Purpose: This paper has used account-level data of corporate and retail borrowers, assessed their credit risk through the risk-neutral principle and examined its implication on loan pricing. Design/methodology/approach: It derives the capital charge and credit risk-premium for expected and unexpected losses through a risk-neutral approach. It estimates the risk-adjusted return on capital as the pricing principle for loans. Using GMM regression, the article has assessed the determinants of risk-based pricing. Findings: It has been found that risk-premium is not reflected in the current loan pricing policy as per Basel II norms. However, the GMM estimation on RAROC can price risk premium and probability of default, LGD, risk weight, bank beta and capital adequacy, which are the prime determinants of loan pricing. The average RAROC for retail loans is more than that of corporate loans despite the same level of risk capital requirement for both categories of loans. The robustness tests indicate that the RAROC method of loan pricing and its determinants are consistent against the time and type of borrowers. Research limitations/implications: The RAROC method of pricing effectively assesses the inherent risk associated with loans. Though the empirical findings are confined to the sample bank, the model can be used for any bank implementing the Basel principle of risk and capital assessments. Practical implications: The article has developed and validated the model for estimating RAROC, as per Basel II guidelines, for loan pricing that any bank can use. Social implications: It has developed the risk-based loan pricing model for retail and corporate borrowers. It has significant practical utility for banks to manage their risk, reduce their losses and productively utilise the public deposits for societal developments. Originality/value: The article empirically validated the risk-neutral pricing principle using a unique 1,520 retail and corporate borrowers dataset. © 2022, Emerald Publishing Limited.

Using the GO-GARCH, ADCC, and DCC models, this study investigates the volatilities and conditional correlations between green bonds and US gas prices. Furthermore, we investigate the causality between the markets from 11th January 2013 to 8th September 2020 using Shi et al. (2018) time-varying causality and Breitung and Candelon (2006) frequency domain Granger-causality approaches. Hedge ratio results show that GO-GARCH has the highest hedging effectiveness for hedging green bonds with shale gas and natural gas. Natural gas appears to be the best hedge for green bond prices, according to estimates of hedging effectiveness. We find no significant Granger causality between green bonds and natural gas in the short- and long-term dynamics of the spectral Granger causality test, but we do find long-term Granger causality between green bonds and shale gas. We find strong significant bidirectional causal effects between green bonds and gas prices during bearish market conditions using the time-varying causality test. The evidence of a strong correlation between green bonds and shale gas and natural gas suggests that policymakers should consider both markets as interconnected in their policy formulation strategy. Furthermore, increasing the share of green bonds will undeniably support the transition to a low-carbon economy, fulfilling the promise of the Paris climate change agreement. Realizing the role of green bonds as diversifiers against the fluctuation of gas markets encourages portfolio investors who want to achieve higher investment performance to include green bonds in their portfolios. © 2022 Elsevier Inc.

This research provides an empirical analysis of the dynamic relationship between clean and dirty energy markets. Specifically, we use Brent crude, West-Texas-Intermediate (WTI) crude, OPEC oil, Crude oil Oman and Crude Oil Dubai to denote dirty energy markets and use the S&P Global Clean Energy Index and WilderHill New Energy Global Innovation Index as a representative of the clean energy market. The time-frequency wavelet's multiple cross-correlation and cross-quantilogram correlation are used as estimation techniques to examine time-dependent wavelet cross-correlation and directional predictability, respectively. We use daily returns spanning from November 2013 to September 2020. Findings from the cross-quantilogram correlation (CQC) results suggest heterogeneous quantile dependence dynamics from clean energy markets to dirty energy markets. Additionally, findings from the cross-quantile correlation results reveal positive and negative directional predictability between clean and dirty energy markets in high, medium and low quantile ranges. Second, results from the time-frequency wavelets multiple cross-correlation approach suggest that clean and dirty energy markets are marginally integrated at the lowest frequencies, with dirty energy emerging as a predictive power of clean energy. In addition, we also find that the co-movements between the clean and dirty energy sources are volatile in the medium and long term, thus reducing the medium- and long-term diversification sphere. These findings are relevant for portfolio managers and clean energy producers. © 2023 Elsevier B.V.

