International Journal of Management, Economics and Commerce
International Journal of Management, Economics and Commerce is a leading international peer-reviewed Research journal that serves as an important forum for scholars, researchers, and professionals in the fields of management, economics and commerce. It is published Bi-annually (Two issues per year) and serves as an important platform for International Journal of Management Economics and Commerce to foster deeper knowledge of contemporary issues and challenges in management, economics, and commerce and to ensure and facilitate exchange of new ideas and research findings. works. International Journal of Management, Economics and Commerce welcomes high quality, original research papers, reviews, case studies, and theoretical articles that provide in-depth knowledge of modern issues and challenges in the fields of management, economics, and commerce. Our rigorous peer-review process ensures that only the most impactful and well-researched papers are published. As an English-language journal, International Journal of Management, Economics and Commerce promotes a global outlook and welcomes contributions to criticism from researchers around the world. Our objective is to promote excellence and disseminate cutting-edge research that can inform policy, practice, and future learning in the areas of management, economics, and commerce. Journal Particulars Title International Journal of Management, Economics and Commerce Frequency Bi-Annual (Two issues per year) ISSN Application-In Progress Publisher Department of Business Intelligence, Gujarat University Editor-in-Chief Prof. (Dr.) Mamta Brahmbhatt Starting Year 2024 Area Management, Economics and Commerce Language English Publication Format Online Email Id ijmec@gujaratuniversity.ac.in Website https://ijmec.org.in/ Address Department of Business Intelligence, Gujarat University, Ahmedabad-380009, Gujarat, India.
Department of Business Intelligence, Gujarat University
New Dimensions of Corporate Fraud by Key Managerial Personnel: Insights from Real Instances in India
Company is the form of business organization, where the owners are not the one who manages the business. Instead, here the fund providers - investors and lenders provide the finances, but the fiduciary duty to handle the funds in productive and risk-free manner lies in the hands of senior executives. Thus, there is a trust-based relationship between fund-providers and the management. But when the management misuses the funds for personal gain in illicit manner, such incidents shake the faith of the public from the modern economic ecosystem. India witnessed a series of scams from Mundhra Scam to Mehta Scam. The paper attempts to analyse the common techniques employed in the contemporary frauds committed by key managerial personnel in India. For completion of the aim, qualitative study is undertaken by employing secondary data-based case study method. Five cases of frauds committed by key managerial personnel from January to June,2025 has been considered. To make the study more inclusive, cases from different ownership structures and industries have been considered. The study undertakes cross-case analysis by adopting structured analysis with elements of ‘Fraud Triangle’ theory. The analysis identified some common patterns like forgery, manipulating accounting records, circular transactions, preferential allotment and collusion to commit the fraud. Along with safeguards, the study proposes strengthening of corporate governance mechanisms of whistle blowing, auditing and representation of independent directors to mitigate the possibility of fraud. For data of cases considered, the study utilizes journalistic sources. Further studies can be undertaken by enlarging scope and adding other sources of data.
fraud triangle, corporate fraud, key managerial personnel, promoters, fraud mitigation, corporate governance, cross-case analysis, structured analysis
Copyright (c) 2026 International Journal of Management, Economics and Commerce https://creativecommons.org/licenses/by-nc-nd/4.0
Digital Financial Literacy and Adoption of Digital Payment Systems Among Rural People in Gujarat
Digital financial literacy helps in enhancing financial inclusion and is motivating for the implementation of digital payment systems in rural regions of India. Though Digital India, Unified Payments Interface (UPI), and Pradhan Mantri Jan Dhan Yojana have improved the access to digital financial services, limited digital know-how, lack of awareness, and fear of security are the issues faced by a major share of rural population. Thus, there is a need for the development of digital financial literacy for enhancing the confidence level and use of digital payment systems. This study will examine the existing level of digital financial literacy and its impact on the acceptance of digital payment among rural population of Gujarat. In addition, the study will define the significant factors affecting digital literacy and payment adoption. The primary data has been collected through a structured questionnaire. Descriptive statistics, reliability analysis, correlation, regression, t-test, and ANOVA have been used for data analysis in the present study.
Digital Financial Literacy, Digital Payment Systems, Financial Inclusion, Rural People.
Regulating Access to Liquor through a Liquor Card System and Supervised Retail Outlets: Evidence from a Public Opinion Survey
Liquor retailing in Tamil Nadu presents a persistent policy dilemma: the trade contributes substantially to state revenue while simultaneously imposing severe social costs on families and communities. This study examines public receptiveness to an alternative regulatory model, namely the issue of "liquor cards" to consumers and the routing of liquor sales through supervised retail channels. Primary data were collected through a structured questionnaire from 123 adult respondents (mean age 37.8 years; 31.7 per cent self-reported drinkers) and analysed using SPSS. The findings reveal a sharp attitudinal divide. Respondents overwhelmingly agree that liquor consumption harms the family (78.8 per cent agreement; mean 4.27 on a five-point scale) and a majority acknowledge its contribution to government revenue (59.2 per cent agreement), yet they reject the notion that drinking is a "life-style" (64.7 per cent disagreement). Perceived feasibility of a liquor card system is low overall (mean 4.09 on a ten-point scale), and a majority reject eligibility criteria based on income (57.1 per cent) or occupation (72.5 per cent). However, drinkers, the population the scheme would actually govern, are significantly more receptive than non-drinkers: they rate feasibility higher (5.81 vs 3.32; p < 0.001) and 58 per cent of them accept an income-linked card as against 16 per cent of non-drinkers. The paper argues that these results support a carefully designed, harm-reduction-oriented liquor card system combined with supervised retail outlets, provided eligibility is de-linked from intrusive income and occupation tests, and offers concrete design recommendations for government consideration.
