There is a continuous debate on how commodity prices affect the stock prices of emerging countries. We contribute to this debate by study the causal relationship between international prices of crude oil, gold, exchange rate, and Indian stock market. India is one of the major oil and gold importing and major petroleum products exporting country. On the daily prices of all the above mentioned variables from "January 1994 to December 2019", the nonlinear autoregressive distributed lag model (NARDL) is employed to examine cointegration (Shin et al., 2014). The findings of the study revealed that crude oil prices positively affect the Indian stock market and exchange rate negatively affects the stock market in the short run. Stock market is unaffected by gold prices. Our findings have essential implications for the various policymakers, investors, and traders.
Purpose
The purpose of this paper is to focus on comparing the influence of majority and minority shareholders on executive compensation under conditions of CEO duality, examining majority and minority shareholder influences by measuring their investment and return activity. The paper seeks to uncover how CEO duality changes the impact the two categories of shareholders have on executive compensation, especially in an emerging nation.
Design/methodology/approach
In total, 30 corporations out of the 70 corporations listed on the BM&F Bovespa (a Brazilian stock market) were used for the paper. Quarterly data were collected on the companies from the Datastream database. The paper conducted a moderated regression analysis on the data to determine the conditional effects of majority and minority holders’ investment and returns on executive compensation.
Findings
There are incentives for executives meeting majority shareholder objectives, but minority shareholders’ influences act as a disincentive for executives. Only the influence of blockholders by their returns is affected by the separation of the roles of CEO and Chairman. The effect is such that firms with a separation of the roles have their executives rewarded in line with increments to the returns made to blockholders, but firms that have the roles merged pay a high wage that is inconsistent with managerial performance. Finally, the majority of variation in executive pay levels can be attributed to individual company traits.
Research limitations/implications
The paper’s sample is biased to firm which had publicly available data on the total compensation payable to their top executives.
Practical implications
Advocates of minority shareholder rights may need to exercise patience with the implementation of more formalised governance structure, as they are not providing protection for minority shareholders within the period studied.
Originality/value
The paper provides empirical evidence within the Brazilian context of minority shareholder effects on executive compensation and the effect of CEO duality on the relationship.
Appraising and improving the quality of teaching is a central issue all over the world. Using the Course Experience Questionnaire (CEQ), the current study examined the relationship between teaching quality dimensions and student satisfaction. The study evaluates the post‐graduate students' perception of teaching quality and its relation with overall student satisfaction in context to state public universities of Punjab, India. Data were collected from 348 post‐graduate in management students. Confirmatory factor analysis was applied to evaluate the measurement model, and a further Structured Equation Model was applied to test the proposed research hypotheses. The results reveal that clear goals and standards, generic skills, and appropriate assessment have a direct impact on the overall student satisfaction, whereas appropriate workload and good teaching skills have an indirect effect on the overall satisfaction. The female structural model replicated the findings of the overall model and showed that generic skills and clear goals are more important in student satisfaction. In contrast, the male structural model was quite different; only appropriate assessment has a direct impact on student satisfaction. Several implications for the improvement of post‐graduate management teaching quality and quality assurance in terms of lecture delivery and course planning in‐state public universities of India were further discussed.
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