Browsing by Author "Uchil, R."

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An analysis of diversification benefits of commodity futures using Markov regime-switching approach
(Inderscience Publishers, 2018) Jaiswal, R.; Uchil, R.
This study investigates the hedge and safe haven properties of individual commodity futures against stock market movements using a nonlinear regime-switching framework. Based on the results of Brock, Dechert and Scheinkman (BDS) test and information selection criterion, Markov-switching vector auto-regression (MS-VAR) model is applied with three regimes for gold and silver futures and with two regimes for crude oil, copper and zinc futures. The results demonstrate strong hedge and weak safe haven property of gold and silver futures, while it shows a weak hedge and weak safe haven potential of copper and zinc futures. Conversely, crude oil futures cannot be used as a safe haven against extreme stock market movements. In addition, portfolio analysis confirms that these findings provide significant information to investors for the construction of better risk-adjusted return portfolio. Â© 2018 Inderscience Enterprises Ltd.
An empirical analysis of social and market dynamics influencing investment decision making of equity investors in India
(Inderscience Publishers, 2024) Haritha, P.H.; Uchil, R.
This empirical study analyses the influence of factors such as market and social dynamics on the Indian equity market of individual investors. Due to advancements in science and technology, the media and the internet make the information quickly accessible to the investors. Technology advancement plays a major role in the process of investment decision making of equity investors. The aim of this paper is to study the influence of social and market dynamics influence of investment decision making by Indian equity investors. The various social dynamics, which influence investors’ decision-making, mainly includes media, internet and social interaction. Change in market conditions influences the stock market, which consequently influences the investment decision making of equity investment. To analyse the data, factor analysis and multiple regression were used. The results from a representative sample of individual investors pointed out that their resolution in stock selection was strongly influenced by the behavioural factors of those investors. The major findings of this study are to understand the social and market dynamics influencing investment decision making of equity investors in India. © © 2024 Inderscience Enterprises Ltd.
An analysis of diversification benefits of commodity futures using Markov regime-switching approach
(2018) Jaiswal, R.; Uchil, R.
This study investigates the hedge and safe haven properties of individual commodity futures against stock market movements using a nonlinear regime-switching framework. Based on the results of Brock, Dechert and Scheinkman (BDS) test and information selection criterion, Markov-switching vector auto-regression (MS-VAR) model is applied with three regimes for gold and silver futures and with two regimes for crude oil, copper and zinc futures. The results demonstrate strong hedge and weak safe haven property of gold and silver futures, while it shows a weak hedge and weak safe haven potential of copper and zinc futures. Conversely, crude oil futures cannot be used as a safe haven against extreme stock market movements. In addition, portfolio analysis confirms that these findings provide significant information to investors for the construction of better risk-adjusted return portfolio. � 2018 Inderscience Enterprises Ltd.
Identification of challenges to Industry 5.0 adoption in Indian manufacturing firms: an emerging economy perspective
(Taylor and Francis Ltd., 2025) Sahoo, P.; Saraf, P.K.; Uchil, R.
This study aims to identify a comprehensive list of challenges and empirically evaluate their impact on Industry 5.0 adoption, particularly in developing countries in Indian manufacturing firms. Challenges were classified into four significant categories: human, environmental, legal and ethical, and financial through an extensive literature review conducted and experts’ inputs. Multi-criteria decision-making (MCDM) is a method for analyzing complex issues by assessing multiple alternatives based on specific criteria. The analytic hierarchy Process (AHP) aids in selecting suitable options, while the analytical network processes (ANP) technique determines relevant criteria. A sensitivity analysis was carried out to validate the research findings. The most preeminent challenges were identified as human critical thinking, human-machine teams, incorporation of ethics, investment in Industry 5.0 technologies, human well-being perspective, over-dependency on technology, and personalization and hyper-customization 5.0, respectively, in the adoption of Industry 5.0. The comprehensive challenges proposed in the study will assist decision-makers, practitioners, and managers in determining fair benchmarking strategies to precipitate Industry 5.0. This research helps to gauge manufacturing firms’ readiness index to adopt Industry 5.0, provides a distinct perspective, and foregrounds the significance of research to assist the industry in its long-term to anticipate Production 6.0. © 2024 Informa UK Limited, trading as Taylor & Francis Group.