This study proposes a novel entropy function for the intuitionistic fuzzy sets to improve the existing fuzzy entropy measure. We introduce an attitude-based entropy measure by methodically calculating the experts’ attitude values through variance approach. We discuss several important properties and present an example to demonstrate the applicability and efficacy of the proposed method. An illustrative example exhibits the effectiveness of the proposed intuitionistic fuzzy entropy functions and measures. We further show the superiority of the proposed intuitionistic fuzzy entropy measures over the existing measures. © 2023 The Author(s)

Retailer revenue is significantly impacted by item placement. Given the prevalence and popularity of medium-to-large-sized retail stores, several research efforts have been made towards facilitating item/itemset placement for improving retailer revenue. However, they fail to consider the issue of inventory of the items w.r.t. itemset placement. Notably, the inventory of a given item refers to the number of instances of that item that are available to the retailer for sales purposes. Moreover, efficient retrieval and placement of top-revenue itemsets in the retail store slots cannot be performed by existing approaches. Our key contributions are summarized as follows. First, we introduce the notion of inventory in retail itemset placement. Second, we propose an inventory-aware indexing scheme, designated as IRIS, for efficiently retrieving high-revenue itemsets. Moreover, we propose the IRPS inventory-aware itemset placement scheme, which exploits the IRIS indexing scheme, for facilitating improved retailer revenue. Third, we conduct a performance study with two real datasets to demonstrate the effectiveness of our proposed itemset indexing and placement schemes in improving retailer revenue. © 2022

Purpose: The purpose of this study is to analyze the effect of low carbon product design on firm's competitiveness and economic performance. It also examines the mediating role of the proactive environmental strategy and eco-innovation on low carbon product design, competitiveness and economic performance. Design/methodology/approach: Through a questionnaire-based survey, the data were collected from 69 Indian manufacturing firms and analyzed using a variance-based structural equation modeling (SEM) technique to test the proposed hypotheses. Findings: The results show that the low carbon product design significantly improves firm's competitiveness and economic performance, and proactive environmental strategy significantly mediates the relationship between low carbon product design and firm's competitiveness. Practical implications: This study provides a framework for the adoption of low carbon product design. It demonstrates how manufacturing firms can implement environmental friendly product design. It also analyses the contextual factors that ensure a successful low carbon product design. Originality/value: This article investigates the economic benefit of low carbon product design, thus filling lacuna in existing research. © 2021, Emerald Publishing Limited.

This study critically examines the health-environment discourse and uses infant and under-5 mortality rates, carbon emissions, and non-renewable energy to investigate the inherent associations. We argue that the concentration of greenhouse gas emissions is considered to increase and can undermine the access to basic resources necessary for leading a healthy life, such as access to food, water, health, and the environment. Environmental health is closely linked to human health. The world is witnessing a substantial increase in greenhouse gas emissions, which pose a significant threat to both environment and human health. Hence, this study contributes to the discourse with unbalanced panel data on 46 European countries from 2005 to 2015 to investigate the impact of carbon emissions and non-renewable energy on infant and under-5 mortality rates. Consistent findings from static and dynamic analyses reveal that (1) carbon emission is positively associated with mortality rate; (2) non-renewable energy shows a significant negative relationship; (3) persistency in mortality rates exists; (4) positive (negative) association of emissions (non-renewable energy) dwindles (increases) in absolute value at higher distributions of mortality rates; and (5) Euro Union countries show lower mortality rates relative to non-Euro Union members. Policy recommendations are discussed. © 2023, The Author(s), under exclusive licence to Springer Nature Switzerland AG.

We investigate the dependence structure among the seven emerging stock markets namely Brazil, China, India, Indonesia, Mexico, South Korea, and Turkey for the period 2000 to 2018 by employing a dependence-switching copula model. This model allows us to investigate the tail dependence and regime shift between positive and negative correlation for bull and bear stock pairs. Our overall results show that under the negative correlation regime, only 8 out of 21 paired stock markets have asymmetric dependence, and 6 out of 21 paired stock markets have asymmetric tail dependence. Although the emerging stock markets are deemed by the global investors to be a homogenous class, these stock markets manifest varied degree of traits. Henceforth, from a portfolio diversification perspective, the global investors can exploit the diversification opportunities offered by the selected stock markets. These findings have appropriate implications from the perspective of asset pricing and risk management. The study recommends that regulators should provide a roadmap for identifying risk’s effects across the selected emerging stock markets. Moreover, policy makers should consider what further financial collaboration they intend to pursue for enabling greater accessibility to the selected emerging stock markets. © 2023 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group.

