Digital Commons Network^™

Unlocking Trade Credit Opportunities And Working Capital Efficiency Through Esg Disclosure, Nidhin Mathath, Vinod Kumar

Australasian Accounting, Business and Finance Journal

This paper explores the impact of firms’ ESG performance on their trade credit financing and working capital efficiency, utilizing a sample of 586 Indian firms listed on the National Stock Exchange (NSE) from 2015 to 2022. The study offers robust evidence supporting the positive connection between superior ESG disclosure and trade credit, as well as the negative link between ESG disclosure and the cash conversion cycle. These findings underscore the role of ESG disclosure in increasing suppliers’ willingness to extend trade credit and facilitating efficient working capital management practices. The result shows that improved ESG disclosure practices increase payable turnover …

Does A Stewardship Code Improve The Firm Valuation And Esg Factors In India?, Amit Pandey, Anil Kumar Sharma

Australasian Accounting, Business and Finance Journal

This is the first study from an emerging market to examine the effect of stewardship codes on the relationship between institutional investors' (IIs) ownership and firm valuation, along with environmental, social, and governance (ESG) factors3.. Using all S&P BSE listed non-financial firms data from financial years 2014-2015 to 2022-23, the results reveal a negative relationship between future firm value and II's ownership. Notably, stewardship code adoption does not affect Independent institutional investors' (IIIs)/ mutual fund (MF) ownership relationships with future firm valuation; however, Other institutional investors' (OIIs) negative relationship gets more profound. Difference in Difference (DID) analysis results confirm that …

Uncertainties And Dynamic Connectedness Among Sectors: A Case Of The Usa, India, France, Germany And Russia, Ashok Kumar Mishra, Pradiptarathi Panda, Subhendu Kumar Pradhan, Ajaya Kumar Panda, Ciorstan Smark

Australasian Accounting, Business and Finance Journal

This study examines the connectedness among the sectoral indices for the USA, India, France, Germany and Russia stock markets pre and post-COVID-19. We use the Diebold and Yilmaz spillover index to examine the study's objectives. This study finds that volatility spillover is higher during COVID-19 than before COVID-19. In addition, the volatility transmission across the sectors demonstrated mixed results regarding net volatility receivers and transmitters. However, the degree of transmission is higher for the net volatility receivers than for the net volatility transmitters. This study will help policymakers draft related policies to immunise their economy and market from spillover contagions …

Risk-Adjusted Portfolio Optimization: Monte Carlo Simulation And Rebalancing, Premananda Meher, Rohita Kumar Mishra

Australasian Accounting, Business and Finance Journal

This study evaluates the risk-adjusted performance of a diversified portfolio in the Indian financial market from 2011 to 2021, incorporating Nifty 50 stocks and new-age assets. Leveraging Monte Carlo simulations and mathematical optimization, the research identifies an optimal portfolio on the efficient frontier. Integration of the Black-Litterman model provides a comparative analysis, emphasizing the impact of investor views. Despite transaction costs, optimized portfolios outperform the Nifty 50 index, with the rebalanced portfolio demonstrating higher cumulative returns. Key findings include TCS. NS is a leader in share price, HDFCBANK.NS showcasing stability and alternative assets exhibit higher volatility but have the potential …

The Impact Of Economic Policy Uncertainty On Investment - Cash Flow Sensitivity: Does Esg Make Any Difference?, Sakti Ranjan Dash, Maheswar Sethi

Australasian Accounting, Business and Finance Journal

This paper investigates the impact of Economic Policy Uncertainty (EPU) on Investment-Cash Flow Sensitivity (ICFS). Further, this study examines whether ESG moderates the impact of such uncertainty on the ICFS of the manufacturing firms in India. The study has applied system-GMM regression with a sample of 222 firms from 2012 to 2022. It reveals that EPU dampens corporate investment and magnifies the role of cash flow in corporate investment. Further, firms' Environmental, Social and Governance (ESG) performance decelerates the adverse impact of EPU on ICFS and makes the investment-cash flow less sensitive. Furthermore, the study highlights that ESG helps to …