Identification of critical success factors for leveraging Industry 4.0 technology and research agenda: a systematic literature review using PRISMA protocol
(Emerald Publishing, 2024) Sahoo, P.; Kumar, S.P.; Uchil, R.
Purpose: The purpose of the paper is to identify existing and common critical success factors adapted for implementing Industry 4.0 technology, which is essential to survive in the vulnerability, uncertainty, complexity and ambiguity (VUCA) environment by using systematic literature review (SLR) methodology with the preferred reporting items for systematic reviews and meta-analyses (PRISMA) and content analysis strategy. Design/methodology/approach: The SLR methodology with the PRISMA and content analysis strategy adapted to review 74 papers in peer-reviewed academic journals and industry reports published from 2014 to 2021. Findings: Based on a review of relevant literature, two theoretical contributions have been added to the literature on Industry 4.0. First, this review reveals that 35 (47%) out of total 74 studies assessing the Industry 4.0 implementation in the manufacturing industry, the service industry can also create value through Industry 4.0 implementation, with a lot of potential to increase productivity, which literature has not explicitly focused on. Second, this paper proposes the 12 most common critical factors (training and development, organizational culture, top management support, organizational structure, innovation capability, technological infrastructure, security system, standardization of procedures, financial resources, communication and cooperation, change management and governance) that can be considered as the significant critical factors for successful implementation of Industry 4.0. Originality/value: The novelty part related to methodological perspective by using the PRISMA approach for systematic review, which cannot be found extensively in existing literature in the context of the Industry 4.0 phenomenon to analyze critical factors. © 2022, Emerald Publishing Limited.
Impact of investor sentiment on decision-making in Indian stock market: an empirical analysis
(Emerald Group Holdings Ltd., 2020) P H, H.; Uchil, R.
Purpose: The purpose of this paper is to analyze the relationship between the factors influencing investors sentiment and investment decision-making (DM) of the individual investors. This paper proposes a unique conceptual framework that incorporates the herding, market and awareness factors that are leading to investor sentiment (IS) and decision-making process of the individual investors. Design/methodology/approach: This study has conducted a questionnaire-based survey to collect data from 875 individual investors through the convenience sampling method. Structural equation modeling was used to evaluate the relationship between factors, namely, market effect, herd behavior, media, social interaction and advocate recommendation that influences IS and DM. Findings: The present study found that market effect and herding are the most significantly influencing factors of investors sentiment. Among the sources of awareness, the internet has the lowest influence when compared to media, social interaction and advocate recommendation. Practical implications: This study will help individual investors to avoid the problems faced while making an investment decision. The study could help investors to select a suitable investment aid and avoid repeating expensive errors, which arise due to investors’ sentiment. It is recommended to increase the awareness regarding investors’ sentiment among individuals, so as to increase their understanding about the financial settings and to make them confident while investing. The present study also sheds light upon the behavior of Indian individual investors so that policymakers can take appropriate measures to provide the proper guidance. Policymakers can conduct awareness campaigns to increase investors’ knowledge on the market condition and to enhance proper investment DM among them. Originality/value: To best of the authors’ knowledge, previous studies have focused on limited factors at a time. The present study has investigated how factors influencing investors sentiment, namely, market factors (MF), herding as well as awareness would influence investment DM among individual investors in India. The influence of these factors has never been studied simultaneously in the context of Indian individual investors’ DM. © 2019, Emerald Publishing Limited.
Influence of investor sentiment and its antecedent on investment decision-making using partial least square technique
(Emerald Group Holdings Ltd., 2020) P H, H.; Uchil, R.
