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Purpose: The study aims to examine the dividend omissions and dividend cuts behaviour of manufacturing and non-financial services firms to identify the determinants of dividend omissions and dividend cuts. Design/methodology/approach: The study analyses the financial data of 3,546 firms from 2011 to 2020 (35,460 firm-year observations) using a dynamic random-effect probit panel regression model. Findings: The results suggest that profitability, growth opportunity, leverage, liquidity, risk, extraordinary income, shareholding pattern and buyback are major determinants of dividend omissions. Similarly, dividend cut in the previous year, profitability, operating cash flow, risk and extraordinary income are major factors leading to dividend cuts. Research limitations/implications: Firms which omit the dividend are less likely to start paying dividend in subsequent years, whereas firms which cut the dividend may increase dividend in later years. Also, profitability decreases for a significant number of firms post dividend omission and cut. This indicates that dividend omission is a more prominent signal than a dividend cut for the financial health of a firm. Practical implications: The determinants identified in the study enable analysts and portfolio managers to decide the propensity of dividend omission and cut even before actual announcements and can alleviate the significant loss in the portfolio. Also, managers and the board of directors would be able to monitor the firm's financial performance to avoid the situation leading to dividend omissions and cuts. Social implications: The study strongly recommends that firms should voluntarily pay dividends to shareholders to encourage the healthy participation of retail shareholders in the equity market and create a long-term win–win situation for all stakeholders in society. If a large number of firms continue not to pay the dividend, the study appeals to the regulators to intervene to protect shareholders' interests for the greater good of society. Originality/value: To the best of author's knowledge, this is the first study to empirically identify the determinants of dividend omission and cut in the unique setting like India where dividend taxation had undergone a significant change. [ABSTRACT FROM AUTHOR]

Purpose: This study investigates the impact of pre-IPO earnings management on investor demand in the Indian IPO market. It also examines whether earnings management by issuer firms affects IPO valuation, a topic that is underexplored in accounting research. Design/methodology/approach: The study uses the data of 310 IPOs from India during the period 2000–2021. The association between pre-IPO earnings management with investor demand and valuation is tested using cross-sectional ordinary least squares regression models with heteroscedasticity-robust standard errors. Findings: The study finds that the degree of pre-IPO earnings management impacts retail investor demand, measured as their over-subscription multiple. Pre-IPO earnings management is unrelated to institutional investor bidding. Further, this paper suggests no relation between pre-IPO earnings management and IPO valuation. Research limitations/implications: Future studies could explore various other forms of earnings management and their impact on investor demand and valuation. Practical implications: The findings of this study will help the investors and regulators to understand the practice of earnings management among IPO firms and how it is related to IPO demand and valuation. Originality/value: This study contributes to the existing literature on IPO-earnings management and investor demand by documenting that issuer firms engage in earnings management to influence investor demand, particularly retail investor demand. Analysis of IPO valuation reveals that earnings management is mostly unrelated to IPO valuation, contrary to the general perception in the literature. [ABSTRACT FROM AUTHOR]

Purpose: The study examines the IPO resilience grounded on the firm's intrinsic factors. Design/methodology/approach: We examine the association of IPO performance and post-listing firm's performance with issuers' pre-listing financial and qualitative traits using panel data regression. Findings: IPOs floated in the Indian market from July 2009 to March 31, 2022, evince the notable influence of issuers' pre-IPO fundamentals and legitimacy traits on IPO returns and post-listing earning power. Where the pandemic's favorable impact is discerned on the post-listing year earning power of the issuer firms, the loss-making issuers appear to be adversely affected by the Covid disruption. Perhaps, the successful listing equipped the issuers with the financial flexibility to combat market challenges vis-à-vis failed issuers deprived of desired IPO proceeds. Research limitations/implications: High initial returns followed by a declining pattern substantiate the retail investors to be less informed vis-à-vis initial investors, valuers and underwriters, who exit post-listing after profit booking. Investing in the shares of the newly listed ventures post-listing in the secondary market can shield retail investors from the uncertainty losses of being uninformed. The IPO market needs stringent regulations ensuring the verification of the listing valuation, the firm's credentials and the intent of utilizing IPO proceeds. Healthy development of the IPO market merits reconsidering the listing of ventures with weak fundamentals suspected to withstand the market challenges. Originality/value: Given the tremendous rise in the new firm venturing into the primary market and the spike in IPOs countering the losses immediately post-opening, the study examines the loss-making and young firms IPOs separately, adding novelty to the study. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to establish the factors affecting the financial investment decision-making of an investor, with specific reference to investors' emotions and how various events such as festivals, the pandemic and sports matches affect their investors' investment decision-making. The authors further intend to understand the role of these investor emotions in creating stock market anomalies. Design/methodology/approach: Twenty-nine semistructured exploratory interviews with fund managers from the top 10 asset management companies in India, who deal with individual investors regularly, were taken. The interviews were conducted to identify and describe the underlying ideas and sentiments that influence an individual's investment behavior. Findings: Although risk and return are the primary motivators of investment decisions, fund managers' daily interactions with individual investors are affected by unpredictability and technical ambiguity, and investing is an inherently emotionally arousing process, according to the findings of the in-depth interviews. Originality/value: To the best of the authors' knowledge, this study is one of the first studies in Indian market to report the views of financial professionals about the emotional aspect of investors in making an investment decision. With most of the research conducted using quantitative methods, the current study brings in the perspective of financial professionals using primary data. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to examine the cryptocurrency adoption (CA) level among Indian retail investors who use cryptocurrency as an investment and mode of transaction. Design/methodology/approach: Through self-administered survey questionnaires, data is collected from 397 retail investors of Haryana (India). This study adopted a quantitative method using partial least squares structural equation modeling (PLS-SEM). Findings: This paper offered a robust model with a high explanatory value for CA in which four of the five proposed factors of diffusion of innovation theory (trialability, compatibility, complexity and observability) and one of the two proposed factors of consumer behavioral theory (perceived value) significantly influences CA. More specifically, the absence of regulatory support is a barrier to the broad adoption of cryptocurrencies, as its regulations are necessary to mitigate or minimize uncertain outcomes. Research limitations/implications: This research primarily focuses on CA in India. Thus, it can be extended to cover diverse other countries for more precise results. Practical implications: The results provide insights to the government to design the policies, better regulate and make investment strategies that can ultimately enhance CA. In addition, the study's results also inform financial educators, policymakers, employers and academicians about the significance of several variables affecting CA in India. Social implications: From a social standpoint, this study is an advance that directs central banks and governments to develop, regulate and manage digital currencies and implement a digital currency ecosystem. Moreover, the results assist in understanding investors' perceptions and decision-making perspectives toward cryptocurrencies through the country's digitalization. Originality/value: This paper fills the study gap to assist policymakers and cryptocurrency experts in broadening their knowledge base and recognizing prioritized intentions. Additionally, this study provides a theoretical model with the latent variable for a present and pertinent matter. [ABSTRACT FROM AUTHOR]

