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PurposeThe purpose of this study is twofold: first, to examine the relationship between foreign ownership and stock return volatility and second, to explore how COVID-19 impacts such a relationship.Design/methodology/approachThis empirical research is based on the non-financial firms of the BSE-100 index over the 2013–2022 period. The ordinary least squares, fixed effects and system GMM (Generalized method of moment) techniques are used to analyze the effect of oversea investors on stock return volatility.FindingsResults indicate an inverse association between foreign ownership and stock return volatility. The outcomes of the pre-and during-COVID-19 period show a negative but insignificant relationship between foreign ownership and stock return volatility. These results reflect foreign investors sold their stocks pessimistically, which badly affected the Indian stock market.Originality/valueThis study enriches the previous literature by exploring the impact of foreign investors on the stock return volatility of Indian firms. To date, no study has captured the impact of foreign ownership on stock return volatility during the COVID-19 pandemic.Peer reviewThe peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-03-2023-0179

Purpose The increasing globalization and technological advancements have increased the information spillover on stock markets from various variables. However, there is a dearth of a comprehensive review of how stock market volatility is influenced by macro and firm-level factors. Therefore, this study aims to fill this gap by systematically reviewing the major factors impacting stock market volatility. Design/methodology/approach This study uses a combination of bibliometric and systematic literature review techniques. A data set of 54 articles published in quality journals from the Australian Business Deans Council (ABDC) list is gathered from the Scopus database. This data set is used to determine the leading contributors and contributions. The content analysis of these articles sheds light on the factors influencing market volatility and the potential research directions in this subject area. Findings The findings show that researchers in this sector are becoming more interested in studying the association of stock markets with “cryptocurrencies” and “bitcoin” during “COVID-19.” The outcomes of this study indicate that most studies found oil prices, policy uncertainty and investor sentiments have a significant impact on market volatility. However, there were mixed results on the impact of institutional flows and algorithmic trading on stock volatility, and a consensus cannot be established. This study also identifies the gaps and paves the way for future research in this subject area. Originality/value This paper fills the gap in the existing literature by comprehensively reviewing the articles on major factors impacting stock market volatility highlighting the theoretical relationship and empirical results.

PurposeThe COVID-19 pandemic resulted in a dramatic downturn in the global stock markets. Investors look for safe stocks that can provide better risk-adjusted returns. Stocks with higher Environmental, Social, and Governance (ESG) scores can be good choices for investors. This study focuses on this argument by examining the relationship between ESG indicators and stock returns while considering financial and macroeconomic variables.Design/methodology/approachIn this study, 39 non-financial firms listed in Nifty-50, for which data is available, have been included. Panel data from 2018 to 2021 is collected to examine this relationship in the presence of COVID-19. Additionally, the panel regression method is used.FindingsThe empirical findings indicate a positive relationship between ESG scores and stock returns. This relationship holds even when the control variables like Return on Assets (ROA), Gross Domestic Product (GDP), Return on Equity (ROE), age, size, leverage of the firm, inflation, and crisis period are used in the model.Originality/valueThis study contributes by examining the linkage between ESG indicators and stock return while controlling the impact of the financial and macroeconomic variables in Indian markets, which has not been undertaken so far. Moreover, this is the first study to use the ESG score data of S&P Global, which gives more weight to the material factors of a firm.Peer reviewThe peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-10-2023-0819.

Purpose This study aims to provide an overview of the development of corporate governance and ownership structure literature and offers a synopsis of the top contributors, influential articles, journals and potential research prospects on this subject. Design/methodology/approach This study used bibliometric analysis to review the literature. In all, 1,368 articles published between 1992 and 2022 in Scopus-indexed journals were considered. Findings This review reveals the top leading authors, institutions, countries and sources in the ownership structure research. Using bibliographic coupling, this study fetches four significant clusters. The theme of the first cluster revolved around cash holding. The second and third groups revealed how distinct characteristics of ownership impact the performance of the firm and disclosure decisions, respectively. The last and fourth cluster deals with risk-taking activities in financial institutions. Furthermore, this study suggests a road map in each cluster for future research. Originality/value Ownership structure plays a significant role in corporate governance by affecting manager incentives and determining the extent of monitoring. Previous studies have contributed to this field while focusing on the board of directors. However, no study synthesises the literature on ownership structure within corporate governance, which is the core element of the corporate governance system. Hence, this study gives a comprehensive overview and determines the latest and prominent research in ownership structure within corporate governance through bibliometric analysis.