Foreign Direct Investment (FDI) and Its Macroeconomic Determinants in Emerging Economies: A Panel Data Analysis of India, Nigeria, and Brazil (1991-2024)
This study examines the macroeconomic determinants of Foreign Direct Investment (FDI) inflows in three major emerging economies: India, Nigeria, and Brazil over the period 1991-2024. Data were accessed from the World Bank database. Panel data analysis was employed to meet the objective. The analysis uses Pooled Ordinary Least Squares (OLS), Least Squares Dummy Variable (LSDV), Within Fixed Effects (FE), Random Effects (RE), the First Differences (FD) estimator, and the Between Estimator (BE). Pre-estimation diagnostics were also used, including Im-Pesaran-Shin (IPS) panel unit root tests, Pedroni panel cointegration tests, and Variance Inflation Factor (VIF) analysis. Also, the post-estimation diagnostics encompass the Breusch–Pagan Lagrange Multiplier (BP-LM) test, the Modified Wald test for group-wise heteroscedasticity, the Wooldridge test for first-order autocorrelation, the Pesaran Cross-sectional Dependence (CD) test, and the Hausman specification test. According to the Hausman test, the Fixed Effects (FE/Within) estimator is the preferred specification at P<0.01 level. Findings of the Fixed Effects reveal that trade liberalization, human capital development, and exchange rate positively affect FDI, while real GDP per capita and GFCF negatively impact FDI in the study countries. The study suggests important policy implications for attracting and sustaining foreign direct investment in emerging economies.
The Impact of ESG Disclosure on Firm Value with Reference to Indian Capital Markets
Environmental, Social and Governance (ESG) disclosure has become a significant concern in capital markets as investors increasingly evaluate companies based on sustainability data in addition to financial performance. In India, regulatory initiatives like the Securities and Exchange Board of India’s Business Responsibility and Sustainability Reporting (BRSR) framework have emphasized the significance of transparent ESG disclosure. The objective of the study is to evaluate the impact of ESG disclosure on firm value in Indian capital markets. Despite expanding global evidence confirming the value relevance of ESG disclosure, empirical research in the Indian context is lacking. The majority of present research focuses on corporate social responsibility expenditure or isolated environmental disclosures leaving a research gap in the area of full ESG disclosure and firm value. The study uses a quantitative research design with secondary data from 2019-20 to 2023-24. Purposive sampling includes Ten large Indian listed companies namely Reliance Industries Limited, TATA Consultancy Services, Infosys Limited, HDFC Bank, ICICI Bank, Hindustan Unilever Limited, ITC Limited, Larsen & Toubro, Bharti Airtel and TATA Steel. These businesses were chosen because of their extensive market presence, consistent ESG disclosures, access to credible firm value data and sectoral diversity making them the ideal for studying the ESG and firm value relationship in Indian capital markets. ESG data and firm value indicators such as Tobin’s Q and market capitalization are obtained from company websites and annual reports. Regression Analysis was used to find the impact of each ESG disclosures on firm value. The study is expected to suggest that more ESG disclosure boosts corporate value by improving investor trust and market valuation. The study’s main shortcomings however are its reliance on secondary data, the variability in ESG assessment techniques and small sample size.
Impact Of Goods And Services Tax On Industrial Growth Of Gujarat
India’s most important tax reforms took place in July 2017 with introduction of Goods and Services Tax (GST), which aims to improve tax efficiency by removing multiple tax systems. This paper studies how GST has affected industrial growth in Gujarat, which is one of the most industrialized states in India. This study examines the connection between GST intensity and industrial performance by using annual time-series data from 2011–12 to 2022–2023. In this study two econometric models are used to see the effects of GST on industrial growth. The first model studies the relationship between GST intensity (GST revenue collection relative to GSDP) and industrial growth, and second model tests for a structural shift in industrial performance using dummy variables for GST and the COVID‑19 pandemic. The models are studied using Ordinary Least Squares (OLS). The results shows that GST intensity does not have a statistically significant effect on industrial growth in Gujarat. Similarly, the structural dummy model does not provide strong evidence of a structural break in industrial growth after implementation of GST. However, the COVID‑19 pandemic shows a statistically meaningful negative impact on industrial growth during the study period. Overall, the findings shows that Gujarat’s industrial growth is influenced more by broader macroeconomic conditions rather than GST reform alone. The study contributes to the literature by providing state‑level evidence on the relationship between GST and industrial performance.