The impact of socio-economic factors on the Mutual Funds' investment pattern in India with reference to the frequency and time period of investments of retail investors is attempted. The paper also recognizes the financial objectives and, proposes a model facilitating the investment behavior of the retail investors. The Principal Component Analysis (PCA) and Chi-square test were conducted to evaluate both the significant demographic impact on investment patterns as well as the pertinent perception of the investors towards particular mutual fund/s selection. The study reveals that mutual fund is now being considered as one of the important investment options among the investors irrespective of their gender and age. The findings further support the impact of educational and income levels on the preference of investment in mutual funds. The study also reveals that the investors are inclined more towards this investment avenue mainly due to its ease of investing, higher returns and the minimum risk associated with investing in mutual funds. [ABSTRACT FROM AUTHOR]

This article evaluates the winners and losers of the energy transition playing out around the Pavagada solar park in Karnataka, India. We analyse how the innovative land leasing and competitive tendering mechanisms of the 'Pavagada model' have shaped the socio-ecological relations and outcomes of the project. We show the solar park has provided investors with low-risk returns, state electricity distributers with low-cost power, and larger landowners with new income streams. However, we find that the model is entrenching colonial, gender, and caste-based inequalities and oppressions, particularly for landless agricultural labourers who have lost their sources of livelihood. We argue that when renewable energy policy is primarily concerned with reducing costs and managing risks for private investors and state actors, the potential benefits of energy transition will not be equitably shared. The case of Pavagada demonstrates the need for democratic ownership and control of renewable energy. [ABSTRACT FROM AUTHOR]

Besides large institutional investors, small and medium investors also play an active role in the investment market, and it is noticed that mutual funds are a major attraction for retail investors. Mutual funds allow investors to pool their savings in complicated securities, stocks and/or bonds and enjoy the benefits of diversification. At the same time, the decision to invest in and exploit the benefits of a mutual fund largely depends on how knowledgeable and competent the investors are. In this backdrop, the study seeks to determine the level of investor awareness regarding mutual fund investments. The sample for the study comprised 50 respondents from the northern region of Kerala, India who had invested in mutual funds. It is found that investors have an average level of mutual fund knowledge, and there are no disparities in their knowledge levels based on gender, educational background and age group. The findings underline the need for developing awareness among potential investors with regard to mutual fund investments. [ABSTRACT FROM AUTHOR]

Global investors have recently turned their attention from traditional financial transactions to environmental investments. Numerous investors around the world are interested in corporate initiatives tackling global concerns including, climate change, work equity, and poverty eradication in addition to economic ones. According to surveys, millennials are more likely to acquire a product from a company that has a positive reputation in terms of the environment and society. With the idea that businesses that follow ethical, environmental, social, and regulatory practices can access financial services, investors are actively considering ESG investment prospects. ESG investing has increased recently in India. Nevertheless, this may just be the initial phase, as greater stakeholder knowledge about the significance and benefits associated with sustainable investments in emerging economies is vital. The intent of the current study intended to gain an understanding of investors' perceptions of environmentally friendly practices and how they affect their investment choices given the context of the aforementioned backdrop. According to our research, investor attitudes that are impacted by ESG perception result in investment decisions, and ESG activities can serve to control the relationship between ESG activities and investment decisions. For investors to have a favorable attitude, it is also essential that they are aware of the company's contribution to environmental protection. Therefore, it is advised that practitioners create strategies and choose a variety of platforms (such as advertisements, social media, or the corporate website) for disseminating the business's environmental initiatives. The results showed that the association between investment choices and investor attitude is mediated by investor attitude. Inspite of the impact's limited scope, it should be taken into account. [ABSTRACT FROM AUTHOR]

Purpose: One of the adverse effects of COVID-19 is on poor economic and financial performance. Such economic underperformance, less demand from the consumer side and supply chain disruption is leading to stock market volatility. In such a backdrop, this paper aims to find the impact of COVID-19 on the Indian stock market by analyzing the analyst's report. Design/methodology/approach: The sample includes a cross-sectional data set on selected Indian firms that are indexed in BSE 100. The authors calculate the score of disclosure tone by using a textual analysis tool based on the analyst report of selected BSE 100 firms' approach in tackling COVID-19's impact. The relationship between the tone of the analyst report and stock market performance is examined. This empirical model also survives robustness analysis to establish the consistency of the findings. This study uses both frequentist statistics and Bayesian statistics approach. Findings: The empirical result shows that tone has negative and significant influence on stock market performance. This study indicates that either analysts are not providing value-relevant and incremental information, which can reduce the stock market volatility during this pandemic situation or investors are not able to recognize the optimism of the information. Practical implications: This study provides an interesting insight regarding retail investors' stock purchasing behavior during the crisis period. Hence, this study also lays out crucial managerial implications that can be followed by preparers while preparing corporate disclosure. Originality/value: In the concern on pandemic and its impact on the stock market, this study sheds light on investors' preferences during the crisis period. This study uniquely focuses on analyst reports and investors' preference which has not been studied widely. To the best of the authors' knowledge, this is the first study in the Indian context, which aims to understand retail investors' investment preferences during a pandemic. [ABSTRACT FROM AUTHOR]

This study investigates the anchoring bias and disposition effect in investor trading decisions under different market volatility conditions (stable and volatile markets) and examines their impact on portfolio performance. Employing a quasi-experimental design, participants engage in interactive trading with four securities—two with potential negative returns and two with positive returns—within a simulated asset market. The findings reveal the presence of both the disposition effect and the anchoring bias among individual investors in India. Notably, market volatility influences these behavioral biases, with the disposition effect more pronounced in volatile markets, while the anchoring bias is significant in stable markets. Furthermore, investors exhibiting the disposition effect tend to have lower portfolio performance, while those influenced by the anchoring bias achieve relatively better results. These insights can aid individual investors in recognizing their behavioral biases and making informed trading decisions to enhance portfolio performance. Additionally, this study presents valuable suggestions to financial institutions and regulatory government agencies engaged in similar experiments, with the goal of improving financial decision-making and investment behavior. [ABSTRACT FROM AUTHOR]