Purpose: The purpose of this paper is to determine whether individual investor sentiment and its factors influence investment decision-making behavior in the Indian stock market. The study contributes to the novel conceptual framework that integrates the impact of investor sentiment and outlines the role of its factors (herding, media factor, advocate recommendation and social interaction) during the investment decision-making process. Design/methodology/approach: In this paper, data were collected using a structured questionnaire survey from Indian individual investors. It uses self-reported sources of information collected via a survey of individual investors and estimated the linkage via path modeling. The collected data were analyzed using partial least square structural equation modeling to examine the relationship between the construct, namely, herding, media, advocate recommendation and social interaction with investor sentiment and investment decision-making. Findings: The study shows that herding, media factor, advocate recommendation and social interaction significantly and positively influence the investor sentiment. Among all the factors, social interaction has the lowest influence on investor sentiment. The study also reveals that investor sentiment has a positive impact on investment decision-making. Practical implications: The study provides valuable insights for the individual investors, financial advisors, policymakers and other stakeholders. Knowledge of behavioral finance would enhance the decision-making capabilities of individual investors in the stock market. Thus, the study calls for the need to increase awareness among Indian investors about behavioral finance and its usefulness in investment decision-making. The paper also sheds light upon the influence of investor sentiment and its antecedents on investment decision-making. The study confirms that the investor relies on their sentiment while making investment decisions. Hence, the stakeholders in the stock market should focus on investor sentiment and other psychological aspects of individual investors as well. Originality/value: There are very few studies that deal with the behavioral aspects of individual investors in an emerging market context. The study mainly focuses on the antecedent of investor sentiment and its influence on investment decision-making in the Indian stock market. To the best of authors’ knowledge, the present study unique nature that examines the impact of the antecedent of investor sentiment which was not explored in the Indian context and investment decision-making of individual investors. © 2020, Emerald Publishing Limited.
Moving toward Bank 4.0 in India: a qualitative thematic analysis and future research agenda
(Emerald Publishing, 2024) Sahoo, P.; Saraf, P.K.; Uchil, R.
Purpose: The banking sector is more revolutionized than ever, with advanced technologies driving a seismic change in the financial industry. This study aims to understand how digital technologies influence banking sector employees and their perception of working in an era of Banking 4.0. Design/methodology/approach: This study incorporated qualitative analysis to gain different insights from diverse respondents from banking industries. A purposive sampling method was adopted, and semistructured interviews were conducted, taking a sample of 72 respondents. All the transcripts were then analyzed using NVivo. Findings: The findings focus on challenges related to understanding technology phenomena, managing changes, infrastructure, skills, competitiveness and regulatory mechanisms. This is further followed by the favorable impact of Banking 4.0 on employees and future avenues, such as innovation in financial services, work productivity, career opportunities and change management, banking 4.0 and banking 5.0, and banking 4.0 management strategies identified as the significant findings. Practical implications: This study provides guidelines for Banking 4.0 provision strategy and conceptual reference toward the development of Banking 4.0. It also supports the Enhanced Access and Service Excellence 4.0 program, driven by the Indian Bank’s Association, to focus more on digitization, automation and data analytics. Originality/value: The novelty of this research provides a qualitative hierarchy of significant challenges, favorable impacts and future research avenues of Banking 4.0 in the Indian banking sector. © 2024, Emerald Publishing Limited.
Physical environment and employee commitment: a moderating role of work autonomy
(Inderscience Publishers, 2022) Shenoy, V.; Uchil, R.
The purpose of this paper is to examine the impact of physical environment on employee commitment with a moderating role of work autonomy. The questionnaire was formed on the basis of previously validated methods. 269 employees from various information technology (IT) companies were interviewed. Confirmatory factor analysis (CFA) is used to establish the reliability and validity measurements and a moderated structural equation modelling (MSEM) is used to test the hypothesis. The result of the study showed an optimistic influence of work autonomy on physical environment and employee commitment. Since the study was undertaken in IT firms, the generalisation of the same across other sectors is not possible and therefore a scope for further studies. The research tries to bring a three dimensional model highlighting the importance of work autonomy combining physical environment and employee commitment. © © 2022 Inderscience Enterprises Ltd.
Prioritization of critical factors toward Industry 4.0 adoption in service industries: an emerging economy perspective
(Emerald Publishing, 2024) Sahoo, P.; Saraf, P.K.; Uchil, R.
