The relationship of domestic institutional investors and India stock market returns: An ARDL bound testing approach

Journal of Transnational Management Pub Date : 2020-07-07 DOI:10.1080/15475778.2020.1789412

Purwa Srivastava, S. Varshney

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引用次数: 2

Abstract

Abstract Purpose This study explores the relationship of investment done by domestic institutional investors (DII) and stock market returns. The paper covers a bigger definition of DII’s, bifurcating them into four categories, (a) mutual fund, (b) venture capital fund, (c) financial institutions and (d) insurance companies who have invested in national stock exchange of India. Design/Methodology The study uses CNX Nifty 50 to represent the stock market of India. ARDL bound testing cointegration model is applied to find the relationship between the Dependent variable (nifty 50) and Independent variables (mutual fund, venture capital fund, Indian financial institution and insurance companies) Practical implication This analysis will help regulatory authorities to improvise on policy making on investment in stock market for insurance companies, financial institution, venture capital fund and mutual fund. The surge in domestic institutional equity inflows, will help to insulate the Indian equity market from the high velocity traders of overseas. Originality/value This is the first study to undertake domestic institutional investors at a disintegrated level.

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国内机构投资者与印度股市收益的关系：ARDL界检验方法

摘要目的探讨国内机构投资者(DII)投资行为与股票市场收益的关系。本文涵盖了DII的更大定义，将其分为四类，(a)共同基金，(b)风险投资基金，(c)金融机构和(d)投资于印度国家证券交易所的保险公司。设计/方法本研究使用CNX Nifty 50来代表印度的股票市场。运用ARDL约束检验协整模型寻找因变量(nifty 50)与自变量(共同基金、风险投资基金、印度金融机构和保险公司)之间的关系。实践意义:本文的分析有助于监管部门对保险公司、金融机构、风险投资基金和共同基金的股票市场投资决策进行即兴发挥。国内机构股票流入的激增，将有助于将印度股市与海外高速交易员隔离开来。原创性/价值本研究首次在分解层面上对国内机构投资者进行研究。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Transnational Management Social Sciences-Development

CiteScore

2.30

自引率

0.00%

发文量

期刊介绍： As the economic marketplace expands across continents and cultures, it is essential to establish a world-wide network of ideas and information that serves your transnational business interests. The Journal of Transnational Management (retitled from the Journal of Transnational Management Development to better reflect its focus) is an international forum that examines management research, teaching and training techniques, consulting, and development issues from a multicultural perspective, presenting practical business strategies that produce results on a global scale. The Journal of Transnational Management is a comprehensive resource for management in foreign environments, presenting an exchange of conceptual and empirical research on an international level. Articles written by business practitioners, management development experts, and academicians address issues related to firms, public enterprises, educational institutions, and nonprofit organizations throughout the world.