Purpose: Behavioral finance proposes that psychology of the individual plays a vital role in investment decisions. Therefore, this study aims to examine the influence of one of the important disciplines of psychology, i.e. personality on investment decision-making by incorporating financial satisfaction as an intervening variable and gender as a moderator. Design/methodology/approach: The data of 406 valid responses were collected through structured questionnaires from individual investors of Indian stock market and analyzed using structural equation modeling. Several invariance tests were also conducted to perform the multigroup analysis of gender on the mediated model. Findings: The results revealed that extraversion, agreeableness, conscientiousness and neuroticism significantly influence investment decision-making through financial satisfaction. While financial satisfaction significantly mediates the indirect relationships between personality traits and investment decision-making for both males and females, no significant differences among males and females were found in the mediated model. Research limitations/implications: The current study covers a limited geographical area of North India. In addition to this, it is cross-sectional in nature and incorporates only limited factors for predicting investment decisions. Practical implications: The study possesses numerous significant implications for financial practitioners, advisors, investors, academicians and researchers in the field of behavioral finance. Originality/value: This study suggests a moderated mediation approach, which incorporates financial satisfaction as a mediator and gender as a moderator. To the best of the authors' knowledge, so far, no study has been conducted in this context, and it will enhance the understanding of investment decisions of individual investors. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to examine earnings management around initial public offerings (IPOs) in India. It also explores the influence of issue characteristics on earnings management around the IPOs. Design/methodology/approach: A sample of 511 IPOs that came during April 2003-March 2019 is studied for calculating earnings management for pre-issue, issue and post-issue years. Using Cross-Sectional Modified Jones Model, the paper presents earnings management on the basis of three proxies i.e. discretionary accruals, discretionary current accruals and discretionary long-term accruals. The influence of issue characteristics on earnings management practised around the IPOs is also observed through correlation and multiple regression analysis. Findings: The paper finds that earnings management is abnormally high during the issue year compared with pre-issue and post-issue years. It also unveils that profitability, premium, age, and size of the issuer significantly determine the level of pre-issue and issue year earnings management practised by Indian IPO issuers. Research limitations/implications: The findings are useful to stakeholders (potential investors, analysts and regulators) to observe, assess and understand the quality of financial numbers that are based on fallacious disclosure of accounting figures. It provides insight into the possibilities of managed earnings around the issue that could influence investors' decision-making. Further, the study reflects the efficacy of Indian regulatory norms for IPOs. Originality/value: To the authors' knowledge, it is the only Indian study that had used an extensive data set of about two decades to calculate earnings management during pre-issue, issue and post-issue years. The uniqueness of the study further lies in three proxies of earnings management representing short-term and long-term accruals. Moreover, it is the first study to observe the influence of IPO issue characteristics on earnings management. [ABSTRACT FROM AUTHOR]

Purpose: This study estimates the impact of changes in the mutual fund distributor incentive structure on distributor-advised mutual fund flows. The authors employ two recent major policy interventions by the Indian self-regulatory authority and the financial market regulator – one partial ban and another complete ban on upfront commissions – paid to mutual fund distributors on distributor-advised mutual fund flows. Design/methodology/approach: The authors use novel distributor-level data across the 198 largest distributors in India between 2013 and 2020 and a series of pooled panel random-effect generalized least squares models with robust standard errors to explore the effect of changes of distributor commissions on distributor assets-under-management (AUM), gross sales, commissions and changes (%) in the number of investors in alternate investment avenues like portfolio management services (PMS). Findings: Changes in the incentive structure have a significant negative effect on mutual fund flows at an aggregate level and within MF distributor categories. A significant diversion of investor funds toward PMS is noted, which paid higher upfront commissions to distributors during the same period. Practical implications: The authors posit that these two developments are not mutually independent and that both fall out of the aforementioned policy changes by Securities and Exchange Board of India and Association of Mutual Funds in India. The study findings have implications for all stakeholders in the Indian mutual fund industry and, by extension, for Indian and global alternative investment avenues. Originality/value: This study is the first to explore the effects of these two major policy interventions by regulators on mutual fund flows in India. [ABSTRACT FROM AUTHOR]

In the last two decades, research on behavioural biases has grown dramatically, fuelled by rising academic interest and zeal for publication. The present study explores the mediating role of risk perception on the relationship between heuristic biases and individual equity investors' decision-making. The study uses Partial Least Square Structural Equation Modelling (PLS–SEM) to examine the survey data from 432 individual equity investors trading at the National Stock Exchange (NSE) in India. Risk perception is found to play a partial mediating role in the relationship amid overconfidence bias and investment decision-making, availability bias and investment decision-making, gamblers' fallacy bias and investment decision-making and anchoring bias and investment decision-making, whereas it is found to play the full mediating role in the relationship between representativeness bias and investment decision-making. The result of the present study provides valuable insights into the different behavioural biases of capital market participants and other stakeholders such as equity investors, financial advisors, and policymakers. The present study solely relied on the heuristic biases of individual equity investors. However, in the real world, many other factors may impact the investment decision of individual equity investors. This has been considered a limitation of the study. The present study solely relied on the heuristic biases of individual equity investors. However, in the real world, many other factors may impact the investment decision of individual equity investors. This has been considered a limitation of the study. [ABSTRACT FROM AUTHOR]

Purpose: Ownership concentration (OC) is an essential element of corporate governance (CG) for a firm's performance. The purpose of the study is to investigate the connectivity of OC (particularly considering promoters' holdings) with the firm's financial distress (FD) of non-financial firms (NFF) listed in India. Design/methodology/approach: The panel data regression analysis (applying quantile regression for the 25th quantile, 50th quantile, and 75th quantile) is employed to inspect the connection between OC (promoters' holdings) and the firm's FD (computed using Altman Z-scores). The data for a cross-section of 78 listed firms (non-financial) in India, considering the time frame of five years (2015–16 to 2019–20), are cumulated for the study. The leverage (leverage ratio), competition (Lerner index), valuation (mcap), sales, and profitability (net profit margin) variables are incorporated as control variables. Findings: The study's findings reveal that OC (promoters' holdings) positively relates to the firm's FD because OC negatively associates with Zscore (as Zscore is inverse to FD). Additionally, the non-linear association also indicates positive connectivity of OC and Zscore (a U shape association), alternatively showing a negative non-linear connection of OC (promoters' holdings) with the firm's FD (inverse U shape association). This result implies that initially, promoters' holdings enhance the firm's FD, and after a maximum threshold, promoters' holdings start reducing FD in non-financial listed firms in India. The findings also show an interesting aspect of OC at different quantiles. The results indicate that a higher OC is powerful when distress is both high and low to achieve stability. Conversely, less OC among promoters is required to achieve such stability when the distress is medium (50th quantile). Research limitations/implications: The scope of the study is limited to NFFs listed in India, which is one of the limitations of the present paper. Hence, this does not provide evidence for financial firms. Only one aspect of OC (promoters' holdings) is considered in the current study. However, OC can also be explored for FD in terms of institutional and retail investors. These limitations can be considered as the present study's future scope. Originality/value: Most of the studies regarding OC have explored the broader aspect of OC. However, the current study has narrowed the OC to promoters' holdings. No other study exclusively examines the association of OC (as promoters' holdings) with the firm's FD. Promoters' holdings have a more significant role in a firm's CG practices because of direct involvement of promoters' holdings in business activities. Thus, the present study's findings have notable implications for managers, policymakers, and investors concerned with the financial health of firms. [ABSTRACT FROM AUTHOR]

