Journal Articles
Permanent URI for this collectionhttp://10.0.100.92:4000/handle/123456789/21
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Item Revisiting the role of investor sentiment in the stock market(International Review of Economics & Finance,, 2025-06) Pham, Quyen; Pham, Huy; Pham, Tra; Tiwari,Aviral KumarThe stock market is a critical determinant of global economic growth, and investor irrational behaviors are remarkable forces that are not only forming stock prices but also determining the stock market's performance. To examine the significant impacts of those irrationalities, various methods have been applied to generate an investor sentiment index. However, isolating the irrational judgments of investors is a challenge and the existing sentiment indices are inefficient. To overcome this shortcoming, this paper develops a new investor sentiment index. We take into account only the irrational part of people's behavior biases that lead to misvaluation in stock markets, neither behavioral biases nor misvaluation per se. We then conducted several robust tests toward stock returns' predictability using time-series data for the U.S. and Chinese markets. Various empirical methods, including OLS, TVP-VAR model, and out-of-sample test are used in this study. Our results confirm the advantages of our index to assess the predictability towards stock returns compared to two common existing measures of investor sentiment: survey-based Consumer Sentiment Index and market-based Baker & Wurgler index. To the best of our knowledge, this is the first study that presents this novel approach to capture the irrationalities of investorsItem Repositioning green policy and green innovations for energy transition and net zero target: New evidence and policy actions(Sustainable Futures, 2025-06) Shoband,Olatunji A.; Tiwari,Aviral Kumar; Lawrence Ogbeifun cA growing number of countries and organisations pledge net-zero emissions, yet climate change continues to drive biodiversity loss and extreme weather, causing devastation to communities. Wildfires, floods, and hurricanes claim lives, destroy homes, and disrupt livelihoods, while shifting climate patterns lead to agricultural failures and food shortages, worsening hunger. Our study examines the role of green policies and innovations in advancing the energy transition and achieving net-zero targets across 24 OECD countries. We employ three empirical strategies—standard specification, GMM dynamic estimation, and Quantile via Moment regression—while addressing endogeneity and cross-panel correlation through Hausman-Taylor and FGLS estimators. Our findings reveal that past carbon emissions exert a strong influence on current emission levels, underscoring the long-term impact of historical emission patterns. Green policies, innovations, renewable energy adoption, and inclusive human development all significantly contribute to reductions in carbon emissions, suggesting that tools such as green taxation and technological innovation are crucial for accelerating the transition to a low-carbon economy. However, the positive correlation between economic growth and fossil fuel dependence highlights the urgent need to decouple economic growth from environmental degradation. Reducing reliance on fossil fuels is imperative to addressing environmental challenges effectively. Therefore, prioritising sustainable policies and investments is essential not only for mitigating climate change but also for securing a resilient, low-carbon future.Item How do foreign and domestic institutional investors drive the market value? The influence of family ownership(International Journal of Managerial Finance, 2025-01-20) Panda,Brahmadev; Tripathy, Sasikanta; Tiwari,Aviral Kumar; Yarovaya, LarisaPurpose This paper aims to investigate and compare the impact of foreign and domestic institutional investors on the market value of family and non-family companies. Subsequently, it examines how different degrees of family ownership influence foreign and domestic institutional investors and their value impacts. Design/methodology/approach The sample of this study includes 339 non-financial firms from NIFTY-500 for 11 years from 2011 to 2020, which contains 128 family and 211 non-family companies. Both static (fixed-effect model) and dynamic (two-step system generalized method of moments) models are employed to test the hypotheses. Findings Findings suggest that foreign institutional investors outshine domestic institutions regarding value creation. Meanwhile, higher (>50%) family holdings are detrimental to foreign institutional investors, while moderate holdings (26–49%) improve domestic institutional investments. The favorable effect of foreign players gets diluted with the higher (>50%) family holdings, while the adverse impact of domestic players