Sushil Kalyani
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Examining the nexus of infrastructure development and economic growth: Evidence from SAARC countries
Vinay Khandelwal, Varun Chotia
, Prashant Sharma
, Swati Soni
, Sushil Kalyani
doi: http://dx.doi.org/10.21511/ppm.22(4).2024.49
Problems and Perspectives in Management Volume 22, 2024 Issue #4 pp. 649-657
Views: 203 Downloads: 41 TO CITE АНОТАЦІЯThis study investigates the interconnected roles of infrastructure development, financial growth, and economic growth in SAARC nations. Using principal component analysis, the paper develops a composite infrastructure development index, which integrates factors such as access to electricity, telecommunications, air transport, and agricultural land use. This index serves as a comprehensive measure to assess and compare infrastructural progress across the region. Econometric analyses, including Pedroni’s and Kao’s cointegration tests, reveal long-term associations between the studied variables. The results demonstrate a bidirectional relationship between trade openness and GDP growth in the short term, as well as unidirectional influences from inflation to financial development and from infrastructure development to inflation. However, findings vary across SAARC countries, reflecting their diverse economic structures and development stages. Notably, Afghanistan is excluded due to data limitations, emphasizing the region-specific focus of the results. The study highlights the critical role of targeted infrastructure investment and financial sector reforms in fostering sustainable economic growth. Policymakers are encouraged to consider these findings when designing synchronized public and private sector initiatives to bridge development gaps. By offering detailed insights into region-specific dynamics, this study enriches understanding of the complex interplay between infrastructure, finance, and economic growth in emerging economies.
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Impact of environmental, social, and governance factors on the price discovery process in the Indian stock market
Prashant Sharma, Gaurav Agrawal
, C. T. Sunil Kumar
, Modish Kumar
, Sushil Kalyani
doi: http://dx.doi.org/10.21511/imfi.22(2).2025.21
Investment Management and Financial Innovations Volume 22, 2025 Issue #2 pp. 268-278
Views: 29 Downloads: 10 TO CITE АНОТАЦІЯEnvironmental, Social, and Governance (ESG) factors are important in evaluating a company’s performance while aligning investment with governance, ethical, environmental, social commitment, and sustainability goals. Recent years have seen an increasing focus on ESG factors, leading to a corresponding evolution in financial markets. ESG is emerging as a key factor among other non-financial performance indicators that impact market dynamics, price, and investment strategies. This study investigates the price discovery process at the firm level in reference to ESG in the Indian stock market. The data were analyzed for 11 key sectors using the daily closing prices in the spot market and futures market prices of selected firms, along with their respective ESG scores. The study used the stationarity test and order of integration test, followed by applying the Johansen cointegration test to analyze long-run co-integrating relationships among futures and spot market prices. Finally, the vector error correction mechanism (VECM) test was applied to detect long-term causality. Findings reveal that the price discovery process takes place in the Indian stock market and is significantly affected by the ESG factor. In the case of a high ESG score, the spot market leads the futures market, while for stocks with low ESG scores, the futures market price leads the spot price. Cement, oil, gas, and pharmaceutical sectors have shown a negative association between the price discovery process and ESG scores, while in the case of the service sector, the positive association is witnessed between ESG scores and the price discovery process between futures and spot prices.
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