Investment satisfaction is the measure of the quality of services provided to the investors. Studies conducted in the past revealed that the investment industry in India is growing but still struggling to win investors’ confidence. Since an investors’ experience is very important for him to invest in the stock market, an attempt has been made to develop and validate a scale for measuring the investment experience of individual investors in the Indian stock market. The data for the study were collected from primary sources using a pre-tested and well-structured questionnaire. Factor Analysis and Confirmatory Factor Analysis were used to analyze the collected data. The study’s findings revealed that the factors, namely ‘Intermediaries’, ‘Regulator (SEBI)’, ‘Issuing Company’, ‘Use of Technology’ and ‘Investment Instruments’, are important factors determining the overall experience of investors about the stock market. [ABSTRACT FROM AUTHOR]

This paper attempts to examine investor perceptions of SIP and how SIP can gain and increase investor income. The research is carried out using the following SIP Axis Bluechip Fund, DSP Equity Fund, ICICI Prudential Bluechip Fund,Edelweiss Large cap fund and Kotak Bluechip Funds. The mutual fund is a vehicle for diversifying one's portfolio of assets. People tend to concentrate on low- risk investments like PPF, bank deposits, insurance policies, and real estate. However, relying too heavily on fixed income investments is just as risky as investing in stocks. For them, investing in mutual funds is a safer choice. SIP is the best choice for those who want to make daily long-term investments. SIP investments are flexible because investors can choose to stop investing in a plan at any time or may choose to increase or decrease the investment amount. SIP is usually recommended to retail investors who do not have the resources to pursue the active investment. From the research it is understood that people are aware about the tax benefits from investing in SIP. Also to create greater investors awareness about the various schemes offered by the fund house, the fund house should invest in advertisement. [ABSTRACT FROM AUTHOR]

Purpose: The disclosures in banks have become a matter of grave concern, especially post 2008 world financial crisis. The issue further gets exacerbated because disclosers in banks are part of the III pillar of BASEL-II floated in 1999, and despite that, banks face challenges in this regard. Ownership concentration (OC) is a point of discussion because it may affect banks' corporate governance and transparency and disclosures (T&D) issues. This study aims to determine how OC affects the transparency in the banks. Design/methodology/approach: A T&D index is built into the study covering all the relevant contemporary issues regarding disclosures in banks. The panel data specification is used to find out the association of components of the OC on the T&D practices in the banks. Bank data of 34 banks are gathered for four years for the study. Findings: It is found that except for retail investors, other classes of OC are not concerned with the disclosures in the banks even though substantial financial and non-financial interests are at stake concerning them. The study's findings suggest framing policies and regulations considering the accountability of promoters and institutional investors for ensuring disclosures in banks. Research limitations/implications: A few proxies to measure T&D found in the literature have not been used in the study. Similarly, the definition of promoter's class of investors can be improved. Originality/value: To the best of the authors' knowledge, no other study builds T&D for banks and examines their impact because of the ownership classes (as used by the current study). This study is unique in this aspect. [ABSTRACT FROM AUTHOR]

Purpose: The behavioural decision-making process of individuals highlights the importance of investors' sentiment and their correlation with the real economy. This paper aims to contribute to the literature of behavioural finance by examining the influence of contextual factors on investment decision-making. Design/methodology/approach: Using a questionnaire, a total of 445 valid responses were collected from March to May 2021 through online sources. The current study uses a technique of Fuzzy-analytical hierarchical process (AHP) to assign relative weights to various contextual factors influencing investment decision-making. Harman's single factor test was used to check common method bias. Findings: Results of the study reveal that accounting information, self-image/firm-image coincidence, and neutral information as the top-ranked factors in influencing investment decisions, whereas advocate recommendation and personal financial needs emerged as less important factors in influencing investment decisions. Research limitations/implications: The current study collects data from Indian stock market investors, which may limit the generalization of the study to India only. Moreover, this study is cross-sectional in nature, and there are numerous factors that are not part of the study but might significantly influence the investors' decision-making process. Practical implications: The research has implications for both academicians working in the area of behavioural finance and practitioners' who are active in stock markets, more specifically dealing with retail investors and in the domain of personal finance. Also, the current study will accommodate different groups, i.e. policy makers, financial advisors, investors, investment professionals, etc. in carrying out their professional work. Originality/value: The current study will provide a comprehensive overview of individual investor behaviour. To the best of the authors' knowledge, the present study is one of its kind to use the Fuzzy-AHP technique for evaluating the relative ranks of contextual factors influencing investment decision-making. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this study is to examine the impact of corporate governance (CG) on the shareholding level of retail investors in Indian listed firms. Design/methodology/approach: Primarily, a broad CG-index was constructed based on the Indian Companies Act, 2013; Clause 49 listing agreement; and Securities Contracts (Regulation) Act, 1956. Thereafter, a panel data approach has been used to examine the association between CG attributes and retail shareholdings (RSs) during 2014–2015 and 2018–2019. Findings: Authors find that the firm-level CG quality positively affects retail investors' shareholding level. The results explain that among various attributes of CG, retail investors pay more attention to firms' audit and board information while making investment decisions. The results also reveal that the influence of CG attributes on RSs is lesser for group-affiliated, mature and large-sized firms than for stand-alone, young and small-sized firms. Practical implications: First, the study provides new insight to the firms for increasing retail-shareholding levels and complying with India's ongoing minimum public shareholding norms by improving CG practices concerning specific CG mechanisms. Second, it illuminates the regulators and policymakers to monitor and strengthen firms' governance quality in light of ongoing regulatory reforms. Originality/value: This study is a new investigation that explores the impact of CG on investment decisions of retail investors from the perspective of an emerging economy. [ABSTRACT FROM AUTHOR]