Purpose: This paper investigates the static and dynamic directional return spillovers and dependence among green investments, carbon markets, financial markets and commodity markets from January 2013 to September 2020. Design/methodology/approach: This study employed both the quantile vector autoregression (QVAR) and time-varying parameter VAR (TVP-VAR) technique to examine the magnitude of static and dynamic directional spillovers and dependence of markets. Findings: Results show that the magnitude of connectedness is extremely higher at quantile levels (q = 0.05 and q = 0.95) compared to those in the mean of the conditional distribution. This connotes that connectedness between green bonds and other assets increases with shock size for both negative and positive shocks. This further indicates that return shocks spread at a higher magnitude during extreme market conditions relative to normal periods. Additional analyses show the behavior of return transmission between green bond and other assets is asymmetric. Practical implications: The findings of this study offer significant implications for portfolio investors, policymakers, regulatory authorities and investment community in terms of carefully assessing the unique characteristics offered by each markets in terms of return spillovers and dependence and diversifying the portfolios. Originality/value: The study, first, uses a relatively new statistical technique, the QVAR advanced by Ando et al. (2018), to capture upper and lower tails’ quantile price connectedness and directional spillover. Therefore, the results possess adequate power against departure from mean-based conditional connectedness. Second, using a portfolio of green investments, carbon markets, financial markets and commodity markets, the uniqueness of this study lies in the examination of the static and dynamic dependence of the markets examined. © 2023, Emerald Publishing Limited.

Purpose: Working from home (WFH) was one of the major changes that occurred in many organizations during the COVID-19 pandemic. This also led to online training being conducted during this WFH period. The present study investigated the role of technology, manager support and peer support on self-efficacy and job outcomes (i.e. training transfer, work engagement and job satisfaction) of employees while WFH. Design/methodology/approach: The study framework incorporated Bandura's self-efficacy theory. Data were collected from 852 employees in India, and structural equation modeling was used to analyze the data. Findings: The study found positive relationships between ease of technology use, manager support and peer support on self-efficacy and a negative relationship between self-efficacy and technostress. The study also found significant positive relationships between self-efficacy and training transfer, work engagement and job satisfaction. Moreover, the study also identified the moderating effects of WFH and technical issues in the relationships of self-efficacy with training transfer, work engagement and job satisfaction. Originality/value: The study is novel in that it extended self-efficacy theory regarding the WFH context with influencers such as technology, managers and peers as organizational factors. It also demonstrated the effectiveness of remote working and online training considering the potential antecedents while WFH. Moreover, the study highlighted the simultaneous role of technology and people (managers and peers) in enhancing job outcomes by increasing self-efficacy among employees. © 2023, Emerald Publishing Limited.

In view of increasing importance of emerging market currencies in the global foreign exchange markets and the growing concerns regarding the vulnerability of these currencies to global crises, we assess the connectedness of 16 emerging currencies by employing asymmetric domains of time and frequency spanning March 2011 to January 2022. We first notice bidirectional interconnectedness (both positive and negative) among three clusters of sampled exchange rates. The currency contagions follow divergent directions during crisis periods. During US debt selling crisis, there is a short-run negative contagion pointing to the appreciation of currencies. Following the Chinese financial market crisis, emerging market currencies demonstrated devaluation. There is long-run positive contagion (devaluation) in response to European Debt Crisis, Russian Ruble Crisis, Brazilian economic crisis, and Argentinian monetary crisis. The sampled exchange rates demonstrate negative long-run connectedness (appreciation) after COVID-19. The major transmitters to total connectedness are South Africa, Poland, and Mexico and major receivers include Thailand, the Philippines, Malaysia, India, Indonesia, and Egypt. In the long run, China is emerging as a significant transmitter. Our study draws significant policy and practical implications for regulators, investors, and financial market participants. © 2023 Taylor & Francis Group, LLC.

