Arthshastra : Indian Journal of Economics & Research最新文献

{"title":"Impact of Geopolitical Risks on the Stock Market : Evidence from Large, Mid, and Small-Cap Stocks","authors":"Muhammadriyaj Faniband, Pravin Jadhav","doi":"10.17010/aijer/2023/v12i2/173180","DOIUrl":"https://doi.org/10.17010/aijer/2023/v12i2/173180","url":null,"abstract":"Purpose : This paper studied the impact of geopolitical risks (GPR) in the top 10 economies on India's large-cap, mid-cap, and small-cap stocks. Methodology : For the investigation, we employed the quantile regression technique using a monthly dataset from January 2004 to December 2020. Findings : We discovered some extremely interesting and valuable outcomes. First, geopolitical risk threats (GPRT) and China had a significant impact; additionally, GPR, geopolitical risks acts (GPRA), France, Germany, India, and the UK had a considerable impact; Canada, Japan, South Korea, and the USA had negligible impacts; and Italy had no impact on large-cap and mid-cap stocks. Second, GPRT and China had a significant impact; GPR, GPRA, India, and the United Kingdom had a considerable impact; and Canada, France, and Germany had a minimal impact on small-cap stocks. The aggregate impact of global and country-specific GPR on Indian LMS stocks was not homogeneous, showing that GPR in these economies did not uniformly influence Indian LMS stocks. Practical Implications : Our findings could assist investors in identifying market patterns, managing portfolio risk, anticipating probable stock market changes, and adjusting their investing plan accordingly. By implementing our results into their investing strategy, investors might be able to earn higher returns or minimize risk, and improve their total investment performance. Originality : As far as we know, this is the first study that looked at the impact of GPR in the top 10 economies on Indian large-cap, mid-cap, and small-cap equities.","PeriodicalId":488750,"journal":{"name":"Arthshastra : Indian Journal of Economics & Research","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136366381","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Indian Floriculture Industry : A Country-Wise Export Analysis","authors":"Naresh Kumar","doi":"10.17010/aijer/2023/v12i2/173179","DOIUrl":"https://doi.org/10.17010/aijer/2023/v12i2/173179","url":null,"abstract":"Purpose : This paper aimed to improve understanding of India's floricultural exports. It attempted to examine India's floricultural export performance in relation to the major importers of floriculture. Methodology : The data were analyzed using statistical approaches such as average, standard deviation (SD), coefficient of variation (CV), and CAGR. Six other indices were also considered. The analysis was entirely dependent on secondary data. Findings : India's floriculture production met domestic and international demand. In 2001–2002, India exported 18803.67 metric tons of floricultural goods for a total of ₹ 115.30 crores. In 2021–2022, the export was 23597.17 metric tons worth ₹ 771.41 crores. From 2009–2010 to 2021–2022, the CAGR was 2.779% of total floriculture exports. Malaysia, Hungary, Singapore, and the United Arab Emirates are the top four leading importers of Indian floriculture goods, with CAGRs of 25.31%, 22.92%, 17.85%, and 12.69%, respectively. Practical Implications : The research paper advised that more incentives be given to stimulate floriculture exports. Some countries’ growth rates for India's floriculture exports were low. As a result, increased demand for Indian floriculture from importing countries was critical. Based on the results of the country-by-country analysis, the export concentration was in a small number of countries, which caused worries for the Indian floriculture business. Originality : The current paper revealed an overall picture of Indian floriculture exports to facilitate the exporters.","PeriodicalId":488750,"journal":{"name":"Arthshastra : Indian Journal of Economics & Research","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136366686","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Relationship Between FDI and Exports in the Indian Food and Beverage Sector : An Empirical Study","authors":"Gurpriya Sadana","doi":"10.17010/aijer/2023/v12i2/173178","DOIUrl":"https://doi.org/10.17010/aijer/2023/v12i2/173178","url":null,"abstract":"Purpose : The current study focused on analyzing the effect of foreign direct investment (FDI) on export performance and identifying the factors responsible for the diverse export performance of the food and beverage sector of the Indian economy. The fundamental incentive for conducting such a study is the growing relevance of exports and FDI in the internationalization process as well as their role in corporate efficacy. Methodology : Besides FDI being the central variable, certain firm-level variables, namely capital intensity, debt-to-equity ratio, in-house