Purpose: The primary objective of the study is to discover the most prominent criteria and sub-criteria among environmental issues, social dimensions and corporate governance factors that may impact individual equity investors' investment decisions. Design/methodology/approach: The present study collected data from 438 individual equity investors from the North Indian region. To achieve the objectives of the study, a fuzzy analytic hierarchy process (Fuzzy AHP) was applied. The key considerations of the study were environmental, social and governance (ESG) factors. Findings: The governance criterion was discovered to be the most significant factor influencing individual equity investors' investment decisions among the three ESG factors, followed by environmental criteria, while social criteria were shown to be the least influential. Research limitations/implications: The present study solely looked at ESG issues as drivers of stock investors' investment decisions. In the current world, however, many other factors, including behavioral biases, accounting information, ownership structure and fundamental analysis, can have a substantial influence on investors' investment decisions. Practical implications: The study's findings widen the theoretical contribution in the field of responsible investment by asserting how ESG factors influence investors' investment decisions in the equity market. From a practical standpoint, this study applies to retail and institutional investors, portfolio managers, financial advisors, market regulators, corporations and society at large. Originality/value: To the best of authors knowledge, no attempt has been made to prioritize the ESG issues that impact the investment decisions of individual equity investors. Ergo, this study contributes to the existing literature on socially responsible investment. [ABSTRACT FROM AUTHOR]

Mutual funds have been the subject of inquiry and investigation by academics, researchers, and professionals in the field of finance. It is essential to the growth of the mutual fund industry that investors have a widespread readiness to accept mutual funds as a solid investment. Investors come from a wide range of socioeconomic backgrounds, and they also differ in terms of the rates of return they anticipate earning and the amount of risk they are ready to face. It is quite difficult to produce products that may fulfill the requirements of investors if one does not first determine the demographic and economic characteristics of these individuals. By analyzing the level of risk an investor is willing to take, one may infer the patterns of asset allocation they will use. When investing in mutual funds, it is essential to determine the factors and considerations that influence the investment decisions made by investors. The track records of mutual fund schemes are formed via the use of periodical performance evaluations. These reviews also act as an aggressive marketing technique for the purpose of obtaining cash from individual investors. The following are the objectives of the study to study the perception of the investors towards the mutual fund and to analyze the investors' behaviour towards mutual funds. The study is qualitative in nature carried out in during the month of August 2022. To understand the investors' perception towards the mutual funds, 250 sample respondents having investment in the mutual funds are purposively selected. The information is collected through Google forms and analyzed with the help of SPSS. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to measure the intrinsic characteristics of the Indian capital market through the long and short strangle options strategies. The study uses the trigonometric ratio Tan θ to form the monthly angle between strategy profit and Nifty closing. Further, the results of monthly angle formation have been verified by the regression analysis. The result of the angle formation indicates that the short strangle option strategy may perform better on the Nifty Index in the future. To the best of our knowledge, this is the first research where different properties of any index through the strangle options strategies using the Angle (Tan θ) have been analyzed on the Nifty Index of India. These findings will help investment management companies, retail investors, and investment advisors for profit maximization while trading in Nifty. [ABSTRACT FROM AUTHOR]

In India, post economic liberalisation period starting from early 1990s opened up new vistas for rapid development of Indian stock markets accompanied by high volatility in stock exchanges. The volume of trade increased rapidly with more number of retail investors beginning to invest in equity shares of listed companies in specific industry sectors. This brought to the fore the importance of analysis of business and financial risks associated with such investment decisions. Every rational investor will do well to analyse the risk and return before investing in any stock or security. The investment process must be considered in terms of both risk and return. The present study deals with the estimation of business risk and financial risk of the selected companies in selected industries, based on empirical analysis. For the study, six industries such as Automobile, Cement, Paint, Paper, Pharmaceuticals and Personal Care(FMCG) have been selected from the Indian industries from April 1996 to March 2020. The findings of the study revealed the extent of the relationship between business and financial risk and return in specific sectors of industry in India. [ABSTRACT FROM AUTHOR]

Purpose: The genesis of "shareholder activism" in the USA may be traced back to several decades, but it only evolved in India at the start of the 21st century. This paper aims to explore the concept of "shareholder activism" in the Indian context, in light of the New Companies Act, 2013. The act is envisioned as a precursor to invoking the intention of shareholders to confront managers. Further, it aims to look at the possibilities of using tools of shareholder activism to make companies aware of their concerns. Design/methodology/approach: Authors explore the concept of shareholder activism with the help of textual analysis, using R. Then, the authors study the mediating effects of "shareholder's intention towards activism" between the "regulatory mechanisms" and "the usage of various tools of activism", using the partial least square approach. Findings: Regulatory mechanisms, such as the Companies Act, 2013, enhance the shareholders' power to sensitise companies towards various corporate governance issues. It also increases their intention towards shareholder activism, eventually leading to favourable opinion on using various tools of "activism" in their investee companies. Practical implications: This study is a unique attempt to assess the minority shareholders' potential to become active in their investee companies induced by changes in the rules and regulations of a country. Originality/value: Shareholder activism in India has not been thoroughly explored thus far. This paper specifically studies the opinions of retail investors, who possibly could increase companies' accountability towards their minority shareholders, especially in light of the New Companies Act, 2013. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to test the serial mediation effect of attitude toward socially responsible investing (SRI) and social investing efficacy (SIE) on the relationship of knowledge about SRI with the intention to invest in SRI along with moderating effect of religiosity. Design/methodology/approach: The study uses a quantitative analysis approach, wherein the data has been collected from 569 north Indian retail investors. Partial least square (PLS)-structural equation modeling has been applied in this study using the latest version of SmartPLS (v. 3.2.8) software to examine the complex model of serial and moderated mediation. Findings: Attitude toward SRI and SIE significantly and serially mediate the relationship between knowledge about SRI and intention to invest in SRI. Also, the interaction effect of religiosity with knowledge about SRI is significant only for SIE and not for attitude toward SRI. Research limitations/implications: The study is cross-sectional in nature conducted only on the north Indian investors. Besides knowledge, there can be many other personal or social aspects that might affect SRI intention that have not been taken into the study. Practical implications: The results suggested that the companies, financial advisors and governmental bodies can improvise upon social and environmental performance reporting so that investment in SRI can be promulgated. Social implications: The paper concludes that religious-minded people are more open to the idea of investing in SRI. India, being is a religious-minded country, the results of this study suggest that there is good potential for the development of SRI in India. Originality/value: Empirical evidence regarding the relationship of SRI intention with its determinants is limited in Asian countries. Prior literature mainly provides evidence from developed countries where social and governance systems are comparatively stronger. The study provides evidence for the bright future of SRI in India, where investor's beliefs are dominated by their religious values. [ABSTRACT FROM AUTHOR]

Currency derivatives are futures and options contracts in which a definite sum of a specific currency pair is dealt on a pre-set date in the future. Trading currency derivatives is like dealing with stock and futures options. However, the underlying resources are currency pairs such as US Dollar - Indian Rupee (USDINR) or Euro Indian Rupee (EURINR) and not stocks. Currency options and currency futures are transacted on the surroundings of foreign exchange market. The foreign exchange rate is the worth of a foreign currency in contrast to the home currency. The core partakers in currency dealing in India are banks, corporations, exporters and importers. The main objective of this study is to analyse the trading mechanism of currency derivatives in India regarding volume of contracts and number of trade and its performance between the period May 2021 to April 2022. The findings of the study make a case for improving market access to enhance competition which may result in better currency derivative trading for investors. [ABSTRACT FROM AUTHOR]