Understanding Content-Centric Determinants of OTT Platform Choice: Evidence from Viewers
The growing popularity of Over-the-Top (OTT) platforms has changed the consumption patterns of digital entertainment among young audiences significantly. This study examines the association between demographic characteristics and selected content-driven factors that determine the choice of OTT platforms. The study investigates four factors Content, Recommendation and Personalization, Social Trend and Influence. A total of 576 respondents aged 16-29 years from Ahmedabad were selected by convenience sampling and data were collected through structured questionnaire. The relationship between Gender, Age and Occupation with the selected factors was explored using Chi-Square tests. The results show that Content, Social Trend and Influence are not significantly related to the demographic variables under study. Likewise, Recommendation and Personalization are not significantly related to Age and Occupation. However, the Gender and Recommendation and Personalization had a significant association, which suggests that male and female viewers perceive personalized recommendations differently. It finds that demographic factors have little influence on content-related perceptions of OTT users. The results underpin the value of good personalization strategies, while showing that quality content is appealing across demographic segments.
A STUDY OF THE RELATION BETWEEN CORPORATE DISCLOSURE PRACTICES AND FIRM PERFORMANCE OF SELECTED INDIAN COMPANIES
This paper explores the correlation between corporate disclosure and firm performance based on evidence provided on the 15 sampled companies operating in the Automobile, FMCG, and Telecommunication industries during the five-year period (2018-19 to 2022-23). To gauge how much a company is transparent, a Disclosure Transparency Index (DTI) was created in which there are 40 compulsory and voluntary disclosures. Annual reports, SEBI filings, BRSR reports, and established financial databases were chosen as a source of secondary data to extract the required data, which constituted a strong panel dataset. The findings support a significant positive change in the disclosure practices over the period in study and this has been attributed to changing regulation regulations especially those in the LODR amendments of the SEBI and the implementation of BRSR regulations. Comparisons in terms of industry have shown that FMCG companies always show the highest level of transparency whilst telecommunication companies show the lowest. Correlation analysis indicates that there are strong positive correlations between DTI and key “performance indicators like ROCE (0.61), NPR (0.53) and Market Capitalization (0.67). The regression analysis also supports the fact that disclosure transparency has a significant positive improvement in financial and market performance even after the firm size, leverage, liquidity, and age factors are considered. This highlights the key findings of the study, that corporate transparency is not simply a regulatory requirement but a strategic factor of profitability, efficiency of operations and investor valuation. The study is significant to the body of literature on corporate governance by providing empirical data to support the claim that better disclosure practices can reinforce the firm performance and increase the long-term competitiveness of the Indian business climate.
Corporate Disclosure, Disclosure Transparency Index (DTI), Firm Performance
Integrated Farming Systems and Agro-Tourism Development in India: An Economic Analysis of Rural Income Diversification and Sustainable Livelihoods
India’s rural economy is undergoing a structural transition from production-centred monoculture toward diversified and multi-functional livelihood systems. In this context, the present paper examines the economic significance of Integrated Farming Systems (IFS) and agro-tourism as complementary strategies for rural income diversification and sustainable livelihood development. The study is grounded in the contemporary Indian context, where agriculture and allied activities contribute about 18% of total Gross Value Added, yet the sector still accounts for 43.0% of total employment in 2025, indicating continued dependence on a sector marked by fragmented holdings, seasonal vulnerability, and unstable income streams (Government of India, 2026a, 2026b). Simultaneously, the expansion of domestic tourism, with 2,509.13 million domestic tourist visits in 2023, has created growing scope for farm-based experiential enterprises and rural service-sector opportunities (Government of India, 2025). The paper adopts a descriptive and analytical approach based on secondary data drawn from government reports, policy documents, and recent scholarly literature. The analysis shows that IFS strengthens livelihood sustainability through enterprise diversification, resource recycling, risk reduction, and improved labour utilization, while agro-tourism extends the farm economy into hospitality, local food systems, direct marketing, and visitor-based services. Their integration transforms the farm from a purely productive unit into a multi-functional rural enterprise system capable of generating year-round and multi-source income. The study concludes that the IFS-agro-tourism linkage offers a viable pathway for strengthening rural resilience, women’s and youth participation, local entrepreneurship, and sustainable rural development in India. However, its long-term success depends on policy convergence, institutional coordination, credit support, infrastructure improvement, and targeted skill development.