Exploring Algorithmic Solutions For Effective Decisions Concerning Investments In Equity Stocks Amidst Financial Disruptions Using The Covid 19 And Sub-Prime Crises As Case Studies, Shaunak Mainkar, Hemangi Borawake, Tanishq Ranjane

Australasian Accounting, Business and Finance Journal

Investors face a basic dilemma during a financial crisis i.e., whether to exit and re-enter or to continue with the existing set of positions. The timing of entry and exit plays a crucial role in determining the rate of returns generated by a portfolio. Thus, the problem faced by investors during a crisis is whether to exit or to continue and how to determine the timing of exit if the first option is chosen. This research paper attempts to find solutions to the problems faced by investors.

The research paper focuses on addressing the parameters used to determine the exit …

The Influence Of Emotions And Social Value Orientation On Risk Tolerance And Sustainable Investment Choices, Surbhi Verma, Ashu Khanna

Australasian Accounting, Business and Finance Journal

Purpose - The intricacy of the decision-making process has increased due to the inherent uncertainty surrounding investments. Therefore, the study aims to investigate the impact of individuals' Social Value Orientation (SVO), Emotional Instability (EI), and demographic factors on their Financial Risk Tolerance (FRT) levels. Additionally, it aims to investigate whether SVO and EI influence the adoption of socially responsible investment (SRI) funds and the diverse investment choices made by individuals.

Methodology - A convenient sampling technique was employed to gather data from 355 Indian retail investors through a structured questionnaire. Subsequently, the collected data was then examined and interpreted using …

The Construction And Concept Validation Of Indian Financial Market Composite Risk Index (Ifm: Cri): A Vibrant Risk Indicator To Retail Investors, Susmita Subba, B. Muthu Pandian, Ravi Shekhar Vishal

Australasian Accounting, Business and Finance Journal

The financial market volatility has been a major interest to all the stakeholders of the market especially to the retail investors post 2020. In this backdrop, the study is focused on constructing a Composite Risk Index (CRI) for the Indian Financial Market and examining the various methods of weighting as well as types of volatility capture in the construction of the Financial Market Composite Risk Index. The study intends on giving its contribution on the methodological portion of the derivation of appropriate weights to each segment of financial market. The study is based on the daily price series from 1 …

Propensity Score Matching And A Difference In Difference Approach To Assess Esg’S Influence On Indian Acquirer Performance, T. C. Neethu, T. C. Arun

Australasian Accounting, Business and Finance Journal

This research involves an in-depth analysis of the intricate relationship between Environmental, Social, and Governance scores and the financial and operational performance of Indian acquirers. The research methodology employed herein entails a meticulously crafted design, incorporating a blend of the Propensity Score Matching and Difference-in-Differences model. This strategic amalgamation serves to rigorously assess the impact of ESG factors on the performance outcomes of Indian acquirers involved in M&As. The empirical findings of this study reveal a robust and statistically significant correlation between M&A endeavours and ESG considerations. Notably, the research discerns that M&A activities tend to exert an adverse influence …

Predictive Analysis Of S&P Bse Greenex Index: Unlocking Insights For Sustainable Investments, Noella Nazareth, Y V Reddy

Australasian Accounting, Business and Finance Journal

The COVID-19 pandemic has led to reduced economic and industrial activities, prompting a noticeable transition towards a more sustainable way of life. This could indicate that we are on the path to reducing our carbon footprint in the long term. Consequently, analysed the performance of India's sustainability index, the S&P BSE GREENEX, which assesses the sector-wise carbon performance of stocks. It comprises stocks selected based on their energy efficiency performance using publicly disclosed financial and energy data. Forecasting the stock market is critical when formulating investment strategies. Considering the profound negative impact of the COVID-19 pandemic on global stock markets, …

Ipos As Catalysts For Retail Investor Wealth Creation: Evidence From The Indian Stock Market, Mohammed Mujahed Ali, Shaik Masood