Purpose: This paper developed a theoretical and research framework by identifying the behavioral biases in investment decision and by presenting a review of the available literature in the field of behavior finance-related biases. This paper aims to present a compressive review of the literature available in the public domain in past five decades on behavior finance and biases and its role in investment decision-making process. It also covers insights on the subject for developing a deeper understating of the behavior of investor and related biases. Design/methodology/approach: The work follows the comprehensive literature review approach to review the available literatures. The review carried out on different parameters such as year of publication, journal of publication, country, type of research, data type, statistical technique used and biases identified. This is a funnel approach to decrease the number of behavior biases up to six for further research. Findings: Most of the existing works have summarized behavior finance as an emerging area in finance. This indicates the limited valuable research in developing economy in this area. This literature review helps in identifying major research gap in this domain. It helps in identifying the behavior biases which work dominantly in investment decision-making. It would be interesting to explore the area of behavior biases and their impact on investment decision of individual investors in India. Originality/value: This paper worked on literature prevailing on the subject and available on various online research data source and search engines. It covers a long time frame of almost five decades (1970-2015). This paper is an attempt to look at the impact of behavior finance and biases and its role in investment decision-making process of the investor behavior. This study builds up a strong theoretical framework for researchers and academicians by detailed demonstration of available literature on behavior biases. [ABSTRACT FROM AUTHOR]

India's entrepreneurial spirit has gained momentum recently, and its finest startups have helped it become a strong nation. The move by the government of India to strengthen the startup sector in India has created a positive impact on entrepreneurs all over the country. Several startups have made a mark on the world and changed howstartups are perceived. However, many startups were not successful for various reasons. Despite the best intentions of founders and investors, the lack of scalable ideas results in the failure of 9 of 10 Indian startups. This research paper aims to provide some insight on enhancing entrepreneurship's reach and propose a system that can assist entrepreneurs in raising money from retail investors. This research was done based on secondary data collected from multiple sources of evidence, in addition to books, journals, websites, and newspapers. [ABSTRACT FROM AUTHOR]

This research study's goal is to assess the empirical study of Bitcoin adoption based on market efficiency and factors that affect investors' perspective. Empirical research is the focus of this study. India was chosen as the study's location because of the nation's remarkable advancement in the banking and investment sectors, despite its comparatively late entry into these sectors relative to other nations. As a result, an adoption model was examined using an expanded version of the market efficiency model that included new factors. Individual investors of various ages (n=383) made up the sample. The analysis and assessment method for the model was decided upon as structural equation modelling (SEM-AMOS) as well as One Way ANOVA and reliability analysis. The findings revealed that the perceptions of market efficiency, supply, demand, and rival crypto currencies influence Indian investors' decisions to buy Bitcoin. On the other hand, it was discovered that the desire of Indian investors to invest in Bitcoin was not significantly impacted by simplicity of use, profitability, awareness, subjective norms, or trust. [ABSTRACT FROM AUTHOR]

Equity mutual funds are a popular way for small investors to pool risk capital. The Government of India created the Equity-Linked Savings Scheme i.e., ELSS mutual funds in 1992 to encourage such an investment culture by providing tax benefits to the investors along with healthy returns. However, the tax benefits are accompanied by certain regulatory provisions. These provisions appear to increase the investment risk associated with these vehicles. So, the question arises whether the historical performance analysis of ELSS funds reflects higher investment risk? Do ELSS funds outperform Benchmark Indexes in terms of risk-adjusted returns? This study attempts to address these issues by examining the performance of the selected ELSS Funds over the last ten years. [ABSTRACT FROM AUTHOR]

Behavioural finance is emerging field with wide scope. In the absence of enough of literature in Indian context, understanding of individual investor's behaviour towards stock market by the policy makers, institutions, market infrastructure institutions, and companies find it challenging. The behaviour is caused by the reaction to different factors/attributes. In order to understand the factors that influence the investor's investment decision a study was undertaken in Indian stock market consisting of 10 sectors with 30 companies listed on BSE-30 SENSEX. A research instrument consisting of 14 attributes was designed and sent to 2100 respondents. 467 responses were collected over a period of 6 months and KANO model was developed to classify the information into 'must be', 'linear', and 'delight' attributes. It was found that 'must be' attributes include condition of financial statements, current economic indicators, and the result of technical analysis and 'insider information' is a 'delight' attribute. The study revealed the factors are affecting the decision making of investors. The consideration of factors for investment decision making is sector specific and helps various parties in understanding the investment decision behaviour of investors'. [ABSTRACT FROM AUTHOR]

Stock markets worldwide have witnessed high volatility during the year 2020 owing to the eruption of Covid-19. Due to the world's unprecedented economic challenges, this study could potentially guide financial advisors and individual investors in dealing with pandemics. An association between investors' perception toward the intensity of Covid-19 and heuristic biases is analyzed using the responses of 290 stock investors of National Capital Region (NCR), India. The data are validated through Cronbach's alpha, and the model fit is analyzed using EFA. Confirmatory factor analysis (CFA) is employed to investigate the relationship between Covid-19 and heuristic biases. Covid-19 does not have any influence on the overconfidence of investors. A significant positive relationship is found between Covid-19 and the remaining three heuristics, i.e., availability, anchoring, and representativeness. The present study analyzes the association between Covid-19 and specific investors' bias only and should not be interpreted for causality. The study has the potential to guide investors in understanding the errors they are making while investing during the pandemic and the ways to deal with them. The study could provide insights to the financial advisors in understanding their customers. The implications of the study may include inputs of the errors committed by them during the pandemic. Despite the fact that an enormous amount of literature exists in the field of investors' sentiment, a scarcity of literature is available that measures the relationship between heuristic biases and the perceived impact of the pandemic. The current study attempts to fill this gap in the literature. [ABSTRACT FROM AUTHOR]

The risk taken by the investor depends on several independent variables like: personality, biological age, investment experience and income. The main aim of this article is to combine all these variables in order to build an exhaustive risk profile on the basis of the Big Five Personality dimensions. The research method applied is exploratory in nature and questionnaire survey method was employed to gather data from 436 secondary equity market investors residing in the Chennai city of India. ANOVA was employed to develop the risk profile. The outcome of the research was an exhaustive risk profile combining all the related variables and a regression model predicting the equity returns. The main conclusions of the study are that the investors with the more of the conscientiousness personality tend to take less risk. This finding was also consistent among the senior investors, high income investors and those with mediocre/high investment experience. The study also concluded that the agreeable investors with high income/high investment experience, tend to take less risk. Only the young investors with more of the conscientiousness personality tend to take more risk and with more of the extraversion personality tend to take less risk. This study serves as a guidance for advisors to provide appropriate recommendations on the basis of the risk appetite and personality of the investors. [ABSTRACT FROM AUTHOR]