Integrated Farming Systems, Agro-Tourism, Income Diversification, Sustainable Livelihoods, Rural Economy, India
Prospects and Challenges of Over-the-Top (OTT) Platforms in Entertainment Industry in India: An Overview
The paper discussed the prospects and challenges of Over-the-Top (OTT) platforms in entertainment in India. It has found that OTT platforms in India are becoming a media source. Cheap data rates penetration of smartplones and demand for localised content are contributing to an environment of the industry. The combination of increased production of localised/regional content, innovation technology advancements, and the fierce competitive landscaped created by both global and domestic OTT service providers is leading to the demise of traditional media. The new generation of technological and entertainment companies has emerged to disrupt the traditional model of television in India. OTT sector continue to transform the way that people access their entertainment, and will grow at an unprecedented rate in the future. The major source of income for Indian OTT platforms is through subscription video, on demand (paid subscriptions), and advertising Video on demand (ads on free contents) models. Besides this, the mix of global and local content is the min contributor to the revenue which is expected to grow substantially. The platforms are dealing with a number of issues such as the regulatory environment, competition, bans on bandwidth, the death of traditional cinema, along with customer experience and content addiction related problems. Hence, OTT platforms are the most powerful and permanent ones in the 21st century entertainment landscape and they continue to evolve and lead the innovation throughout the entire media ecosystem.
Entertainment Industry, OTT Platform, Internet, Subscriptions, & Mobile phone.
Impact of Supply Chain Management (SCM) practices on Nandkishor Roadlines: An Empirical Study
This study looks at how customer satisfaction at the petrochemical transportation business Nandkishor Roadlines is affected by Supply Chain Management (SCM) techniques. A structured questionnaire that focused on four aspects—time efficiency, supplier reliability, operational convenience, and technological adoption—was used to gather primary data from 103 clients. While time, supply, and convenience considerations had no discernible effect on customer satisfaction, technology-based practices—such as GPS tracking, electronic documentation, and real-time information sharing—had a considerable positive impact, according to data analysis using linear regression. The model's total explanatory power was limited (R2 = 7.8%), suggesting that client opinions are also influenced by other qualitative aspects including pricing, relationship management, and after-sales support. The study recommends prioritizing investments in advanced logistics technologies, staff training, and continuous feedback mechanisms to enhance service quality. These findings provide empirical evidence for technology-focused SCM improvements and lay the groundwork for further research on broader determinants of customer satisfaction in petrochemical logistics.
Supply chain management, Customer satisfaction, Nandakishor roadlines
CHALLENGE OF BUSINESS INCOME TAX IN THE CASE OF MEKELLE TOWN, TIGRAY, ETHIOPIA
For many decades, the tax contribution to GDP was much lower, and it needs improvements to its filing system, assessment, and collection process to enhance the government revenue. On the other hand, the Ethiopian government has a strong belief and commitment to poverty reduction and ensuring sustainable development, and it is impossible to achieve such a goal without generating sufficient revenue that can cover the government expenditure. To narrow the gap between the revenue and expenditure of the government, the effective collection of business taxes has played an important role. Therefore, the researcher tried to fill the tax gap by assessing the challenges of collecting business taxes in Mekelle town. To attain the objective of the study, the survey method was used, and data were collected by distributing questionnaires to a sample of 163 taxpayers and tax collectors in categories A, B, and C and conducting informal interviews with the tax collectors. The study focused solely on business income taxpayers. In the process of business tax collection, it was observed that different problems and challenges have been encountered, and the main challenges were the availability of illegal traders, the attitudinal problem of taxpayers towards the tax system, and the weakness of tax collectors in tax collection and administration. The research findings showed that most of the respondents have positively agreed with the availability of illegal traders in the town and negatively disagreed with the tax system and organizational strength of the tax authority. As a result, the branch office has lost a lot of birr per year. The study's findings recommend that the first step is to control unregistered traders. Secondly, there arises awareness that payment of taxes is compulsory and the duty of every responsible citizen for the common welfare and socio-economic development of the country. Thirdly, it is important to build the implementation capacity of the branch office's tax collectors in registering, filing, assessing, and collecting processes, as these will enhance their efficiency and effectiveness in ensuring compliance with tax regulations.
Business, income tax, Revenue, Mekelle City, and Challenges
Retail Stimulus and Impact Purchase behaviour: Researching on the Mediating role of The Urge to Buy in Organised retailing.
Purpose - The research recommendations involve the exploration of the mediating effect of Urge to buy on the relationship between the stimuli of the retail on impulse buying behaviour in organized retail environment. Design/methodology/approach -The quantitative research design was employed involving the use of survey data collected in the form of survey data conducted among consumers undertaking shopping in the organized retail stores. Structural equation modelling (SEM) was used to test the relationships and mediation effect. Findings- The findings indicate that the retail stimuli have far reaching consequences on impulse buying behaviour either directly or indirectly via urge to buy. The findings affirm the fact that the desire to purchase mediates the relationship between the stimuli of the retail and impulse buying behaviour to some extent. Originality/value - The research is applicable in the body of knowledge in impulse buying as it demonstrates empirically the psychological mechanism through which environmental stimulus for retailing is transformed into impulse buying behavior, that is, within the context of planned/organized retailing.