R&D expenditure, embodied technology, disembodied technology, labor productivity, marketing costs, size, and age, were introduced as control variables. The Heckman and Tobit regression approaches were two-panel data techniques used to analyzed and compare the results. Furthermore, the results were computed and analyzed separately for the food, beverage, and manufacturing sectors (comprising the food and beverage sectors taken together). Findings : The findings revealed that regarding the variable FDI, the results were significantly negative, connoting that the nature of FDI is market-seeking intended to capture a more significant share of the domestic market without a subsequent increase in exports. FDI and exports were, hence, substitutes. In-house research and development and disembodied technology have an insignificant impact on export intensity. Capital intensity, debt-to-equity ratio, and embodied technology were significant variables and gave the same results across the methodologies used for the analysis. The results were different across the methods for labor productivity, marketing costs, size, size square, age, and age square. Practical Implications : From the point of view of policymakers, there was no increase in exports as FDI was market-seeking. The Government should formulate policies appropriately to draw in additional FDI that seeks efficiency. Additionally, while capital intensity and debt-to-equity ratios were highly detrimental, exports could be increased in India through labor-intensive technology and better financial conditions. Furthermore, importing raw materials and capital goods should be eased as this improves the quality of products produced for exports. Originality : To the best of our knowledge, this study is the first attempt to investigate the relationship between FDI and exports in the Indian economy’s food and beverage industry in the presence of heterogeneous firm-related characteristics. Understanding this link could help uncover the variables other than FDI that are responsible for varied export performance.","PeriodicalId":488750,"journal":{"name":"Arthshastra : Indian Journal of Economics & Research","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136366687","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Fiscal Policy Options and Responses During a Global Crisis : Lessons for the Developing Countries from the COVID-19 Pandemic","authors":"Bhaskar Sarmah, Pooja Sikka","doi":"10.17010/aijer/2023/v12i2/173181","DOIUrl":"https://doi.org/10.17010/aijer/2023/v12i2/173181","url":null,"abstract":"Purpose : This paper investigated the use of fiscal instruments to stimulate economic growth during periods of unprecedented challenges posed by the COVID-19 pandemic. It assessed how developed and developing countries utilized fiscal policy measures to mitigate the pandemic’s economic impacts. Design/Methodology/Approach : Using a comparative analytical approach, this paper compared the budgetary policies of industrialized and developing countries in reaction to the COVID-19 pandemic. It investigated the efficacy of fiscal mechanisms such as stimulus packages, tax relief measures, and social safety nets in alleviating pandemic-induced economic problems. The study collected and analyzed data to determine the speed and amplitude of fiscal policy responses. Findings : The study revealed that developed countries responded swiftly and effectively to the COVID-19 pandemic with robust fiscal policies. In contrast, due to fiscal constraints and vulnerabilities, emerging market economies (EMEs) faced limitations in their responses. Developed countries’ policies prevented job losses and poverty escalation; whereas, EMEs struggled to protect vulnerable populations. Practical Implications : This paper offered crucial practical insights for policymakers in developing countries, providing recommendations for better preparedness for future crises. Policymakers in EMEs could learn from the successful fiscal policy strategies of developed nations and emphasized the importance of flexibility, rapid response, and targeted support for vulnerable groups. Strengthening fiscal resilience and establishing a robust fiscal policy framework are vital for managing unforeseen crises effectively. Originality/Value : This research contributed to the literature by presenting a comparative analysis of fiscal policy responses to the COVID-19 pandemic and highlighted disparities between developed and developing nations. It underscored the significance of adaptive fiscal measures and served as a valuable resource for policymakers aimed to build economic resilience when confronted with unprecedented challenges, such as pandemics.","PeriodicalId":488750,"journal":{"name":"Arthshastra : Indian Journal of Economics & Research","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136366688","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}