Purpose This study aims to examine the impact of institutional investors and their classes on the stock return volatility of an emerging market. The paper also determines the moderating role of firm size, crisis and turnover on such relationships. Design/methodology/approach The study covers nonfinancial companies of the Bombay Stock Exchange-100 index that are listed during the study period. The study uses fixed effects and systematic generalized method of moments estimators to look over the association between institutional investors and firms’ stock return volatility. Findings The study provides evidence that institutional investors destabilize the Indian stock market. It indicates that institutional investors do not engage in management activities; they earn short-term gains depending on information efficiency. Pressure-insensitive institutional investors have a significant positive relation with stock return volatility, while pressure-sensitive institutional investors do not. The study also reflects that pressure-sensitive institutional investors are underweighted in India, which jointly represents an insignificant nonlinear association between institutional ownership and stocks’ volatility. Furthermore, outcomes reveal that the intersection effect of the crisis, firm size and turnover is positively and significantly related to such relationships. Research limitations/implications The outcomes encourage initiatives that keep track of institutional investors in the Indian stock market. To control the destabilizing effect of pressure-insensitive institutional investors, regulators should follow strict regulations on their trading patterns. Moreover, it guides the potential researchers that they should also take into account the impact of other classes of ownership structure or what type of ownership can help in stabilizing or destabilizing the Indian stock market. Originality/value Abundant literature studies the relationship between institutional ownership and firm performance in the Indian context. From the standpoint of making management decisions, the return and volatility of stock returns are both different aspects. However, this study examines the effect of institutional ownership and its groups on the volatility of stock return using the panel data estimator, which was previously not discussed in the literature.

PurposeThis study aims to conduct a comprehensive bibliometric analysis to determine the intellectual structure of cross-listing studies and suggests a road map for future research in this field.Design/methodology/approachA step-by-step procedure was carried out. With the help of a defined search string, 580 articles from reputed journals have been retrieved from the Scopus database. Bibliographic coupling and keyword analysis were executed to understand the current research scenario and future research directions in this research field. In addition, R Studio combined with VOSviewer was employed to analyse and visualise the data.FindingsThe results provide a deeper insight into publication trends, most prolific countries, institutions and journals in the area of cross-listing. The highest collaboration was observed between the authors in the USA and Canada. Moreover, the results contradict Bradford's and Lotka's laws. A thorough review of the literature identifies five clusters in this domain. Finally, keyword analysis offers a future road map in cross-listing research.Originality/valueResearchers have shown greater interest in cross-listing topics over the past decades. Even though the research volume on this subject is increasing, the current retrospective is still insufficient. To the best of the authors' knowledge, this study is the first to provide valuable insights to practitioners, academicians, and prospective researchers about the intellectual structure of cross-listing and also offers future avenues in this research field through bibliometric analysis.

Corporate governance encompasses a broad spectrum of mechanisms intended to reduce agency problems by directing and controlling management activities. Major corporate scandals and failures at the international level, like Enron, WorldCom, Tyco, HealthSouth, and others, have increased the need for strengthening the governance system in companies. This paper aims to review the research on the impact of corporate governance on firm risk. Through literature review, the paper finds that most studies considered internal corporate governance variables like board independence, number of members on board, role of women directors on board, CEO duality, and institutional ownership. The paper guides policymakers, regulators, investors, and managers by providing evidence on corporate governance mechanisms and their role in reducing firm risk.

Depression is a worldwide phenomenon, causing disability in people of all ages, gender and socioeconomic status. It has impacted more than 264 million people throughout globe. It is characterized by low mood, lack of interest in activities, negative outlook towards self and future etc. this disorder leads to suicide. Along with pharmacotherapy there is a need to change patient's thought process in the disease. Positive psychotherapy targets on enhancing positive aspects and aims to reduce negative aspects in depression. There is a need of character that can make people bounce back to normal from diseased condition. Resilience as a positive psychotherapy is the ability an individual make successful adaptations towards disturbances that can be threatening to system viability, or development. There is very less literature available for resilience as a treatment therapy in depression. To study the effect of resilience on patients with mild to moderate depression. 30 patients suffering from mild to moderate depression according to DSM-V were included in current study. A 7 session short resilience module was designed.. A pre and post-assessment was done using Montgomery Åsberg Depression Rating Scale (MADRS). Pre and post assessment scores on were analyzed by using t test for paired samples and resilience was found to be significantly effective in reducing the depressive symptoms (t= 16.942, p = .000).

Depression has affected millions of people worldwide in their lifetime. Along with pharmacotherapy there is a need to identify psychotherapies which provide some value addition to the current treatment process. One of the various psychotherapies is based on principles of positive psychology. The role of Positive psychology interventions (PPI) as a treatment modality is not yet very clear. Current study served to test the effectiveness of gratitude and forgiveness as PPI in patients with depression. 30 patients suffering from mild to moderate depression were included in current study. A 7 session therapy module was designed including forgiveness and gratitude exercises. Gratitude interventions included daily gratitude journal, 5 things he/she is grateful for, thank you letter and grateful prompts. For forgiveness intervention REACH model was taken in sessions. Depression was measured with Montgomery-Åsberg Depression Rating Scale (MADRS). Other factors such as life orientation, satisfaction with life, quality of life, global improvement and therapeutic responses were also measured. Results indicated that there was a significant decrease in depressive symptoms with increased quality of life and satisfaction with overall improvement in each domain. PPIs might be used as a therapeutic intervention in mild to moderate depression. Along with depression other factors also improved with long term effects.