Role of Perceived Security, Trust, and Attitude on Continuation Intention for Mobile Banking App
Stimulus-Organism-Response model is used to explore the effects of security, trust and attitude to analyse factors influencing users' continuation intention of mobile banking apps. Data was collected through a survey of 204 Gen Y millennials in Gujarat, India. Constructs such as perceived security, trust, attitude, and continuation intention were measured. PLS-SEM, a statistical technique suitable for complex models with small to medium sample sizes, was used. The findings show that perceived security positively impacts perceived trust, which in turn influences users' attitudes towards mobile banking apps. The factors trust and attitude influence security and continuation intention. Enhancing users' perception of security increases trust, fostering a positive attitude and increasing the likelihood of continued use. These findings have implications for mobile banking service providers. Addressing security concerns, building trust, and providing a positive user experience are crucial for user retention. Robust security measures, transparent communication about data protection, and a focus on user experience can contribute to sustaining user engagement and loyalty in the competitive mobile banking landscape. These findings also apply to broader strategies in digital banking, emphasizing the importance of security and trust in user retention.
Mobile Banking, Perceived Security, Perceived Trust, User Attitude, Continuation Intention, PLS-SEM, Millennials, SOR theory
SATISFACTION LEVEL OF BANKING SERVICES FOR E- COMMERCE PURPOSE IN BANKS OF NORTH GUJARAT
This research paper investigates the satisfaction level of banking services used for e-commerce purposes among customers in the banks of North Gujarat. As digital transactions and online commercial activities continue to rise, the role of banks in facilitating seamless, secure, and efficient e-commerce services has become increasingly significant. The study aims to assess how effectively banks in this region are meeting customer expectations in areas such as internet banking, mobile banking, online fund transfers, payment gateways, and overall digital service experience. Using a structured questionnaire, data was collected from 1,200 respondents across various banks, including both public and private sector institutions. The analysis focuses on key satisfaction indicators such as service reliability, user interface, transaction speed, security features, and customer support. Findings reveal that while customers generally express moderate to high levels of satisfaction, certain areas such as digital literacy support and grievance redressal mechanisms require improvement. The study also highlights slight variations in satisfaction levels between users of public and private sector banks, suggesting differences in technological infrastructure and service delivery. The paper concludes with recommendations for enhancing the quality of banking services for e-commerce purposes, which can help banks strengthen their digital engagement and build greater customer trust in the evolving landscape of online commerce.
Banking Sector of North Gujarat, Services for E- Commerce, Chi-Square
Understanding Artificial Intelligence Addiction in Gen Z: The Role of Overreliance, Emotional Attachment, Perceived Usefulness and Trust
Concerns about excessive usage behaviours, or compulsive behaviour patterns, associated with increased use of Artificial Intelligence (AI) technologies in everyday life are growing. Using Behavioural Addiction Theory, Automation Bias Theory, and Social Response (Media Equation) theory as a basis and then critiquing the underlying assumptions of Technology Acceptance Theory, this study investigates the relationship between reliance (Overreliance), the Perceived Usefulness of an AI system, Emotional Attachment to an AI system and Trust in an AI system to create an "addictive" user experience. A quantitatively based, cross-sectional methodology was utilised in conducting this research, where primary data were collected from 242 actively engaging with AI users were obtained using a structured questionnaire, which is measured using a 5-point Likert scale. Data were analysed using SPSS version 20 and were studied by descriptive statistics, correlation analysis, multiple regression analysis and ANOVA. Results indicate that Overreliance, Emotional Attachment, and Trust are all statistically significant and positively predict AI addiction. However, perceived usefulness does not have a statistically significant direct effect on AI addiction. Overall, the regression model account for approximately 40% of the variance in AI addiction, thereby providing evidence of its strong explanatory power. Statistical analyses of demographics indicate no statistically significant difference across age. However, educational qualification did show statistically selective differences between levels of AI addiction experienced. This research contributes to the theoretical understanding of AI addiction, demonstrating that addiction to AI technologies is largely due to psychological and relational mechanisms, rather than solely being driven by functional utility. The findings emphasize the importance of responsible AI design, user awareness and targeted interventions to mitigate addictive AI usage behavior.
Artificial Intelligence, AI Addiction, Emotional Attachment, Generation Z, Perceived Usefulness, Trust in Ai
Analysis of the initiatives undertaken by the Central Bank of Iraq to enhance financial inclusion in the Economy
Financial inclusion is a critical pillar for sustainable economic development, particularly in emerging and post-conflict economies such as Iraq. This study analyzes the initiatives undertaken by the Central Bank of Iraq (CBI) to enhance financial inclusion across diverse demographic groups and geographic regions. The research examines policy frameworks, regulatory reforms, digital financial services, financial literacy programs, and targeted interventions aimed at underserved populations, including women, youth, small and medium-sized enterprises (SMEs), and residents of rural and remote areas. Special emphasis is placed on the National Financial Inclusion Strategy (2025–2029) as a guiding framework for coordinated action. Using a qualitative analytical approach based on official reports, international partner assessments, and sector data, the study evaluates the effectiveness of CBI initiatives in expanding access to formal financial services, promoting digital payments, and strengthening consumer trust in the banking system. The findings indicate notable progress in account ownership, electronic payment adoption, and institutional capacity building, while also highlighting persistent challenges related to infrastructure gaps, financial literacy, and regional disparities. The study concludes that sustained regulatory reform, digital innovation, and inclusive policy implementation are essential for achieving comprehensive and equitable financial inclusion in Iraq.