Purpose: This study aims to examine the relationship between the perception of consumers about corporate social responsibility (CSR) and consumers’ purchasing behaviour in the retail sector. Specifically, this study investigates the impact of perceived CSR on consumer attitude and behaviour and the influence of attitude on the relationship between perceived CSR and purchase behaviour. Design/methodology/approach: In this study for collection of the data, an online questionnaire was distributed among the Indian retail consumers. From the collected primary data set, 249 data points were found fit for analysis. Further, the direct, indirect and moderating effects were evaluated using the structural equation modelling technique. Findings: It is identified that while perceived CSR has a significant influence on consumer purchase behaviour, consumer attitude is having an insignificant impact on the relationship between perceived CSR and purchase behaviour. The findings of this study also show that consumer demographics do not have any moderating impact on the relationship between perceived CSR and purchase behaviour. Research limitations/implications: The findings of this study are useful to retail managers interested in enhancing CSR. The results of this study suggest that retailers should focus on strengthening consumers’ perceptions about retailers’ CSR initiatives and enhancing co-creation activities. As an extension to this research, further study can include more potential mediators like consumer effectiveness and timing of CSR initiatives. Originality/value: This study applies stakeholder theory as well as extends the classic theory of planned behaviour model and proposes the establishment of links among consumers’ perceptions about CSR, consumer attitude and behaviour around the retail sector. In addition, this study considers not only overall consumer behaviour but also specific dimensions of consumer behaviour, namely, loyalty, intention and satisfaction. © 2022, Emerald Publishing Limited.

This article aims to present an approach to enhance the firm performance of SMEs by understanding the dynamics between the elements of the transformational leadership style of the CEO and the agility of the supply network. The business environment among SMEs is marked by fierce rivalry, quick change, and tremendous instability. While an agile supply chain is seen as a winning option for manufacturing SMEs, a transformational leadership style of the CEO can be a source of competitive advantage to improve their performance. Thus, an attempt has been made to integrate transformational leadership and supply chain agility elements and delineate their structural relationship using the total interpretive structural modeling method. Results indicate that transformational leaders drive agile initiatives in the supply chain by setting and communicating a vision, encouraging supply chain members to think of innovative solutions for problems, and mentoring them individually to achieve high-performance standards. These practices will make the team members put in extra effort to accomplish the task, thereby establishing a committed and flexible workforce. Conclusions are drawn, and implications are discussed for enhancing firm performance. © 2022, The Author(s).

The COVID-19 pandemic has brought in many unique challenges and opportunities for patient care, and one is online healthcare practices. Patient satisfaction with online consultation is primary importance as online healthcare practices are evolving with time. Although previous research has examined how patient satisfaction with online doctor services can be further improved, there has been scant research on the satisfaction with online doctor services concerning Indian patients. Within the framework of service science theories, this study examines satisfaction and sentiments of Indian patients with online doctor services from multiple perspectives. A total of 38019 patient online feedback for 343 doctors was used for understanding patient sentiments. The sentiment analysis classified the reviews of the patients on online doctor consultation services. The finding suggests that healthcare service providers consider a systemic approach that includes core health services along with technical and marketing factors to proactively improve online patient satisfaction. © 2023 Elsevier Inc.

We analyse the predictive and the forecasting ability of various Generalized Autoregressive Score (GAS) and GARCH frameworks for European Union Allowances (EUAs) daily returns (EUAs returns) for the period 22/04/2005–28/02/2019. We further examine the impact of different distributional assumptions on risk prediction. The Model Confidence Set (MCS) is employed to compare and select a superior predictive model of Value-at-Risk (VaR) thresholds. We find that GAS under skewed t-student error distribution and gjr-GARCH under general error distribution deliver excellent results for the Value-at-Risk (VaR) prediction for EUA at 1% and 5% levels, respectively. These results are robust with respect to three back-testing procedures (i.e., Unconditional Coverage, Conditional Coverage, and Dynamic Quantile tests). These results are of particular importance for the development of EUA pricing policies and risk management strategies. © 2022, The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature.

The ever-emerging environmental, social, and governance (ESG) concerns have received significant attention of policymakers, governments, regulation bodies, and investors. Considering the markets volatilities due to economic and financial uncertainties that can drive the informational price inefficiencies across the markets, this study compares the asymmetric price efficiency of regional ESG markets by using an asymmetric multifractal detrended fluctuation analysis before and during COVID-19 crisis. We then examine whether global factors influence the asymmetric efficiency of regional ESG markets. Our findings reveal that COVID-19 outbreak reduced the efficiency of regional ESG markets, except for Europe, which sustained its efficiency even during the pandemic. Moreover, global factors drive the efficiency of regional ESG markets significantly before and during COVID-19. A major implication of our findings stems from the fact that a contagion reduces the efficiency of the markets while stable economic conditions make those markets informationally efficient. © 2022 Elsevier B.V.

