IIMB Management Review最新文献

Undiversifiable market risk is a crucial factor that a risk-averse investor must consider while making any investment decision. We focus on dynamic market risk using time-varying beta for 10 different sectoral indices from the Indian stock market, analyse its movement over volatility regimes, and explore its relationship with market stress. The sectors that are most resilient towards market risk are chosen to construct the best portfolio for a risk-averse investor. Our findings suggest that mere consideration of market risk and not taking its variability into account may leave a large chunk of risk unattended for a risk-averse investor.

During the Covid 19 pandemic, employees experienced fear of uncertainty. We hypothesise that gratitude and mindfulness practices would help reduce the intolerance of uncertainty (IU) and increase employee well-being. Data were collected from 283 working professionals. The partial least square structural equation modelling (PLS-SEM) was used to analyse the data. The findings suggest that IU has a negative impact on well-being and there is a mediating effect of gratitude and mindfulness practices between IU and well-being. This study is unique in terms of understanding the role of gratitude and mindfulness in reducing the negative impact of IU on well-being.

This study examines the effect of the Hungry Ghost Festival (HGF) on stock returns and volatility in five Asian stock indices. Shanghai demonstrated the highest average return and dispersion, while Singapore had the lowest. During the HGF, all countries’ kurtosis spiked, except for Philippines and Shanghai, signalling a high-risk investment with high returns. Finally, the current volatility of daily stock returns persists across countries and is influenced by previous shocks. Investment during the HGF may appear riskier and more volatile in some countries, but there is inconclusive evidence to conclude that the HGF had a significant effect on all markets.

Developing a sustainable client–provider relationship in an outsourcing arrangement is important. This study attempts to identify the effects of unexplored antecedents of opportunism in an outsourcing engagement and, subsequently, the significance of opportunism in relation to a sustainable relationship. A structural equation modelling (SEM) approach has been deployed for the empirical evaluation of the hypothesised relationships between the constructs using responses obtained from the executives of the Indian coal mining organisation (ICMO). Results portray the significance of each antecedent, i.e., measurement problem, qualification of service provider, and service provider lock-in in view of undesirable outcomes in an outsourcing relationship.

In this study, we examine investment style, and style consistency and its relationship with risk-adjusted performance of the Indian fixed income mutual funds (MFs) using a sample of 242 funds across 16 categories over a period from April 2015 to March 2020. Our findings indicate that (a) fund managers practice securities selection, but their securities selection ability fails to improve risk-adjusted returns; (b) higher style consistency leads to better risk-adjusted performance; and (c) investment style and style consistency have considerable impact on fund performance. This is possibly the first comprehensive study that analyses investment style and its relationship with the performance of Indian fixed income MFs and contributes to the growing body of research on performance evaluation of fixed income funds.

Predicting the success of a dyadic relationship during the very early stage of a relationship is quite critical since the existing SCDR elements have limited capabilities. Drawing on transaction cost economics and social exchange theory (SET), this study aims to explore and enhance the SCDR measurement tools that can likely predict putative relationship success. Using mixed methods in a longitudinal study, the research used qualitative interviews with an expert panel of supply chain practitioners and then surveys of selected dyads. Results show that culture matching is perceived to be a key element of the revised SCDR tool, one that will likely predict relationship success. The enhanced tool helps managers to comprehend the importance of organisational culture and its critical role in predicting the dyadic relationship success.

Do firms generate financial flexibility by retiring debt? Using Indian data, we document that firms channel approximately 39% of current cash flow to repay debt. This higher debt-cash flow sensitivity facilitates firms to maintain investment in the future. Firms prioritise reducing dependency on external finance, increasing investments, and saving cash in the short run. In the long run, firms enhance investments primarily through borrowing. Unlike in developed markets, we find that Indian firms respond symmetrically to positive and negative cash flow shocks by changing their borrowing.

The paper critically evaluates the bottlenecks inherent in India's low carbon value chain that is financed by green bonds and related debt securities. The paper identifies three cardinal limitations of the value chain viz. unviable carbon mitigation projects, insufficient market competitiveness of green bonds issued from India and the inability of refinancing institutions to securitise their liabilities and overcome the problem of asset-liability mismatch. It is argued that a climate financial architecture that overcomes these limitations provides important lessons to the ongoing global efforts to strengthen the financial mechanisms laid down by the Paris Agreement on Climate Change.