Financial Inclusion; Digital Financial Services; National Financial Inclusion Strategy; Banking Sector Reform; Economic Development;
THE IMPACT OF CORPORATE ENVIRONMENTAL, SOCIAL, AND GOVERNANCE PERFORMANCE ON THE INVESTMENT INTENTION OF RETAIL INVESTORS IN INDIA WITH SOCIAL SELF-EFFICACY AS MODERATOR
The growing importance of environmental, social, and governance (ESG) considerations has intensified academic interest in how corporate ESG performance influences stock market investment decisions. Existing ESG research largely relies on secondary data from listed firms, with limited attention to retail investors’ perceptions, particularly in emerging markets. Addressing this gap, the present study examines how Indian retail investors’ perceptions of corporate ESG performance influence their investment attitudes and intentions, drawing on the Theory of Planned Behaviour (TPB). Data were collected from 620 retail investors in India through a structured questionnaire and analysed using Structural Equation Modelling (SEM) and Hayes’ PROCESS macro. The findings reveal that perceived environmental, social, and governance performance significantly and positively affects investors’ attitudes and investment intentions. Further, social self-efficacy acts as a moderator, strengthening the relationships between ESG performance, attitude, and investment intention. The results offer practical insights for firms, regulators, and policymakers by highlighting the importance of transparent ESG disclosures and investor capability-building initiatives to promote sustainable investment behaviour.
ASSESSING THE IMPACT OF ENVIRONMENTAL DISCLOSURE INDEX (EDI) ON FINANCIAL PERFORMANCE: A STUDY OF SELECTED INDIAN PHARMACEUTICAL COMPANIES
This study examines the association between environmental disclosure and financial performance in selected Indian pharmaceutical companies, namely Sun Pharmaceutical Industries Ltd., Dr. Reddy’s Laboratories Ltd., and Cipla Ltd., over the period from FY2020–21 to FY2023–24. The Environmental Disclosure Index (EDI) was developed using key environmental parameters from annual reports and sustainability disclosures. Financial performance was evaluated through Return on Assets (ROA), Return on Equity (ROE), and Net Profit Margin (NPM). The results of correlation and t-test analyses revealed a significant positive association between EDI scores and financial indicators for all three companies. These findings suggest that firms adopting transparent environmental practices tend to achieve better financial outcomes. The study highlights the growing importance of sustainability reporting in the Indian corporate sector and concludes that strong environmental management supports both ecological responsibility and long-term profitability.
A STUDY ON WORKPLACE HAPPINESS AMONG IT PROFESSIONALS
This study explores the effect of workplace factors on the happiness of IT professionals. With the increasing focus on employee well-being and organizational effectiveness, this research investigates how different elements – including Job Satisfaction, Work Autonomy, Work-Life Balance, Coworker Support, and Workload – influence the overall workplace happiness of individuals in the IT sector. The study adopts a structured questionnaire distributed to a sample of 100 respondents, primarily IT professionals, and data was analyzed using SPSS software through descriptive statistics, reliability testing, and multiple regression analysis. The study adds value to the field of human resource management and organizational behavior by identifying key factors that drive employee engagement and workplace happiness in the context of the IT industry.
Job satisfaction, Work autonomy, Work-life balance, Coworker support, Workload, Workplace happiness
HDFC EVA CHATBOT: A CASE STUDY ON ITS POTENTIAL TO REPLACE HUMAN CUSTOMER SUPPORT
Chatbots have been widely adopted by various sectors, and the banking sector is one of them. In the banking sector, efforts are continuously being made to improve chatbots. This study aims to examine the effectiveness, limitations, and capabilities of chatbots, and to observe whether chatbots can fully answer all the questions that human representatives can. An exploratory research method has been employed in this study. The methodology involves asking the chatbot 20 different types of questions, including general queries, basic information, and some complex questions. The results show that while the chatbot can answer general questions, it struggles with complex ones and is unable to provide responses like other chatbots such as ChatGPT, Meta AI, or Gemini, which can offer more precise answers to specific questions. This indicates that there is still significant room for improvement. The biggest improvement needed in banking chatbots is ensuring that the response is relevant and tailored to the user's question, so that the user's time can be saved. Despite these limitations, the HDFC EVA chatbot has proven to be beneficial for customers in several aspects of banking service.