The study examines how individual heterogeneity in respect of awareness and perceived risk attitude impacts the psychological biases like heuristics, prospects, markets and herding and thereby investment behaviour of retail investors. The study uses a structured questionnaire to collect direct responses from a sample of 450 retail investors from the state of West Bengal, India. It introduces Cronbach alpha for reliability test of the scale used, factor analysis including Kaiser-Meyer-Olkin (KMO) test to assess the relative importance of the factors considered under the variables, correlation coefficient and probit regression model to establish the relationship between the variables. The study finds awareness and perceived risk attitude to regulate one or the other psychological biases and thereby shape retail investor's behaviour. The study provides important corollaries in the sense that it helps the stakeholders of the personal finance industry to critically understand the psychological interactions attached to the investment decisions of individual investors. [ABSTRACT FROM AUTHOR]

Jaggery is the unrefined form of concentrated sugarcane juice obtained by its continuous heating in traditional plants (TPs). The lack of technological advancements in these plants causes high bagasse consumption and low thermal efficiency. In present research work, a modified plant (MP) having two pans is fabricated to overcome these drawbacks. The improved plant has modified boiling and gutter pans with fins at the bottom to enhance its heat transfer capacity. A TP has also been fabricated and tested for comparison purpose. The performance of these plants has been compared on the basis of performance parameters. The rates of heat utilization (31.23%), water evaporation (32.92%), jaggery production (44.83%), and thermal efficiency (35.32%) of MP are found higher, while the rates of bagasse consumption (4.41%), heat generation (3.38%), heat loss (20.66%), temperature of exhaust gases (8.92%), and draft generated (6.12%) are observed lower than that of TP. The improvement in performance parameters of MP has reduced the concentration time in boiling pan by 8% which makes the plant an economical and fuel self‐sustainable. The actual results obtained for the plants have also been compared with theoretical values and observed in good agreement. The experimental errors have also been evaluated. Practical applications: The traditional jaggery manufacturing plants are tiny in size and run by the farmers on their own level with small investments. These plants are designed by local artisans without any technological advancements and are placed in decentralized sectors of India. Any technological upgradation requiring large investment would not be affordable for the farmers. The innovations involving very less investment and modifications in existing plants are acceptable. Moreover, innovations must be universal that can be implemented in different types and capacity of the plants. In present research work, fins are fitted at the bottom of boiling and gutter pans of a two pan jaggery manufacturing plant that enhanced the heat transfer capacity of pans and consequently, improved the overall performance of the plant. The fitment of fins at the bottom of pans is universal that needs very less investment and constructional changes, thus affordable for small investors. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to examine whether investor's awareness, risk perception, and prior investment experience have any effect on the equity investment. The study is based on primary data collected using multistage random sampling method. We apply binomial logistic regression for analysis and observe that both awareness and past experience influence equity investments. We, however, also observe that risk perception plays no role in equity investments. We propose that appropriate policy measures can enhance the awareness level and experience of the investors regarding equity investment. To increase the individual investors' participation in the equity market, in the context of India, we propose that regulators and policy makers focus on making people experienced in this field. Government should nudge individuals by incentivizing equity market investment to increase market participation. Employers can also impart investment education to the employees to make them aware about equity investment and consequently increase equity investment. [ABSTRACT FROM AUTHOR]

The behavioral finance is biased behavior of investor decision making over investment, the irrationality in investment judgment linked with traditional material gold bind up with emotional incidents leads to behavioral biases. The study is to identify the relationship between qualification of an investor and the behavioral biases influence on decision making of material gold investment and also study has been performed to identify the personality traits involved in the behavioral biased judgment of decision making on investing funds on material gold. The correlation analysis has been made to find out the relation that exists between qualification and behavior biases of individuals and also factors listed out for biased personality traits. The sampling unit has been taken on 123 samples in all profiles. The concluding observation is that there is no relationship between qualification of an investor and the behavioral biases influence on decision making of material gold investment and the study reveals that there are three elements biased behavior based on personality traits consists of cognitive biases, incidental emotional biases and inherits emotional biases. [ABSTRACT FROM AUTHOR]

Increased awareness and education of individuals have led to their increased involvement in financial activities. Now it is felt that economic development can be achieved by ensuring the participation of individuals in financial activities. With the development of the securities market in India, awareness of individual investors has become important to design financial education and awareness programmes that will help them to participate in the stock market. Therefore, an attempt has been made to develop and validate a scale for measuring investment awareness of individuals in Indian stock market. The data for the study were collected from primary sources. Factor Analysis and Confirmatory Factor Analysis have been used to analyze the data. The study revealed that investment instruments, sources of information, intermediaries involved, regulatory measures and risk management measures are important factors determining the overall awareness of investors about the stock market. Workshops, seminars and conferences should be organized to improve an investor's knowledge about the innovative instruments in the stock market. Reading financial newspapers such as The Economic Times and visiting stock market related websites can help an investor to gain insights into the new developments. Financial intermediaries as well as SEBI should try to create awareness among individuals so that they can make better investments. [ABSTRACT FROM AUTHOR]

In the current capitalist world, several theoretical and conceptual studies have established that man is effortlessly irrational in nature at the time of making investment decisions. Behavioral finance concentrates on how psychological effects can affect market outcomes. Thus, this concept is gaining more significance as it helps in elucidating the difference between the actual behavior and the expectations of a resourceful and rational investor behavior. Therefore, it is important to understand the behavior due to the uncertainty in the Indian economy. The present study examines the significance of behavioral finance in filling the gap between the actual decisions and influencing variables by comparing the different heuristics prevailing in India (Bengaluru city) with the help of various types of investors. Moderating effects are used, and technical anomalies are examined based on different heuristic concepts like anchoring and adjustment, herd mentality, overconfidence, outcome bias and self-control bias. The type of investors chosen for this study are conservative, moderate, aggressive, and retired investors. India is chosen as it is a developing country and the economy is prone to misfortunes arising out of the impacts, that is, volatility in the stock market and mispricing of the securities. A statistical study is carried out to evaluate the impact of heuristics on investment decision making and the results show that there is a significant difference between some of the heuristics adopted and the various types of investors' decision making. [ABSTRACT FROM AUTHOR]