Australasian Accounting, Business and Finance Journal

The study delves into the dynamics of wealth creation for retail investors in the context of Initial Public Offerings (IPOs) within the Indian equity markets. Against the backdrop of a burgeoning retail investor base, the research offers a comprehensive analysis spanning April 2012 to December 2022, evaluating short-term and long-term IPO performance metrics. The study reveals nuanced insights into wealth creation dynamics by scrutinizing listing day returns, first-week to third-year returns, and market-adjusted returns vis-à-vis the Nifty50 Index. Notably, the research suggests that while IPOs exhibit promise with positive listing day returns, sustaining growth over extended horizons poses challenges. The …

The Rise Of Finfluencers: A Digital Transformation In Investment Advice, Shailendra Singh, Mahesh Sarva

Australasian Accounting, Business and Finance Journal

The primary aim of this study is to investigate the extent to which finfluencers can be considered experts who fulfill the critical role of information intermediaries contributing to the efficiency of financial markets. To assess this, we assembled a manually collected dataset consisting of recommendations made by finfluencers. We conducted an event study to analyze both short-term and long-term effects on stocks.

The findings reveal that, on average, all stocks examined during the event window [-10, +10] days exhibit a noteworthy Cumulative Abnormal Announcement Return (CAAR). The outcome suggests that, in the short term, finfluencers may not be deemed as …

Biases In Capital Market Instrument Investing Decisions: A Study From India, Sakshi Agarwal, Saurabh Singh

Australasian Accounting, Business and Finance Journal

This study examines the influence of different behavioral biases on the investment choices made by individual investors in the Indian capital market. The study utilizes a cross-sectional design, which entails gathering a substantial amount of data at a specific point in time. The study employed a survey methodology to collect data from a sample of 497 individual investors using purposive and snowball sampling. The data was collected using structural equation modeling (SEM), utilizing SPSS version 25 and AMOS version 26 as statistical software. This study characterizes individual investors as displaying irrational conduct. The study reveals a significant and positive association …

Greening Indian Financial Markets For Sustainable Development, Pradiptarathi Panda, Latha Chari, Ciorstan Smark

Australasian Accounting, Business and Finance Journal

This article summarizes the recent developments in India’s securities markets regulations, instruments, and intermediaries. It documents the latest and first-ever initiatives in the Indian securities markets such as the implementation of the T+1 settlement cycle, introducing social stock exchange with Zero Coupon and Zero principal bonds, a stronger framework for green debt securities through blue, green, and yellow bonds. The article also dwells upon the regulations related to Business Responsibility and Sustainable Reporting (BRSR), and ESG disclosures and ratings aimed at setting up an efficient market structure by strengthening the governance system. The fourth annual international capital markets conference was …

Unveiling The Relationship Between Esg Scores And Firm Performance In India: A System Gmm Approach, Pruthiranjan Dwibedi, Debasis Pahi, Antarjyami Sahu

Australasian Accounting, Business and Finance Journal

This paper investigates the impact of Environmental, Social and Governance (ESG) scores as well as individual pillar scores on the firm performance in the Indian context. Even though a lot of research has been conducted world-wide concerning this issue, a conclusive result has not yet been derived. Being an emerging economy, India is at a nascent stage of research related to ESG issues, and past research indicates a mixed result. In order to avoid the potential endogeneity issue, this paper used a dynamic panel approach of system GMM. This paper considered data from 59 non-financial companies listed under the NSE …

Dynamic Connectedness And Investment Strategies Between Commodities And Esg Stocks: Evidence From India, Ishwar Sharma, Meera Bamba, Bhawana Verma, Bharti Verma

Australasian Accounting, Business and Finance Journal

The study investigates the connectedness between commodities and ESG stocks of India using the extended joint connectedness approach. The study found a time-varying relationship between commodities and ESG stocks. It also discovered that there is a low spillover between the two. However, the total connectedness increased during the Russia-Ukraine war but remained low. The study found that crude oil and natural gas act as net transmitters, while ESG stocks and gold act as net receivers. ESG stocks are negatively connected with gold and have a low degree of positive correlation with crude oil and natural gas. Therefore, portfolio diversification opportunities …