This paper investigates the cross-spectral coherence and co-movement between the monthly return series of WTI oil price and exchange rate of Thai Baht against USD from 1986 to 2019. We use a quantile cross spectral (coherency) approach and time frequency wavelets as estimation techniques. Results from the quantile coherency analysis reveal a negative spillover effects of oil price and Thai exchange rates in the short, medium, and long run which connotes that oil market poses systemic risk to the foreign exchange market in Thailand in short, medium and long term. From the wavelets analysis, we first note that there is no co-movements at high frequency (i.e. short term). However, additional results show positive and negative co-movements between oil price and Thailand-US exchange rate in different periods and different frequencies with the effect been stronger during extreme volatility periods. Policy implications are derived at the end of the article. © 2022 Elsevier Ltd

Purpose: Amidst the turbulent tides of geopolitical uncertainty and pandemic-induced economic disruptions, the information technology industry grapples with alarming attrition and aggravating talent gaps, spurring a surge in demand for specialized digital proficiencies. Leveraging this imperative, firms seek to attract and retain top-tier talent through generous compensation packages. This study introduces a holistic, integrated theoretical framework integrating machine learning models to develop a compensation model, interrogating the multifaceted factors that shape pay determination. Design/methodology/approach: Drawing upon a stratified sample of 2488 observations, this study determines whether compensation can be accurately predicted via constructs derived from the integrated theoretical framework, employing various cutting-edge machine learning models. This study culminates in discovering a random forest model, exhibiting 99.6% accuracy and 0.08° mean absolute error, following a series of comprehensive robustness checks. Findings: The empirical findings of this study have revealed critical determinants of compensation, including but not limited to experience level, educational background, and specialized skill-set. The research also elucidates that gender does not play a role in pay disparity, while company size and type hold no consequential sway over individual compensation determination. Practical implications: The research underscores the importance of equitable compensation to foster technological innovation and encourage the retention of top talent, emphasizing the significance of human capital. Furthermore, the model presented in this study empowers individuals to negotiate their compensation more effectively and supports enterprises in crafting targeted compensation strategies, thereby facilitating sustainable economic growth and helping to attain various Sustainable Development Goals. Originality/value: The cardinal contribution of this research lies in the inception of an inclusive theoretical framework that persuasively explicates the intricacies of a machine learning-driven remuneration model, ennobled by the synthesis of diverse management theories to capture the complexity of compensation determination. However, the generalizability of the findings to other sectors is constrained as this study is exclusively limited to the IT sector. © 2023, Emerald Publishing Limited.

The study applies the effective transfer entropy (ETE) and Renyi transfer entropy (RTE) to quantify the information flow between government bonds and equity market of G7 countries. The magnitude and direction of information flow between these two markets are dynamic across the state of the markets and time thus confirming their adaptiveness to the evolution of cross-market information flow under different market conditions over time. Although information flow from the equity dominates the flow from the bond market, it is dynamic over the time and state of the markets. However, during the period of market turbulence, the bond dominates the equity market. This study is the first of its kind to validate the adaptive market hypothesis using the novel transfer entropy framework in the bond and equity market. © 2023 Informa UK Limited, trading as Taylor & Francis Group.

Purpose: The purpose of the study is to identify the key antecedents relating to the interaction design of the e-groceryretail mobile applications and offer innovative marketing interventions to facilitate consumer–brand interaction and generate continuous usage intention. Design/methodology/approach: Data were collected from the subjects using a personally administered questionnaire by adopting a non-probability method. The target respondents of this study were individuals who are users of smartphone and have purchased groceries through mobile applications at least once in two months. On the basis of responses received, a sequential predictive analytic method that includes structural equation modelling (SEM) and artificial neural network (ANN) techniques were employed. Findings: The findings of the study highlighted the critical role of collaboration design in harbouring satisfaction and maintaining a regular clientele for e-grocery applications by confirming the presence of complementary mediation. Such validated proposition and tested research model backed by significant methodological rigour advances the research based on post-acceptance behavioural affordances in interactive marketing literature. Originality/value: The study endeavours to understand users' post-acceptance behaviour by analysing the contemporary factors relating to the interaction design of the platform in terms of mobile application attributes that would drive user patronage intentions. Further, the study highlights the pioneering role of collaboration design for e-grocery retailers, as the recent alliances among strategic players to achieve synergistic business leadership have proven to be a game-changing evolution in the industry. © 2022, Emerald Publishing Limited.