There is a growing pressure from the stakeholders, particularly government and international funding agencies, to publish environmental reports. Environmental reporting and disclosure practices are a means of communicating to the stakeholders about the impact of the organization’s actions on the environment. The reporting can be done in the form of financial or non-financial reporting. We have conducted a study on 50 companies on the basis of turnover from the list brought out by ET 500. We have studied the environmental disclosure practices of Indian companies and also the impact of different independent variables on environmental disclosure index (EDI). Based on a review of literature, we have classified the independent variables according to profitability, size, type of industry, financial leverage, multinational status and environmental certification. We have constructed year-wise pooled regression model with EDI as dependent variables and profitability, size, type of industry, financial leverage, multinational status and environmental certification as independent variables. We find that in all the four years, size and environmental certification are statistically significant at the 1 per cent level and are positively associated. This indicates that bigger-sized companies and the environmentally certified companies by an external agency disclose more environmental information. Environmental certification reduces the agency cost as it reduces the monitoring cost since the firms voluntarily follow an external set of measured objectives. No other variable was found to be significant.
This study contributes to the capital structure literature by investigating the determinants of capital structure of firms listed in NSE CNX 500. The period of the study is 2008–2015, the period starting from the year of global slowdown. This study is an attempt to study the capital structure of firms listed in National Stock Exchange in the post liberalization period. The objectives of the study are to study the impact of independent variables such as growth, profitability, tangibility, liquidity, size and non-debt tax shield on financial leverage and also to find out whether the results are in line with the pecking order theory or the trade-off theory of capital structure. Size is taken as a control variable. Our study supports the trade-off theory for all variables such as growth, profitability, size tangibility and non-debt tax shield. Liquidity is the only independent variable that goes in accordance with the pecking order theory. Thus, this study is more inclined towards the trade-off theory.
We have studied the investment behaviour of ‘foreign institutional investors’ (FIIs) and ‘domestic institutional investors’ (DIIs) in the Indian stock market for positive feedback trading and smart money value investments. We have collected the daily investment of FII and DII in Indian stock markets along with NIFTY daily returns. We have used multivariate causality approach VAR and found that FII investments follow positive feedback trading approach whereas DII follow smart money value investments in the Indian stock market.
This research investigates the contribution (if any) of sell side analysts towards profitable investment decisions for investors in India. A sample of 1,000 target prices issued with buy ratings issued between 2007 and 2011 is used to investigate if investors have benefitted from these target price forecasts. The accuracy of target price forecasts is assessed by investigating if target price forecasts have been achieved anytime during the forecast horizon of one year. Analysts are found to meet their target price forecasts with 57.6 percent accuracy which is better than 55.6 percent target price accuracy reported from 16 countries. This implies that analysts perform in line with global analyst performance. The findings support the proposition that analyst recommendations with buy ratings have investment value in India and investors can benefit by tracking buy recommendations issued by analysts. The research was developed further and factors affecting target price accuracy for buy recommendations were investigated through regression analysis of panel data. Promoter holding was found to have a significant and negative impact on target price accuracy. This implies that analysts produce less accurate results with companies in which promoters have bigger role in managing company�s resources and share prices. Stocks with high promoter holding indicate the possibility of insider trading to outsmart the market. Further, regression analysis reveals that price to book is significantly and positively linked with target price accuracy. Fund managers believe that emerging market stocks tend to trade at premium to book values as companies have successfully managed their ROE better than cost of capital. The authors infer that analysts outperform with buy ratings on stocks with higher ROE than cost of capital. Analyst optimism was found to significantly reduce target price accuracy. The results with respect to analyst optimism are in line with the results reported from developed markets like Germany. Past research suggests that higher analyst optimism is possibly associated with trade generation and brokerage revenues out of retail clients. The regression results are supported by a battery of tests associated with panel data. The authors conclude by suggesting that investors, to some extent, can rely on equity research in India for profit-making investment decisions in stocks. The key message is that equity research induced buying has investment value in India.
The study examines the perception of accounting experts regarding the -tion between perception of accounting experts and their age, educational ---ther concluded that the perception of accounting experts is independent of age, education, occupation and number of years of experience of accountviewpoint of accounting experts regarding the opportunities and challenges associated with the implementation of IFRS has not been researched in experts is dependent upon their individual attributes like age, education, -tunities faced by the accounting experts in order to deal with them (opporis fast approaching, it seems to be necessary to understand the perception of the buyers and sellers of accounting standards meaning thereby the 36
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