Developing A Security Risk Assessment Based Smart Beta Portfolio Model For Robo Advising, C. Vijaya, Koushik Hati, M. Thenmozhi

Australasian Accounting, Business and Finance Journal

construction model for Robo Advising investors belonging to different risk categories. This model will cater to the Gen Z tech-savvy retail investors who have become more active and are interested in online investment platforms like Robo Advising. Our study differs from prior studies as it proposes a portfolio construction model for equity investors belonging to different risk categories while traditional approaches map debt portfolios to low risk investors and equity portfolios to high risk investors. Investors are generally risk-averse but prior studies have developed SB portfolios without considering their risk appetite. In this study, we assess the riskiness of stocks …

For The Love Of: Book Review Of Radiophilia By Carolyn Birdsall, Lucia Vodanovic

RadioDoc Review

Radiophilia, the new book in The Study of Sound Series, discusses radio in the context of recent literature about affects and emotions. Informed by various traditions within media and cultural studies, and guided by the work of Lauren Berlant and Arjun Appudarai, it approaches ‘radiophilia’ -love for, or strong attachment to, radio—as a wide-reaching concept that includes groups practices and social moods and that can be practised in public spaces and communities, beyond interior and domestic set-ups.

On The Loss Of One Of Audio Documentary's Most Committed Advocates: Remembering Leslie Rosin, Sven Preger

RadioDoc Review

At that moment, I think Leslie was not only really happy, but even proud. It is Tuesday evening, 18 May 2021, and we are sitting together on a table in front of the stage in a studio at the German broadcaster, WDR. Not in front of the table, not next to the table, but on the table. Our legs are dangling and we let them dangle. Because we are really exhausted. The whole team is. We have just finished the last live event on stage and we’ve actually made it. Four days of the International Feature Conference in Cologne. Sven …

The Sound Of Fog: Remembering The Audio Artistry Of Chris Brookes, Angela Antle

RadioDoc Review

This article remembers the work of Peabody Award winner, Battery Radio founder, and documentarian Chris Brookes who died in April 2023.

The Amplify Manifesto: Rewind, Replay, Reflect, Stacey Copeland, Hannah Mcgregor, Natalie Dusek

RadioDoc Review

We are the Amplify Podcast Network, a research project working to develop sustainable models for producing, peer-reviewing, and publishing scholarly podcasts. The Amplify Manifesto aims to capture the spirit of our network: playful, experimental, and multi-voiced. As a radically political written form, the manifesto provides a creative ground to communicate a set of ideals, goals, and intentions with purpose. In revisiting the manifesto for Radio Doc Review, we unpack the construction of the manifesto as sound-first multimodal scholarship.

Review - The Long Game: Aliya Soomro's Boxing Journey, Syeda Sana Batool

RadioDoc Review

The Long Game: Aliya Soomro's Boxing Journey" is a poignant and uplifting radio documentary that goes beyond the typical sports narrative. It offers an in-depth analysis of gender norms, societal obstacles, and human resilience, emphasizing the power of podcasting to promote distinct and marginalized voices.

The Dead Poet And The Non Artist: A Review Of Notes On A Scandal, Mohammed Hanif

RadioDoc Review

Fifty years ago a famous poet Mustafa Zaidi receives his lover and muse Shahnaz Gul in his apartment in Karachi. The next day he is found dead; she is unconscious. Gul is charged with murder and her trial becomes a main distraction from an impending war. Tooba Masood and Saba Imtiaz tried to piece together a social history of seventies Pakistan in what is now the country's first true crime podcast.

