in family roles and positive affect, which subsequently fosters work engagement. When channelled through harmonious work passion, this work engagement contributes to increased work-life enrichment. Conversely, when filtered through obsessive work passion, it tends to amplify work-life conflict. Furthermore, our study highlights the significant influence of external factors, such as work-supportive family behaviour, family-supportive supervisor behaviour, age, income, and family type, on the model’s dynamics. By adopting a comprehensive approach, our study helps gain insights into the intricate mechanisms that govern the work-life interface of an individual when pursuing a remote career from home.</div></div>","PeriodicalId":46337,"journal":{"name":"IIMB Management Review","volume":"37 2","pages":"Article 100573"},"PeriodicalIF":1.7,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144253357","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}
{"title":"Erratum to Effect of earnings management and cash holdings on annual report readability: Evidence from top Indian companies IIMB Management Review, 36/4(2024) 322-339","authors":"Sweta Tiwari , Chanchal Chatterjee , Pooja Sengupta","doi":"10.1016/j.iimb.2025.100569","DOIUrl":"10.1016/j.iimb.2025.100569","url":null,"abstract":"","PeriodicalId":46337,"journal":{"name":"IIMB Management Review","volume":"37 2","pages":"Article 100569"},"PeriodicalIF":1.7,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144253355","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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