We examined volatility spillover effects from five prominent global stock markets to India’s stock market during the pre-and-post COVID-19 outbreak using daily adjusted closing prices between January 2019 and September 2021 from six capital markets. The structural breakpoint was identified as 23 March 2020, as per the breakpoint unit root test, to examine and compare the results pre-and-post COVID-19. Results show that previous period news and volatility feeds the next period’s volatility significantly and the volatility is found to be persistent. The analysis also shows that during the pre-COVID period there is a negative significant volatility spillover from four of the five selected stock markets (Australia, China, Japan, and Germany) to the Indian stock market, and that spillover continues in the post-COVID period. There is a positive significant return and volatility spillover from the US market to the Indian stock market in the post-COVID-19 period. The results of our study will be useful for retail investors and portfolio managers in understanding the portfolio allocation methods in case of volatility spillover arising due to the crisis caused by the COVID-19 outbreak.

The purpose of the paper is to develop a risk measure in the form of a risk index and a governance index as an indicator of the quality of governance structure. Using the Delphi technique, two indices are developed (risk index and corporate governance index (CGI)); subsequently, using the 10-year (2005–2015) data of top Indian Public Sector Undertakings (PSUs) and diff-GMM regression (to deal with endogeneity), indices have been validated. Though the data set may appear old, it has only been used to test the risk index and analyze the results. Empirical evidence on indices indicates that Indian PSUs have ‘moderate’ risk levels and ample scope for improvement in their governance structure. Further, a positive relation between governance index and returns and negative relation between risk index and returns lend credence to the indices developed in the study. Notably, the governance index appears to be a moderating variable in the relationship between risk and return. It is perhaps the first study to put forth a comprehensive measure of risk to measure risk levels of PSUs and prescribe a measure of the quality of governance structure. While constructing the CGI, certain non-compliances were observed, even in terms of mandatory requirements, such as the proportion of PSUs may take independent directors. The new datasets may further check for compliance and its effect on the results. Such infringements call for stringent penal provisions and better monitoring of PSUs. Further, if the normative frameworks are adhered to as per the study by the Securities and Exchange Board of India (SEBI) and Ministry of Corporate Affairs (MCA), more effective and efficient decisions with lower risks, and hassle-free management resulting in better return on assets and return on equity.

Purpose: This paper attempts to assess the performance of Baldridge Award winners to their counterparts in similar industry. Design/Methodology/Approach: For this research, publicly available financial data for Baldrige award winner is used. Financial data was downloaded from CompuServe database. Data for fifteen Baldridge award winners from 1989 to 2003 was available and used in this study. Findings: The findings show that increase in earnings and sales growth of Baldridge Award winners is more than that of the control group, indicating that total quality management can have positive impact on the bottom line. The results also give some indication that lean inventory and quality management go hand in hand. Research Limitations: This study is a pilot phase of a large-scale study. Further data needs to be collected so that issues discussed here can be explicitly hypothesized and tested. Such study will also have to explicitly test whether or not competitive advantage that can be gained from total quality management is eroding. In addition, there might be other non-financial variables that influence the performance of the company. These variables have not been considered in this study. Practical Implications: This study can be used as the ultimate tool to ensure the successful implementation of the TQM. Originality/Values: This study showcased the original work of the authors in the field of TQM.

The performance of technology companies listed on NASDAQ significantly impacts larger economic trends. Investors need specific information to navigate market volatility and make informed decisions in an increasingly complex marketplace. Furthermore, amidst the ongoing digital revolution, legislators and regulatory agencies must comprehend the operational dynamics of technology companies to develop frameworks that support innovation while maintaining market stability. Our study assesses the impact on the overall operational efficiency of NASDAQ-listed firms from 2011 to 2023, resulting from the interdependence of critical variables such as selling, general, and administrative expenses (SGA), cost of goods and services sold (COGS), and investments in research and development (R&D). Johansen’s cointegration methodology and pairwise Granger causality tests were employed to unveil long-term relationships, equilibrium adjustments, and causal relationships among the considered variables. The results provide critical insights into the strategic management of operational variables by the listed companies. The economic significance of the results obtained underscores the paramount importance of efficiently managing the cost of goods and services sold to achieve superior operating performance among these leading technology firms.

Our study shows how the United States government can achieve its goal of Nationally Determined Contribution (NDC) in 2025, 2030, and 2050 by reducing energy consumption through a pure carbon tax. To achieve its emissions reduction goals, it is necessary for the U.S. to impose a long-term carbon tax that balances taxes on labour, capital, energy, and carbon. Therefore, in this study, through the two-layer CGE Cobb–Douglas model, the carbon tax rate is set while balancing the production and profit functions of government, businesses, and households. This study concludes that the carbon price will increase from USD 0.4391/kg CO₂ in 2020 to USD 2.5671/kg CO₂ in 2050, when the CO₂ emissions reduction target is increased from 17% reduction in 2020 to 83% reduction in 2050 for the U.S.

This study examines the risk–return performance of Nifty100 ESG and the Nifty Enhanced ESG equity indices listed on India’s National Stock Exchange (NSE) relative to the conventional Nifty 100 benchmark from April 2011 to June 2023. Rather than asserting formal “abnormal returns” in the asset-pricing sense as per CAPM or multi-factor alpha estimation, this study documents systematic return outperformance and time-varying volatility dynamics using unit root tests, month-of-the-year dummy regressions with ARIMA error correction, and GARCH-family conditional volatility models. The two ESG indices delivered cumulative returns much higher than the broader Nifty 100 index. Conditional volatility peaked for ESG indices when compared to Nifty 100 during the April 2020 COVID-19 shock, indicating marginally greater ESG resilience. A distinct March effect, which is analogous to the January effect in developed markets, is observed to be significant for the ESG indices. Our findings underscore the growing importance of responsible investing and time-varying risk premia in the Indian equity market.