A Responsible Parrhesia? A Review Of The Price Of Secrecy, Sara Tafakori

RadioDoc Review

The Price of Secrecy immerses the listener in stories of individual trauma, of child abuse and rape, yet also draws lessons from them of wider social significance. It includes moments of narrative catharsis, interspersed with repeated reminders that the stories are unfinished and open-ended—that the solutions lie out there, in social action, rather than in the stories themselves. The series also gestures towards structural critique, especially of ‘the legal constraints’ it identifies, yet it places greater importance on changing the wider culture through challenging the culture of secrecy and shame around victims’ stories of rape and abuse. This centrally means …

Nigeria's Untold Stories At A Moment Of Change: An Interview With Audio Storyteller Fayfay, Abigail Wincott

RadioDoc Review

Odudu Efe, known as FayFay, is a Lagos-based audio producer and sound designer and also the founder of NaijaPod Hub, a network dedicated to supporting audio producers and promoting high quality audio storytelling in Nigeria. This interview with FayFay shows how her career in many ways reflects the challenges and promise of Nigerian audio storytelling at this moment in time. Like many freelancers, she takes on branding and imaging, tidies up sound and produces studio-based talk podcasts. But increasingly she’s being commissioned to work on complex historical documentaries and documentary-dramas. And this for FayFay is key, because like others in …

The Feminist Community Of Podcast Producers In Brazil: Mapping The Profile Of Women, Aline Hack

RadioDoc Review

This paper goes beyond celebrating podcast growth in Brazil, analyzing 511 Brazilian podcast producers (2015-2020). Using a semi-structured form, the survey focuses on outlining the profile of female producers. Drawing from gender, cultural, and political science literature, it explores how producer presence aligns with intersectional practices in Brazilian feminisms. Results indicate that women podcast producers in Brazil mostly have a college degree, variable income and identify as feminist, contributing to a unified community that engages with and challenges the political and human rights agenda, expanding discourse through communication access.

Listening To News, A New Interaction Ritual: An Emotional Interaction Analysis Of Jump Into The Rabbit Hole, Yang Ding

RadioDoc Review

Objectivity and neutrality have always been the reporting principles followed by journalists. The emergence of audio news presents reality in an invisible way, blurring the boundary between emotion and truth. Jump into the Rabbit Hole[1], as one of the few in-depth news podcasts in China, brings immersive stories to the audience with immersive production. These stories help the audience better understand the truth of the news and also cultivate the habit of listening to the news. This paper examines how interaction rituals in news podcasts are carried out using the benefits of podcast platforms in the context of …

Some More Notes On Notes On A Scandal: Lessons From Producing Pakistan’S First True Crime Podcast, Tooba Masood Khan

RadioDoc Review

If a country’s podcast scene could be described as a vibe, Pakistan’s would be “dude bro”; that is, politically and culturally right-leaning masculinist narrative. The format is simple: like The Joe Rogan Experience which has over 15 million subscribers and over three billion views in Pakistan, there’s a host and a guest. In addition to Rogan, other popular pods are The Pakistan Experience, Pakistonomy, Thought Behind Things, Talks that Matter, Mooroo, The Pivot, Junaid Akram’s Podcast. The conversations usually revolve around the guest’s life, their political views, the economy – whether Pakistan will default or not, will …

Podcasting-As-Care, An Exercise In Diasporic Digital Media Activism, Zoha Zokaei

RadioDoc Review

This article draws on my experience of engaging in diasporic digital media activism on the issue of child sexual abuse in Iran, which culminated in the production of the Price of Secrecy podcast. I introduce the method of Podcasting-as-Care as a method of activism that brings notions of feminist care, activism and listening in a close conversation framed through podcasting. Without resorting to a top-down vision of activism where a notion of listening, i.e. how the victims should be listened to, is prescribed and exemplified, the Price of Secrecy podcast becomes an experience of listening to how victims are failed …

Introduction: Audio Storytelling And The Global South, Aasiya Lodhi, Abigail Wincott

RadioDoc Review

The Editors introduce this special tenth anniversary issue of RadioDoc Review, dedicated to listening to the Global South.