Chatbots , Artificial Intelligence ,Eva , Hdfc Bank
Understanding the Price - Sustainability Trade-off in Online Consumer Behaviour: A Green Marketing Perspective
The increasing integration of sustainability into marketing practices has significantly influenced consumer decision-making in online retail environments. At the same time, price sensitivity continues to play a critical role in shaping online purchase behaviour, often creating a trade-off between consumers’ sustainability intentions and their willingness to pay. Positioned within a green marketing perspective, this study examines the price-sustainability trade-off in online consumer behaviour using a conceptual research approach. The paper is based on a systematic review of secondary sources, including peer-reviewed journal articles, books, and industry reports related to price sensitivity, green marketing, sustainable consumption, and e-commerce behaviour. Drawing on established theoretical perspectives and prior empirical findings, the study develops a conceptual framework that explains the relationships among price sensitivity, sustainability orientation, perceived value, and online purchase intention. The study further advances a set of research propositions that illustrate how price considerations may limit or constrain sustainable consumption in online markets. The analysis suggests that while consumers increasingly express concern for environmental sustainability, price-related factors continue to act as a significant barrier to actual green purchasing behaviour in e-commerce contexts. The study contributes to marketing theory by integrating pricing and sustainability perspectives within a single conceptual framework and offers practical insights for marketers designing green pricing and promotional strategies. The proposed model also provides a foundation for future empirical research on sustainable online consumer behaviour.
Price sensitivity, sustainability, green marketing, online consumer behaviour, e-commerce, perceived value, purchase intention, conceptual framework
Does mHealth Services Worth in India? A Study with Reference to Gujarat State
In today’s digital era, the healthcare sector is increasingly adopting innovative technologies to enhance patient experiences. However, in India, especially in Gujarat, mobile health (mHealth) adoption is still developing. A study conducted with 426 respondents using electronic devices for health monitoring identified key factors affecting mHealth adoption. Using Exploratory Factor Analysis (EFA) and multiple regression, the research found that performance expectancy was the most significant factor in mHealth adoption, while perceived intrusion had minimal impact. Additionally, waiting time did not significantly affect adoption. These findings suggest that improving performance expectancy should be a priority for healthcare providers to enhance mHealth adoption, effectiveness, and overall patient care in the digital healthcare landscape.
Digital health, E-Health, M-Health, Technology in Health, Telemedicine
Exploring the Relationship Between Tariff and EXIM of Selected Countries
This study examines the impact of the Simple Average Tariff Rate (SATR) on the Export-Import Index (EXIM) across five major economies—China, India, Indonesia, Pakistan, and the United States—over a nineteen-year period (2005–2024). Using panel data regression techniques, both Fixed Effects and Random Effects models were applied, with the Random Effects Generalized Least Squares (GLS) model identified as most appropriate based on diagnostic tests. The results reveal a negative but statistically insignificant relationship between tariff rates and EXIM across commercial services, merchandise, and agricultural sectors. This indicates that tariff changes alone do not substantially influence trade balance performance, which is instead shaped by structural, institutional, and macroeconomic factors. The study highlights the diminishing role of traditional tariffs in global trade and emphasizes the importance of innovation, competitiveness, and infrastructure in strengthening export potential. Future research may incorporate non-tariff measures and sector-specific determinants to deepen understanding of trade dynamics.
A STUDY OF THE MONTH OF THE YEAR EFFECT IN NIFTY50 AND BANK NIFTY
The Efficient Market Hypothesis (EMH) asserts that stock prices incorporate all available information, thus negating the potential for systematic abnormal returns. Nevertheless, extensive empirical studies have revealed the presence of calendar anomalies that contest this assertion, particularly the month-of-the-year effect, which indicates that stock returns display systematic seasonal trends. This research examines the existence and statistical relevance of the month-of-the-year effect within the Indian stock market, utilizing two primary indices, NIFTY 50 and Bank NIFTY. The research utilizes dummy variable regression analysis on monthly index returns to determine whether returns in particular months significantly differ from a reference month. Before conducting the regression analysis, the stationarity of returns is confirmed through the Augmented Dickey–Fuller (ADF) test. The empirical findings indicate limited evidence of monthly seasonality in the Indian equity markets. January is identified as the sole month demonstrating a statistically significant negative return for both indices, signifying a persistent January effect. Conversely, returns in all other months do not exhibit statistically significant variations, indicating a lack of widespread seasonal anomalies. The persistence of the January effect across both the broad market index and the banking sector index underscores the robustness of this anomaly. However, the absence of significant effects in other months suggests a high level of market efficiency within the Indian stock market. These results imply that while isolated calendar anomalies persist, the potential for leveraging month-based trading strategies is constrained. This study adds to the body of literature on stock market anomalies in emerging markets and provides insights into the evolving efficiency of Indian capital markets.
Month-of-the-Year Effect; Calendar Anomalies; Indian Stock Market; NIFTY 50; Bank NIFTY; Dummy Variable Regression; Market Efficiency
A STUDY OF THE DAY OF THE MONTH EFFECT IN NIFTY50 AND SENSEX
This research examines the existence of the Day of the Month Effect within the Indian stock market by analyzing whether daily stock returns display systematic trends linked to particular calendar days. Utilizing daily return data from two prominent benchmark indices—the SENSEX and NIFTY 50—the study applies dummy variable regression models to detect statistically significant return behaviors specific to certain days. Before estimation, the stationarity of the return series is verified through the Augmented Dickey–Fuller (ADF) test. The empirical findings indicate a statistically significant and positive return on the first trading day of the month for both indices, offering compelling evidence of a turn-of-the-month effect in the Indian equity market. Conversely, returns on the other trading days, including the last days of the month, are predominantly statistically insignificant, suggesting a lack of a consistent end-of-the-month effect. These results imply that daily stock returns mainly adhere to a random pattern and are more influenced by overarching market dynamics than by calendar-specific elements, except for the early-month return premiums. The identified turn-of-the-month effect may be linked to institutional fund inflows, portfolio rebalancing activities, investor sentiment, and the timing of macroeconomic announcements at the month's outset. In summary, the findings suggest that while short-term trading strategies might capitalize on early-month return patterns, the Indian stock market predominantly demonstrates weak-form efficiency. This study adds to the body of literature on calendar anomalies in emerging markets by offering updated empirical insights and emphasizing the changing nature of market efficiency in India.