improves with the moderate (26–49%) family holdings. Overall, partial family control is beneficial, while low and absolute family control is detrimental to market value. These findings indicate that institutional investors are family control-dependent, where the family control effect is not static. Originality/value This paper offers a novel perspective by addressing the effect of costs and benefits realized at three distinctive levels of family holdings on foreign and domestic institutional investors and their value impacts to witness differences caused by varying family control, which is not done earlier as per the best of our knowledgeItem Global value chains and economic growth: A study of resilience during the COVID-19 pandemic(Journal of International Development, 2023-12-27) Jangam, Bhushan Praveen; Venkatesh,Hari; Tiwari,Aviral KumarThis research examines the impact of trade related to global value chains (GVCs) and the COVID-19 pandemic on economic growth. To achieve this, we analyse a panel of 60 countries spanning from 2007 to 2021. Various models are estimated using the system generalized method of moments technique. The primary findings are as follows: Firstly, GVC trade is identified as a positive and beneficial factor influencing economic growth. Secondly, the interaction between COVID and GVCs reveals that GVCs continue to have a positive impact on economic growth even during the pandemic. Lastly, consistent and comparable results are observed across different GVC components, sectors and country groups. These outcomes provide valuable insights for policymakers, emphasizing the importance of GVC trade in fostering economic growth.Item Nuclear energy, human capital, and urbanization tackling environmental concerns in India: evidence from QARDL and quantile co‑integration(Environment, Development and Sustainability, 2024-03-14) Awan, Ashar; Kocoglu, Mustafa; Tunc,Ahmet; Tiwari,Aviral Kumar; Yusoff, Nora Yusma bte MohamedBesides being a nuclear power and home to 1.4 billion people, India is transforming through rapid urbanization. Given the contribution of urbanization to the improvement of living standards and economic growth, countries are pursuing it; however, policymakers are concerned about its impact on the environment. Against this backdrop, this study analyzed the influence of urbanization and nuclear energy on ecological footprints while also considering economic growth and natural resources. To this end, the study employed annual data from 1971 to 2017. The research used the innovative QARDL approach for a thorough examination of quantile dynamics to guide policymakers. Results revealed economic growth upsurges environmental degradation while human capital and urbanization reduce ecological footprints in India. Interestingly, nuclear energy is found to have a negative impact; however, it is significant at quantiles closer to the median. Furthermore, natural resources are found to be insignificant across all quantiles. The policy implications emphasize the importance of urbanization in achieving India’s sustainable environmental goals and long-run equilibrium.Item The role of ICT diffusion and institutional quality on financial inclusion in Asian region:(Electronic Commerce Research, 2023-07-12) Nasreen, Samia; Ishtiaq,Faryal; Tiwari,Aviral KumarThe diffusion of information and communication technology (ICT) has transformed the financial sector. Nowadays, ICT applications are widely used in the banking sector. Moreover, institutional quality contributes positively to the integrity of financial institutions. However, in the empirical literature, little evidence is provided about the role of ICT and institutional quality in increasing financial inclusion, especially in Asian countries. Therefore, the present research aims to fill this gap in the literature by examining the impact of ICT diffusion and institutional quality on financial inclusion in 22 Asian economies using annual data covering the period from 2004 to 2020. We have applied an innovative panel quantile regression model introduced by Powell (Quantile Treat Eff 1(28), 2016) for empirical analysis. The empirical findings show the significant effect of ICT diffusion and institutional quality on aggregated and disaggregated measures of financial inclusion, thus, confirming the importance of ICT diffusion and institutional quality in promoting financial inclusion as well as penetration, accessibility and usage of financial services in the Asian region. Furthermore, GDP per capita, urbanization and remittances are found to significantly determine financial inclusion in developing Asian countries. From the policy perspective, it is suggested that policies that enhance financial inclusion by promoting digital finance and strengthening the country’s institutions should be formulated.