The case study is about the entrepreneurial journey of VG Siddhartha (VGS), Chairman and Managing Director, Coffee Day Enterprises Limited (CDEL). The case study describes the various dimensions of VGS as an entrepreneur, the causes of the 'self-doubt' in his entrepreneurial journey, the role of financial management and diversification strategy in his entrepreneurial development, and his dramatic fall. VGS was acknowledged as the Coffee King of India. He was responsible for creating India's popular coffee hangout place called Café Coffee Day (CCD). CCD gained immense popularity among the young and urban population. VGS was also acknowledged for the strategic investment decisions he took as an investment banker and as an investment analyst. VGS was enthusiastic and energetic, and was considered a visionary entrepreneur in India. His suicide in July, 2019 brought his entrepreneurial journey to an abrupt end and left the entire business world and the entrepreneurial ecosystem in India in a state of shock. In a note, VGS stated pressure from income tax department and private equity investors as a cause of his death. The incident raised several questions with respect to the challenges being faced by entrepreneurs in India. [ABSTRACT FROM AUTHOR]

Purpose: The authors examine the industrywise investment preferences of foreign portfolio investors (FPIs), domestic institutional investors (DIIs) and retail investors in the Indian context. They also investigate the factors influencing their preferences. Design/methodology/approach: Using the quarterly shareholdings and returns data of the Indian market from March 31, 2009 to March 31, 2018, the authors employ analysis of variance to study investors' preferences and a random effect panel data model to examine the factors that influence these preferences. Findings: FPIs hold proportionally more stocks in service-oriented industries and large-cap firms, DIIs hold proportionally large numbers of shares in paper industries and retail investors hold proportionally more shares in chemicals and textiles. FPIs prefer stocks with a high export-to-sales ratio and firms registered on a foreign stock market. Domestic investors, especially retail investors, prefer small-cap stocks and firms whose operations require local knowledge. In addition, industry heterogeneity determines investment decisions. Firm-specific and macroeconomic factors that influence investment decisions differ across industries. Finally, government policies and reforms also play a key role in attracting investors. Practical implications: Policymakers can identify the key variables that influence investment, which can help direct and regulate investment in India and similar emerging markets. Originality/value: This study fills a research gap by addressing how industry-level heterogeneity affects investors' preferences in terms of the industrywise preferences of different types of investors and the factors that influence their preferences. [ABSTRACT FROM AUTHOR]

Mutual fund is an intermediary that mobilizes the money of small investors by sparing them from the responsibility of individually selecting securities from the market and provides them with the benefit of diversification, professional management, liquidity, tax deduction, etc. However, it is suggestive that the investors must examine the past performance of the mutual fund schemes before investment. In the present study, the performance of open-ended short-term debt mutual fund schemes has been evaluated using risk-adjusted measures such as, Sharpe ratio, Treynor ratio, Jensen alpha, Appraisal ratio, MM measure and Information ratio for the period April 2015 to March 2020. It was found that Baroda Short Term Bond Fund and Indiabulls Short Term Fund were the pre-eminent performers while JM Financial Short Term Fund and Tata Short Term Bond Fund were the nastiest performing schemes during the study period. Further categorization of these schemes according to their years of inception (experienced) indicated no significant difference between their performances. However, investment in experienced or non-experienced mutual fund schemes seems promising. [ABSTRACT FROM AUTHOR]

Financial scams have become common in India. Indian stock markets have been witnessing the occurrences of financial scams and investors losing out money due to the scam's impact. This bad investment experience of financial fraud in the stock market creates a negative notion amongst investors and discourages them from investing in stock markets. This research paper tries to understand, interpret, and explore the investors' reactions towards financial scams of the companies in which they have invested and how those past experiences of monetary loss in financial scams have affected their future investment choices. A systematic review of existing literature was conducted to make an in-depth analysis of the mind space of investors who have lost their savings and investments and to understand their mindset post the financial scams. The analysis subsequently helped acknowledge that the investors have reacted to the financial scams. The reactions have negatively impacted the percentage of money invested in shares and stock markets, which is in turn affecting the stock market capitalization. [ABSTRACT FROM AUTHOR]

Retail investors are becoming increasingly worried about financial investment, which, after many financial crises, makes it challenging for financial service companies in India to devise marketing strategies. This paper provides a review of scientific, peer-reviewed articles that examine the consumer buying behavior towards investment in life insurance, mutual funds and Unit-Linked Insurance Plans (ULIPs). The research articles were obtained following a literature search on prominent databases like Web of Science, EBSCO and Google scholar. There are dozens of studies identifying behavioral analysis of retail investors. However, this paper makes an emphasis on the thematic analysis to identify factors and to uncover nuanced findings of retail investment decisions from an Indian perspective. The discussions that the authors present allow seeing how the investment behavior pattern of retail investors is shaping the financial investment discipline. The review's findings are organized to provide a critical diagnosis of existing research and an opportunity to advance in behavioral analysis of retail investors' research. [ABSTRACT FROM AUTHOR]

There is a lack of a holistic perspective on bank performance. This study proposes a multidimensional (three-pronged) approach encompassing regulation, profitability, and nonperforming assets (NPAs) and their interactions as a measure of the performance of a bank. Moreover, the impact of equity holdings of promoters, institutional investors, and retail investors on the proposed three-pronged approach of the bank performance are also explored. Values of the concerned variables were gathered from 2016 to 2019. The dynamic panel data method was applied to empirically test the proposed model. The main findings supported the premises of the proposed approach to bank performance. Furthermore, various ownership classes provided mixed results for their impact on bank performance. Unfavorable roles of promoters and institutional investors and an indifferent role of the retail investors group were startling outcomes of the study. Successful empirical endorsement of the proposed approach for bank performance provides a fresh perspective and has varied policyand managerial-level implications. The findings regarding various shareholder groups (ownership classes) can be a catalyst to set the policy for ownership distribution in banks, as well as shareholder protection and activism, which are conspicuously absent in India. [ABSTRACT FROM AUTHOR]

We examine the investment behavior of Foreign Portfolio Investors (FPIs), Domestic Institutional Investors (DIIs), and retail investors based on past returns in the Indian context. Using the quarterly shareholding and return data of Indian firms from 2009 to 2018, this study employs m × n momentum strategy proposed by Jegadeesh and Titman (J Finance 48(1):65–91, 1993). A robust correlation-based comprehensive technique is used to find momentum and contrarian behavior. It is observed that FIIs and DIIs show momentum behavior in the short run in the market whereas retail investors show contrarian behavior. Moreover, Retail investors' contrarian behavior is found to be stronger in past losing firms. This study also reports that FIIs show the momentum behavior in service-oriented industries while contrarian behavior of retail investor is stronger in firms which require local knowledge. These findings may be useful for policymakers, portfolio managers and academicians in emerging markets economies. [ABSTRACT FROM AUTHOR]