Day of the Month Effect; Calendar Anomalies; Indian Stock Market; SENSEX; NIFTY 50; Dummy Variable Regression; Market Efficiency
Neuromarketing and CTA Design in E-Commerce: Consumer Responses and Ethical Insights – A Systematic Literature Review
In study on neuromarketing in e-commerce has grown substantially. Although earlier research has used neuroscience approaches to analyse consumer behaviour, there remains not enough of systematic classification of studies that examine how design factors like layout, colour, and call-to-action (CTA) influence online decision-making. In order to fill this gap, 39 peer-reviewed articles were systematically reviewed in the literature. Four research themes emerged from a thorough assessment and thematic analysis: (1) use of neuromarketing as an e-commerce driver; (2) effectiveness of calls to action; (3) consumer reactions; and (4) application and ethical implications. Additionally, a theme framework was created to connect neuromarketing insights with conversion behaviors, psychophysiological reactions, and visual attention in online purchasing environments. The result has showed that the neuromarketing is the revolutionary techniques it understands the consumer behaviour and the preferences but even after identification of the need the consumer behaviour can changed as it’s depended on how information is transformed.
Neuromarketing, Call to action (CTA), Consumer Response, E-Commerce, Ethical Insight
Customer Response towards Financial Literacy Initiatives of Commercial Banks
This study examines the financial literacy initiatives implemented by commercial banks among customers of selected public and private sector banks. Two public sector banks—State Bank of India (SBI) and Bank of Baroda (BOB)—and two private sector banks—HDFC Bank and ICICI Bank—were chosen for the investigation. A total of 385 customers were surveyed using a structured questionnaire administered through convenience sampling. The study analyzes customers’ awareness, participation, and perceived effectiveness of financial literacy programmes offered by these banks. The Chi-square test was employed to explore the association between demographic characteristics(Banks Nature) and the level of financial literacy among respondents. The findings provide insights into how financial literacy initiatives influence customer understanding of financial products and services, helping banks refine their outreach strategies and strengthen customer engagement.
Financial Literacy, Demographic Characteristics, Commercial Banks, Customer Knowledge Management
EXAMINING PERCEPTION OF CONSUMERS’ SHOPPING ONLINE WITH REFERENCE TO AHMEDABAD CITY
The rapid expansion of the e-commerce sector, combined with the emergence of modern technologies, has significantly altered consumer purchasing behaviors, shifting them from traditional in-store shopping to online shopping. Over the past decade, this trend has been driven by increased internet access through mobile phones, tablets, and laptops, making online shopping more convenient and faster. Consumers now enjoy a wide range of products and services delivered directly to their doorsteps. This research aims to explore the perceptions of online shoppers in Ahmedabad City. Primary data was gathered from 1001 respondents in Ahmedabad using a structured questionnaire. The study examines consumer preferences for online shopping, identifies key factors influencing their choices across different product categories, and investigates the process consumers use to finalize purchases. It also assesses the annual expenditure on online shopping and evaluates how consumers' demographic profiles impact their online shopping preferences.
Online Shopping, Perception, Ahmedabad City, Factor Analysis, Cluster Analysis, Artificial Neural Network
Why Consumers Avoid Brands: The Effect of Product Factors and Brand Hate
Brands give consumers meaning to their lives. Marketing researchers have customarily underlined the positive aspects of consumption. Extensive work has been done by researchers in positive responses to brands. Marketing research has often focused on the positive attitudes towards brands, while negative evaluations of brands were neglected. The extant literature does not have a far reaching, and parsimonious understanding of anti-consumption and its related topics, such as brand hate and brand avoidance and different factors that leads to anti consumption. So, the aim of this study was to examine the impact of product levels factors (perceived deception, negative past experience, ideological incompatibility, undesired self-congruence and social influence) on brand avoidance. The study used quantitative approach. The data is obtained from 125 passenger car users of Ernakulam city. Statistical analysis was conducted. Therefore, the purpose of this paper is to investigate, discover in depth exploration of the specific types of ant consumption, brand hate, and brand avoidance and different product level factors that leads towards brand hate and ultimately towards brand avoidance. In doing so the main aim is to contribute more complete, integrative, and detailed understanding of the area.
Brand avoidance, Brand hate, Ideological Incompatibility, Undesired Self- congruence