Purpose: Significant developments in the service sector have been brought about by Industry 4.0. Automated digital technologies make it possible to upgrade existing services and develop modern industrial services. This study prioritizes critical factors for adopting Industry 4.0 in the Indian service industries. Design/methodology/approach: The author identified four criteria and fifteen significant factors from the relevant literature that have been corroborated by industry experts. Models are then developed by the analytical hierarchy process (AHP) and analytical network process (ANP) approach to ascertain the significant factors for adopting Industry 4.0 in service industries. Further, sensitivity analysis has been conducted to determine the sensitivities of the rank of criteria and sub-factors to corroborate the results. Findings: The outcome reveals the top significant criteria as organizational criteria (0.5019) and innovation criteria (0.3081). This study prioritizes six significant factors information technology (IT) specialization, digital decentralization of all departments, organizational size, smart services through customer data, top management support and Industry 4.0 infrastructure in the transition toward Industry 4.0 in the service industries. Practical implications: The potential factors identified in this study will assist managers in determining strategies to effectively manage the Industry 4.0 transition by concentrating on top priorities when leveraging Industry 4.0. The significance of organizational and innovation criteria given more weight will lay the groundwork for future Industry 4.0 implementation guidelines in service industries. Originality/value: Our research is novel since, to our knowledge, no previous study has investigated the potential critical factors from organizational, environmental, innovation and cost dimensions. Thus, the potential critical factors identified are the contributions of this study. © 2024, Emerald Publishing Limited.
Talent management strategies and customer delight: A conceptual study
(Associated Management Consultants Pvt. Ltd. editor@indianjournalofmarketing.com, 2019) Maben, A.S.; Uchil, R.
Managing talents of individuals has always been a challenge for business leaders. Delighting and engaging customers is also a key challenge faced by organizations in order to be competitive and sustain in the global market. This paper tried to analyze the concepts of talent and talent management for organizations. This paper developed a conceptual framework and aimed to review the various strategies for effective talent management and understanding its implications. It is an interdisciplinary approach in which strategic talent management is linked with organizational outcomes of customer delight. It tries to bring in an overall approach in terms of means and ends, the ends being customer delight. This paper tried to provide insights on concepts, strategies, and implications of talent management practices required forfurther empirical research. © 2019, Associated Management Consultants Pvt. Ltd. All Rights Reserved.
Time-varying conditional profitability of momentum strategies in commodity futures market: Evidence from India
(University of Malaya, 2020) Jaiswal, R.; Uchil, R.
Manuscript type: Research paper Research aims: This study aims to provide fresh evidence on the presence of momentum profitability in the commodity futures market of India. Design/Methodology/Approach: The sample of this study consists of highly traded commodity futures contracts taken from the commodity market of India over the period of 2006-2017. This study applies the conditional multi-factor model to test the time-varying performance of the momentum strategies. Research findings: This study confirms the existence of exceptionally high abnormal momentum profitability in the commodity futures market despite the consideration of transaction costs. However, subsample analysis and the application of conditional multi-factor model suggest that momentum profits are essentially time-varying. The low and insignificant correlation of momentum portfolios with stocks and bonds confirm that the relative strength of the momentum portfolios of commodity futures are part of an effective strategy to create a welldiversified portfolio. Theoretical contribution/Originality: This study examines the timevarying conditional profitability of momentum strategies for the commodity futures market of emerging economies such as India. The outcome enriches the small group of contemporary studies that have been conducted on commodity futures in relation to India. The most significant contribution of this study is the use of a conditional multi-factor model which assesses the possible role of time-varying conditional alphas and betas in defining the momentum payoffs in the commodity futures market in India. Practitioner/Policy implication: Policymakers should consider developing more lucrative policies which can attract institutional investors to the commodity market of India. This is because the domestic and foreign institutional investors are central to the enhancement and stability of the financial market. It is imperative to create awareness about the exceptionally high abnormal profits generating potential of the commodity futures that are used by professional money managers simply as a tool for price risk management. Research limitations: This study uses 13 highly traded commodity futures contracts of India to design the momentum strategies. The robustness of the high abnormal returns provided by these strategies can be further investigated through an extended study period, and by including medium and less liquid commodity futures contracts to create the momentum strategies. © 2020, University of Malaya. All rights reserved.